The week ended with Bitcoin experiencing a downturn, causing a split sentiment in the altcoin market where some perform better than others. Avalanche native token AVAX surged, breaking the $40 mark in the bullish move.
Looking at the weekly chart, AVAX’s price recovery demonstrates a significant comeback, hitting the 23.60% Fibonacci retrenchment level. Bullish engulfing candles in the weekly chart signal a potential trend reversal, supporting optimistic predictions for AVAX’s price.
Avalanche’s network strength undergoes a remarkable recovery, showcasing impressive growth in the AVAX ecosystem. According to DefiLlama, a platform tracking on-chain data, the Total Value Locked (TVL) has bounced back to $939.97 million. Over the last 24 hours, active addresses have reached 71,060, and inflows top $1.79 million.
Transactions within the network show a similar upward trajectory possibly could soon hit a new 52-week high. The positive performance in Total Value Locked, active address, and inflows hints at a promising conclusion for 2023, having a solid foundation for a robust 2024 ahead.
Despite a brief pullback in the 4H chart, the ongoing recovery suggests a strong upcoming trend. Presently, AVAX trades at 44.50, marking a 9.54% intraday growth despite dips in market leader and other top altcoins.
AVAX’s price movement indicates a bullish effort to fuel the ongoing recovery. It breached resistance level of $43.23 and eying the towards the $49.33 mark. A successful bullish break might propel AVAX above targeting a potential uptrend reaching $55.
While the market recovery pauses momentarily, AVAX remains active, buoyed by expectations of a new breakout. The current value of AVAX ($44.50) is way above the Pivot point of $31.90 with growing prospects of surpassing the $50 mark. Conversely, increased supply might lead Avalanche’s market value to retest the $40 breakout.
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