As the altcoin market maintains its November bull rally, top tokens have added significant value to their respective portfolios over the last few days. Following this, the AVAX price has reclaimed the $40 mark and is on the path to recording a new 8-month high.

With the Avalanche price hovering close to its $43 mark, will it maintain its bullish sentiment and hit $50? Or will this altcoin experience a strong bearish pullback this month? Let us decode in this analysis!

Despite recording a drop of ~3% in 24 hours with a trading volume of $1.674 billion, this altcoin has surged 26.11% over the last seven days and 61.28% this month. With a market capitalization of $17.46 billion, it has secured the 11th position.

The EMA 50/200-day has experienced a Golden Cross in the daily time frame. This indicates an increase in the buying-over-selling of altcoins in the cryptocurrency market.

The Relative Strength Index (RSI) has successfully retested its overbought range and continues trading above it. Furthermore, with its average trendline recording a similar price trend, the Avalanche price may continue to gain value in the future.

If the market favors the bulls, the Avalanche price will retest its $50 mark this week. Maintaining the price at that level could set the stage for it to head toward its upper resistance level of $57.20.

On the flip side, if a trend reversal occurs, the AVAX token will retest its support level of $40. Moreover, if the bearish sentiment intensifies, this could result in this altcoin plunging toward its lower support level of $31.50 this year.

Curious to know when will this altcoin hit $100. Read CoinPedia’s AVAX Price Prediction and also subscribe to us to stay updated on the latest crypto news!