The post Can Avalanche (AVAX) Break $50 and Rally to $169? appeared first on Coinpedia Fintech News
Avalanche (AVAX) is turning heads again. Its price has jumped an impressive 9.45% in the past 24 hours, but the buzz isn’t just about numbers. Behind the scenes, rumors of political connections and comparisons to Ripple (XRP) are fueling big hopes. Could this be the moment AVAX finally breaks through its limits and sets a new all-time high? Let’s break it all down.
Trading Momentum Has Traders Watching Closely
AVAX is now priced at $48.09, and it’s not just the 9.45% spike that has people talking. Its trading volume has exploded by a jaw-dropping 233.35%, climbing to $2.22 billion in just a day. That’s pretty wild and cements AVAX as the 10th-largest cryptocurrency on CoinMarketCap.
But it’s not all smooth sailing. The $50 mark is proving to be a tough barrier. Technical indicators are sending mixed signals—moving averages are looking bullish, with the 20, 50, and 100-day lines crossing above the 200-day average. But here’s the catch: the RSI is sitting at 75.87, putting AVAX in the overbought zone. That could mean a short-term pause before the next leg up.
Profitability Stats
According to the data by IntoTheBlock, 81% of the AVAX investors are in profit at the current price. That’s a pretty solid indication of positive investor sentiment. However, 16% investors are still waiting to enter the profit zone while 2% are at break even level.
This clearly suggests how confident investors are in regards to Avalanche and they are holding strong especially looking at the recent surge. But some may still be waiting for a breakout past $50 to book profits or buy more.
Is Ripple Leading the Way for Avalanche?
What’s adding to the hype is how Avalanche’s rise seems to mirror Ripple’s recent success. Ripple (XRP) gained major traction after legal wins and hints of deeper collaboration with U.S. regulators. Now, Avalanche might be charting a similar path.
Emin Gün Sirer, the CEO of Ava Labs, recently hinted at quiet discussions with the incoming Trump administration, which is being seen as crypto-friendly. In his words, Avalanche tends to deliver “results, in total Avalanche fashion.” This kind of political backing could boost AVAX’s chances of thriving in the U.S., much like Ripple has benefited from its own regulatory clarity.
Yes, of course we are. You will not see us parade our political connections in social media. You'll just suddenly see results, in total Avalanche fashion. Plan accordingly. https://t.co/98tp1SR2QY
— egs9000
(@el33th4xor) December 2, 2024
The comparison has traders excited. If AVAX can ride this wave of optimism and secure its own breakthroughs, the potential upside is huge.
What’s Next for Avalanche?
Here’s what everyone’s asking: can AVAX finally smash past $50 and aim for $169, as Fibonacci projections suggest? The answer might depend on whether it sustains its current momentum and how these political developments unfold.
If Avalanche’s talks with U.S. regulators deliver meaningful results, it could cement its position as a blockchain leader. While short-term pullbacks are possible, the long-term picture looks promising. The big question is, how high can Avalanche climb—and how soon?
