Sunday, March 3, 2024
Home > Analysis > Avalanche (AVAX) Price Jumps 6% Past $40 Ahead of Durango Upgrade

Avalanche (AVAX) Price Jumps 6% Past $40 Ahead of Durango Upgrade

Coinspeaker
Avalanche (AVAX) Price Jumps 6% Past $40 Ahead of Durango Upgrade

The Avalanche (AVAX) altcoin has been making strong moves, gaining over 21% in the last seven days. As of press time, AVAX is trading 6.2% up at a price of $41.30 with a market cap of $15.1 billion.

After a small dip on Monday, the AVAX price has once again recovered strongly amid a push from the broader crypto market. Avalanche (AVAX) is displaying a bullish trend, embarking on a rally following a significant correction that commenced during Christmas 2023. As the broader altcoin market shows signs of resurgence, there’s potential for AVAX to increase further.

Notably, Avalanche has exhibited notable volatility in recent times, often retracing to a support threshold slightly above $30 since the onset of the year. On January 23, it reached a low point for 2024, dipping to $27.85. However, it has recovered pretty fast in this month of February.

Preparing for Avalanche Durango Upgrade

The AVAX Durango upgrade is set to be implemented on February 13 later today. This follows the pre-release of code for the blockchain upgrade on February d. Scheduled to activate on the Fuji Testnet at 11 AM ET, this upgrade holds significant importance for the Avalanche network.

Primarily, the Durango upgrade aims to bolster cross-chain communication and enhance the network’s scalability, setting the stage for its mainnet release. Alongside this enhancement, developers will also launch the Avalanche Warp Messaging (AWM) feature, facilitating improved on-chain and cross-chain communication.

With these advancements, the Avalanche community can anticipate a more interconnected and resilient network. This would also help to bring seamless interoperability among protocols on the Avalanche platform.

AVAX Price Action Ahead

With anticipation surrounding the AVAX Durango upgrade, Avalanche’s price has surged above the 50% retracement level, reaching $38.64. Positioned between $28.03 and $49.95, the current price sits comfortably within this range, boasting robust support levels.

The upward trajectory is further supported by the upward incline of the Simple Moving Averages (SMA), indicating a path of least resistance. Additionally, the Relative Strength Index (RSI) trending upwards, crossing above its signal line (yellow band) and resting at 65, suggests growing momentum, with potential for further gains before AVAX becomes overbought.

A surge in buying pressure could propel Avalanche’s price by 20%, aiming to fill the market range at $49.95. In an exceptionally bullish scenario, prices could soar to $54.92, last observed in May 2022, marking a 35% increase from current levels.

Avalanche (AVAX) Price Jumps 6% Past $40 Ahead of Durango Upgrade

Photo: CryptoFXStreet

Conversely, profit-taking may lead to a drop below the 50% Fibonacci level, testing the $32.08 support. A more severe downturn could drive AVAX price towards the bullish breaker zone, spanning $26.56 to $29.34. A decisive breach below the midline of this order block at $28.03 would confirm a continuation of the downtrend, potentially targeting the 50-day SMA at $25.03.

Avalanche (AVAX) Price Jumps 6% Past $40 Ahead of Durango Upgrade



Source