In December, Avalanche showed impressive growth, more than doubling its value and reaching a new annual high. The question now is whether AVAX will be able to rise to the $50 level for the first time since May 2022.

Avalanche Has Set A New Annual High

The cost of AVAX dropped to $8.65 in October and has been growing rapidly since then. In 63 days, it jumped by 425%, reaching today's annual high of $46.40.

During this rally, AVAX broke through the 750-day resistance line, which has been visible on the chart since reaching a historic high. This breakthrough accelerated the growth rate even more.

Since the beginning of October, the token has formed eight consecutive bullish weekly candles in 9 weeks, indicating a strong bullish trend.

The weekly Relative Strength Indicator (RSI) is on the rise and is currently above the 50 level, indicating a bullish trend.

Analysts' opinion

Traders and analysts of cryptocurrencies on the X platform highly appreciate the prospects of Avalanche.

For example, Bluntz Capital posted a bullish wave chart on Twitter, according to which the AVAX price will complete the fifth and last wave at $55.

On the 4-hour AVAX/USDT chart, Flash also expresses a positive attitude and sets a target of $65. He refers to a bullish breakout in the long-term pattern and price movement above the horizontal resistance zone.

AVAX Forecast: The Next Target Is $50

The daily timeframe confirms the bullish forecast. According to Elliott's wave analysis, the most likely scenario suggests that AVAX is in the fifth and final wave of the upward movement that began in September.

The fifth wave is extended and is more than 0.618 times longer than the combined length of the first and third waves.

If AVAX continues to strengthen, the next target will be $59, which will give us a fifth wave of the same length as the first and third waves combined. This means another 28% growth. At the current growth rate, the token may reach this goal as early as December.

The daily RSI supports this scenario, as the indicator has made a bullish breakout of the bearish divergence trend line and is on the rise.

However, closing the AVAX daily chart below the $44 level will mean that the peak has already been reached, in which case the price may fall by 50% to the nearest support at $22.