With Bitcoin price consolidating, the altcoin market has gained momentum. Among them is Avalanche (AVAX), showing considerable gains in a short time. Will this trend persist, or is a market correction on the horizon this month?

Increased AVAX Price Volatility

The Avalanche price has dropped ~2% in the past day with a trading volume of $342.32 million, adding 8.48% over the past week and 17.02% over the past month. Despite a 12.45% decline this year, it remains among the top 20 cryptocurrencies by valuation. Notably, it has formed a rising channel pattern and has continued trading within it since August, highlighting a constant rise in adoption. With a market capitalization of $11.73 billion, it ranks 12th.

Avalanche Technical Sentiments

The EMA 50/200-day indicates increased bullish sentiment on the price chart. A potential Golden Cross hints at a bullish outlook for AVAX in the upcoming period. Moreover, the MACD indicator shows a constant rise in the green histogram, suggesting this altcoin may continue gaining value this week.

Will AVAX Price Go Up?

If bullish sentiment sustains, the Avalanche token may retest its resistance level of $31.50 soon. Maintaining the price at this level could pave the way toward its upper resistance of $40 this month. Alternatively, a bearish reversal might see the AVAX price drop to its significant support level of $24.30. A further bearish trend could pull the price towards the channel pattern's support trendline.

The current price dynamics of AVAX suggest sustained volatility and potential further growth. However, attention should be focused on key support and resistance levels that will determine future direction.