The Avalanche network has been receiving much attention in recent days. The network is classified as one of the most scalable ones in comparison to Ethereum. It offers fast transaction speeds, and its fees are relatively low. Because of the attention it is receiving, its native token, AVAX, has been on a major bullish rally.
AVAX is trading at $119 at the time of writing after an 8.4% gain in 24 hours.
Avalanche price analysis
As aforementioned, the AVAX token has been on a major bullish rally this month. Currently, it has spiked by around 8% to reach a weekly high of $119. During the past 24 hours, it had managed to break past the $120 resistance level and reach $122.
If the current bullish gains continue, AVAX could break past $120 again. In this case, the next target will be $125. This level could be achieved if there is a strong buyer and market support. Moreover, the highs could also come as the token is currently receiving much interest across the crypto space.
On the other hand, AVAX could fail to push past the highs and instead retreat towards lower levels. If it drops at this point, $115 will be the lower support. If the buyer support is not strong enough to prevent a dip, AVAX could also drop to around $110.
Currently, the all-time high for AVAX is $144, which was reached on November 21. It has shed 17% since this high because of a recession in the broader market.
As aforementioned, the AVAX token has been on a bullish rally because of the efficiency of the underlying Avalanche network. This network seeks to offer speeds, low costs and eco-friendliness, which are all issues plaguing proof-of-work networks.
Where to buy AVAX
To buy AVAX, you can create an account on the following platforms:
eToro is one of the leading exchanges, and it supports a wide range of cryptocurrencies and trading pairs. It also has user-friendly features such as copy trading, which is ideal for beginner traders.
You can also buy AVAX from Binance. Binance is the largest cryptocurrency exchange platform, and it offers some of the lowest trading fees. Binance also supports a vast range of popular cryptocurrencies.
Your capital is at risk.