Price Correction and Resurgence

In a recent turn of events, <a href="https://www.cryptoknowmics.com/news/avalanche-foundations-culture-catalyst-program/">Avalanche</a> (AVAX) is once again eyeing the crucial $45.00 mark, with potential aims at $50.00. Following a correction below $45.00, the bulls demonstrated resilience above the $35.00 zone, sparking a renewed surge. The recent bullish momentum in Bitcoin, surpassing the $44,000 resistance, acted as a catalyst for altcoins, including AVAX.
<h2>Technical Analysis and Potential Upside</h2>
With a surge of over 10%, AVAX is trading comfortably above the 50-day simple moving average. Immediate resistance lies near $43.76, with a crucial hurdle at $45.00 and the 61.8% Fibonacci retracement level. A close above $45.00 could propel AVAX toward the $50.00 resistance, setting the stage for potential targets at $55.00 and $62.00. Further gains might open doors for a move toward the $80.00 resistance.

[embed]https://twitter.com/demirelo/status/1740121694935687408[/embed]
<h2>Fundamental Strength and Subnet Growth</h2>
Fundamentally, AVAX showcased steady subnet growth throughout 2023. With 20 to 34 subnets and 111 to 240 subnet validators, AVAX's ecosystem is expanding. The subnet/primary network validator ratio increased from 4.9% to 14.1%, underlining the network's resilience. Noteworthy developments such as Elastic and permissionless subnets, AWM/Teleporter, Firewood, and HyperSDK are anticipated to elevate Avalanche in 2024.
<h2>Potential Support and Caution</h2>
In case of a downside correction, AVAX may find support around $38.00, with a major support zone forming near $35.00. A significant bullish trend line around $35.00 on the daily chart adds to the potential support. However, failure to maintain support levels could lead to a more substantial correction, revisiting the 50-day simple moving average at $32.00 or even the $24.00 support.
<h2>Conclusion</h2>
AVAX's current bullish trajectory suggests a fresh upward move toward $45.00 and beyond. Traders are closely watching the crucial support levels and potential resistance zones, poised for further developments in AVAX's price action.

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Avalanche (AVAX) Targets New Highs: Resumes Rally Toward $45 and Beyond

Discover AVAX's renewed rally as it targets $45 and $50. Analysis, fundamental strength, and potential upsides in 2024. Stay informed with the latest crypto trends.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Avalanche (AVAX) Targets New Highs: Resumes Rally Toward $45 and Beyond

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