- AVAX’s price increased by 4.63%, rising above $35 in the process.
- If bulls breach the $36.75 resistance, AVAX might surpass $40 in the short term.
- Avalanche’s TVL hovered around the same point it was 30 days back.
After dropping below $30 on January 23, the price of Avalanche (AVAX) has now risen above the level while trading at $36 at press time. According to CoinMarketCap, AVAX was able to rise past the level after a 4.63% increase in the last seven days.
But the cryptocurrency, ranked number 9 in market value had a much better performance last year. In 2023, AVAX became one of the tokens with Decentralized Finance (DeFi) fundamentals that performed well. At one point, the price got close to hitting $50 but was pegged back as market participants decided to book profits.
Meanwhile, the 4-hour chart showed that bulls were making attempts to drive AVAX past $40. In summary, this attempt could be foiled by rejection at $36.75. This was because, on two separate occasions, AVAX’ uptrend had been rejected at this zone.
AVAX Targets $40
The first time it happened was January 30 after which AVAX fell to $32. The second time was on February 2 which le…
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