Avalanche crypto has surged +28% in 7 days as AVAX price continues to be bolstered by a $600M multi-week crypto whale wallet accumulation – here’s everything you need to know about AVAX price moves this week.
While others have been panic selling, strong hands have been buying the fear, and a multi-week crypto whale wallet accumulation has seen more than $600M AVAX flood into whales’ sticky palms over the past 21 days.
This sustained accumulation has bolstered a resilient recovery from the Christmas dip for Avalanche price which is now standing strong back above the $42.5 price level.
Elliot-Wave Theory traders note the reversal from a corrective phase into an impulsive trend, suggesting bullish price moves lay in the weeks ahead.
#Avalanche $Avax 1d
On the run! đź‘Ś pic.twitter.com/fTF4JsLyID
— FLASH (@THEFLASHTRADING) January 6, 2025
Other prominent traders also note the correlation between AVAX and leading Avalanche meme coin Coq Inu (COQ) – which has also reversed into a bullish trend and could represent a strong beta play.
AVAX Price Analysis: How High Can Avalanche Crypto Climb This Week? Will AVAX Price Pump Trigger Correction?
At the time of writing, AVAX’s price was $44.69 (representing a 24-hour change of +3.7%), as Avalanche crypto tests localized resistance at $45.
Upside movements have seen Avalanche crypto surge above the localized downtrend that dominated the end of 2024. The AVAX price is now in strong breakout form after consolidating lower support at the $35 and $40 price levels.
Further technical strengthening: The AVAX price has also now sustained three days above a freshly reclaimed 20DMA, which is seemingly reversing into ascendant form around $39.8.
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(AVAXUSDT)
Meanwhile, upside price pressure has fuelled the RSI to switch to a minor bearish divergence at 58, suggesting the price is sliding towards overbought. However, it is not to such severe levels that one expects a downside in the short time frame (although it is certainly a worthy indicator to watch for signs of retracement in the days ahead).
In the short-term, if Avalanche crypto can break above $45, sustained bullish movements will likely drive a re-test of $50 this week. Yet, for those seeking higher risk, higher return gains, let’s take a quick look at a slightly more alluring opportunity in the weeks ahead.
EXPLORE:Â Bitcoin Txs Hit $19T in 2024: Top Web3 Wallet $BEST Raises $6.5M Ahead of Seismic Year For Crypto
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