Avalanche continues to rise. Buying pressure could push AVAX to a new all-time high of $ 127.

Record high

Avalanche is back in pricing mode and has entered the three-digit range.

The 12th cryptocurrency quickly recovered from the recent market-wide crash, gaining more than 20% in the past 48 hours. AVAX hit a new all-time high of $ 110 yesterday as bullish momentum pushed its level above 20 points. While AVAX has seen significant gains, the Layer 1 coin appears to continue to rise.

AVAX broke out of the symmetrical triangle on November 7th after a two-month consolidation phase. The bullish continuation pattern now predicts that AVAX could take another 20% towards a new record high of $ 127. The bullish target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point. Avalanche’s surge comes when the rest of the market suffers; Bitcoin, Ethereum, Solana, Cardano and many other top crypto assets fell today after Monday’s crash.

It’s worth noting that the Fib retracement indicator, measured from the September 8 low of $ 32.87 to the high of $ 79.6 on September 23, shows that it is facing resistance at $ 108 on the upside.

Source: TradingView

Avalanche is currently above several support hurdles that could prevent profit-taking from rising. The 141.4 Fib retracement level at $ 99 and the 127.2 Fibonacci retracement level at $ 92.3 could slow any attempt by the bears to push the price lower. More importantly, AVAX must continue trading above $ 80 for the bullish outlook to be confirmed.

Important growth drivers

The growth rate AVAX achieved for the year shows that the main driver of the price hike is institutional interest. Earlier this month, Avalanche announced the launch of a $ 200 million Blizzard fund to help grow its DeFi ecosystem.

With that, Grayscale has announced that it is considering adding an avalanche-related product to its portfolio, huge news that is generating interest in altcoins. More recently, however, AVAX’s growth has been fueled by news of a strategic alliance with Deloitte amid an ongoing bear market.

On November 16, Deloitte formed a strategic alliance with Ava Labs to enable a new disaster recovery platform using the Avalanche blockchain. The news sent the price of this altcoin almost 15% higher. That’s not all, shortly after that, Avalanche’s TVL hit a new ATH of $ 10 billion last week.

Source: Coin98Analytics

Credit accounts make up a very high proportion, up to 53.36% in TVL. In contrast, industrial DEXs haven’t seen a boom, having been flat for a month. Meanwhile, industry assets have seen significant growth from mid-October to now.

Avalanche’s growing TVL is also a sign of high institutional interest.

While Avalanche has sparked institutional interest, sentiment on the retail side has not yet reached euphoria. While AVAX is decent in volume, it’s still well below its September level when AVAX hit an ATH of $ 75.

Source: Santiment

While whales appear to be piling up – a good sign for prices even at all-time highs – development activity has slowed somewhat over the past week.

Source: Santiment

A renewed trade euphoria could, however, bring AVAX the price it needs for the future.

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Annie

According to crypto briefing

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