Avalanche (AVAX) has become the latest altcoin to reach a new all-time high and could rally towards the $100 mark over the next few hours.
AVAX, the native token of the Avalanche blockchain, is one of the best-performing cryptocurrencies amongst the top 20 by market cap over the past 24 hours. The coin is up by more than 12% and reached a new all-time high of $95 a few hours ago.
At the time of writing, AVAX is trading at $94 per coin, down by less than 2% from its current all-time high. The rally is a result of numerous bullish news for Avalanche over the past month. The Avalanche Foundation became the latest entity to launch an ecosystem growth.
Over the weekend, the Avalanche Foundation launched a $200 million fund in a bid to boost the growth within the ecosystem. The funds would be used for numerous activities, including ecosystem integration support, equity investments, business development, technology support and token purchases.
Key levels to watch
The AVAX/USD 4-hour chart is bullish, thanks to the cryptocurrency’s excellent performance over the past three weeks. The MACD line is deeply within the bullish zone, while its RSI of 79.60 shows that AVAX is currently overbought. The technical indicators point to a potentially higher increase in price over the coming hours and days.
AVAX is currently up by more than 20% from its 100-day simple moving average at $74, indicating that the cryptocurrency has strong support around that region.
What to look out for
AVAX could reach a triple-digit price for the first time in its history if its bulls continue with the current momentum. The cryptocurrency would need to move by less than 10% over the next few hours to reach the $100 mark.
In the event of an extended bullish run, AVAX could rally towards the $130 mark over the next few hours. However, Avalanche could also retrace after recording a massive increase in price over the past 30 days.
AVAX could retrace to the demand level between $81 and $72 over the next few hours. However, it could allow the bulls to replenish and embark on another rally.