• Avalanche's CEO has confirmed talks with the brand new US administration, growing market optimism.
• AVAX surged 119% to $49.15 after breaking out of a descending channel.
• The AVAX token has a goal of $70 this December, representing a 47% improve from its present worth of $47.96.

Avalanche ($AVAX) CEO Emin Gün Sirer confirmed that the platform is in talks to work with the brand new US authorities. In response to X's query about whether or not $AVAX is concerned in these negotiations, Mr. Siler stated:

“Sure, in fact we do. We received't be flaunting our political connections on social media. Rapidly, like Avalanche, you'll see outcomes. Plan accordingly.”

Particulars of the talks stay secret, however Schiller's response indicators Avalanche's proactive efforts to align with authorities efforts. Following this information, the AVAX token rose to the highest 10 every day gainers, growing by 9.16% to a worth of $47.96.

The altcoin at present holds the tenth place within the cryptocurrency rankings with a market capitalization of $19.62 billion. The 24-hour buying and selling quantity elevated by 76.44% to a complete of $1.37 billion.

AVAX worth market overview

The weekly chart of AVAX reveals a breakout from an extended descending channel, indicating a bullish reversal. After holding inside the channel for a number of months, AVAX surged 119.91% to a excessive of $49.15, marking a 5-week bullish streak.

This transfer clearly rejects the decrease trendline of the channel and is supported by an upward trajectory above the important thing 61.8% Fibonacci retracement stage at $47. On the technical aspect, the Relative Power Index (RSI) is at 67.67, reflecting bullish momentum though near an overbought scenario.

This implies that consumers are accountable for the market, however a pullback is probably going within the brief time period because the RSI approaches overbought territory. In the meantime, the Shifting Common Convergence Divergence Index reveals a bullish crossover, with the MACD line at 2.958 diverging from the sign line at 0.269, indicating additional upward momentum.

AVAX Eyes $70, up 47% this December

AVAX's upward trajectory stays promising, with $70 firmly in sight as a key goal for December. Nonetheless, to attain this milestone, the token should first safe a weekly shut above the 78.6% Fibonacci retracement stage. This key zone will flip into help and strengthen AVAX’s push in the direction of the 2024 excessive of $65.34, a stage final reached on March 18th.

In the end, a profitable break above this resistance may pave the best way for a pointy rally to $70, a rise of 47.93% from the present worth. Conversely, if bearish sentiment resurfaces, AVAX may transfer again in the direction of the 50% Fibonacci stage at $41.33, doubtlessly searching for non permanent help earlier than the rally resumes.

If this stage can’t be maintained, the decline may deepen additional and the cryptocurrency may fall to $35.67 and even $28.66 ranges. This stage might be the final line of protection earlier than an extended restoration effort.