• Avalanche CEO confirms talks with the new US administration, fueling market optimism.
• AVAX surges 119% after breaking out of a descending channel, hitting $49.15.
• The AVAX token targets $70 this December, a 47% surge from its current price of $47.96.

Emin Gün Sirer, CEO of Avalanche ($AVAX), confirmed the platform is discussing initiatives with the new US government. In response to a question on X about whether $AVAX is involved in these talks, Sirer stated:

“Yes, of course we are. You will not see us parade our political connections in social media. You’ll just suddenly see results, in total Avalanche fashion. Plan accordingly.”

While details of the discussions remain under wraps, Sirer’s response indicates a proactive effort by Avalanche to align with governmental initiatives. Following this news, the AVAX token has climbed into the top 10 daily gainers, posting a 9.16% increase to reach a price of $47.96.

The altcoin now holds the 10th position in cryptocurrency rankings with a market capitalization of $19.62 billion. Its 24-hour trading volume has seen a rise of 76.44%, totaling $1.37 billion.

AVAX Price Market Overview

The AVAX weekly chart shows a breakout from a long descending channel, signaling a bullish reversal. After consolidating within the channel for months, AVAX surged 119.91% to a high of $49.15, marking a 5-week bullish streak.

This movement is underpinned by a clear rejection of the channel’s lower trendline and an upward trajectory surpassing the critical 61.8% Fibonacci retracement level at $47. On the technical front, the Relative Strength Index (RSI) stands at 67.67, reflecting bullish momentum while nearing overbought conditions.

This suggests the buyers control the market, but a short-term pullback might be possible as the RSI approaches overbought territory. Meanwhile, the Moving Average Convergence Divergence index shows a bullish crossover, with the MACD line at 2.958 diverging from the signal line at 0.269, signaling further upward momentum.

AVAX Eyes $70, a 47% Surge This December

AVAX’s upward trajectory remains promising, with $70 firmly in sight as the key target for December. However, to achieve this milestone, the token must first secure a weekly close above the 78.6% Fibonacci retracement level. This critical zone would transform into a support base, strengthening AVAX’s push toward the 2024 high of $65.34—a level last reached on March 18.

Eventually, a successful breach above this resistance could clear the path for a surge to $70—a 47.93% climb from its current value. Conversely, if bearish sentiment reemerges, AVAX could retrace to the 50% Fibonacci level at $41.33, where it may seek temporary support before reigniting its climb.

A failure to hold this level could deepen the decline, exposing the cryptocurrency to lower zones at $35.67 or even the $28.66 mark—levels that could serve as the last line of defense before a more extended recovery effort.