AVAX Witnesses 20% Surge: Bulls Target $14 Supply Zone

• AVAX witnessed a 20% surge in price in the last 10 days
• Bulls could target a crucial supply zone at $14.0
• BTC’s rally could bolster AVAX bulls to break the $12.97 hurdle

Recently, Avalanche [AVAX] witnessed an impressive surge of 20% in its price over the past 10 days. Starting from $10.85, the cryptocurrency has managed to break the $12.97 resistance level and reached $12.97. The Relative Strength Index (RSI) on the daily chart indicates that buying pressure has increased steadily in the past 10 days, indicating that bulls have the upper hand.

However, AVAX bulls could face intense opposition from sellers if it hits the supply zone at $14.0. Investors with diamond hands could wait and sell off at this zone. On the other hand, bears could gain more influence before AVAX reaches the supply zone.

As for Bitcoin, it faced rejection at $17.50K but could be bolstered if the US Consumer Price Index (CPI) announcement on January 12 favors traditional stock markets. Such a BTC rally could boost AVAX bulls to overcome the $12.97 hurdle and target the supply zone above.

Overall, AVAX bulls have a good chance of reaching the $14.0 supply zone if the BTC rally can help them break the $12.97 resistance. On the other hand, bears could gain more influence before AVAX reaches the supply zone. So, investors must keep an eye out for the price action and the news surrounding BTC and AVAX before taking any positions.