Avalanche (AVAX) price surged to $59 on March 26, hinting at a potential breakthrough of the $60 resistance level. Recent team announcements have played a significant role in driving this bullish momentum. With a 43% increase in value, Avalanche has outperformed major cryptocurrencies like Ethereum (ETH) and Ripple (XRP) since March 11. The question now is whether AVAX can reach the $70 milestone fueled by the positive team developments.

Growing Interest in Avalanche Ecosystem
The Avalanche team has been proactive in expanding its service offerings and attracting new users to the ecosystem. For instance, the foundation announced a $1 million “Memecoin Rush” fund on March 21 to support meme projects within the community. Additionally, a collaboration between the Australia and New Zealand Banking Group (ANZ) and Chainlink Labs has facilitated the seamless movement and settlement of tokenized assets across blockchains, including Avalanche and Ethereum.

Impact on New User Adoption
These announcements have led to a surge in the adoption of Avalanche by new users. Data from IntoTheBlock’s New Adoption Rate metric indicates a steady increase in the percentage of daily network transactions initiated by first-time traders. This influx of new users is a positive sign for the ecosystem’s growth and sustainability. A larger user base can lead to increased transaction volume and liquidity, which are favorable for price appreciation.

Price Outlook for AVAX
Based on the rising number of new users and the positive sentiment surrounding recent team announcements, AVAX is poised to continue its upward trajectory towards the $70 target. However, there is a significant resistance at the $60 level, where short traders have leveraged positions that could result in substantial losses if breached. Strategic stop-loss orders may come into play to manage potential downside risks.

In the event of a market downturn, AVAX price could drop below $50. Long traders may step in to form a support buy-wall around the $53 area to protect their leveraged positions. Overall, the outlook for Avalanche remains optimistic, with the potential for further price gains supported by growing interest from new users and positive market sentiment.

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