Rumbling Ahead: Avalanche (AVAX) Set To Surge 20% Before Cooling Off – Details
2023年12月23日 - 8:00PM
NEWSBTC
The price of Avalanche (AVAX) has been steadily rising leading up
to the holiday season. Consequently, in just over two months, the
altcoin has more than quintupled in value. In any case, the price
of AVAX still has more potential than most other cryptocurrencies,
which have seen rises of about 300% over the same time frame.
Investors and aficionados are keeping a careful eye on whether AVAX
may reach this milestone before the end of the current year as the
cryptocurrency makes steady progress toward the coveted $50 mark, a
level it has not hit since May 2022. AVAX Surges: From Resistance
Break To $50 Anticipation At the time of writing, AVAX was trading
at $45.59, down 2.1% in the last seven days, but sustained a 6.7%
rally in the last week, data from Coingecko shows. With a market
valuation of more than $17 billion, the altcoin has become one of
the largest in the business thanks to its continuous rise. Related
Reading: Social Frenzy: Stacks (STX) Hits 8-Month High, But It
Unveiled An Intriguing Twist The value of the cryptocurrency has
increased dramatically since October, when it was trading at a low
of $8.50. With only two months to go, AVAX surged by more than
400%, setting a new annual high of $46.50 and sparking anticipation
that it would hit $50 in the remaining days of the year. AVAX
achieved a major breakthrough by breaking away from a falling
resistance trend line that had held for 750 days since its all-time
high, which propelled this incredible ascension. This break free
from the established trend line represented a significant technical
advancement and was also a major factor in quickening the pace of
AVAX’s price rise. AVAX market cap currently at $16.563 billion.
Chart: TradingView.com AVAX’s solid run so far is attributable to a
number of favorable factors driving the broader cryptocurrency
market. Macroeconomically, the recent drop in inflation rates and
signs of probable interest rate reductions by the Federal Reserve
and other central banks in 2024 present a good climate for
alternative assets like AVAX. AVAX’s Potential Amid ETF Hope,
Market Optimism Moreover, there is hope that the US Securities and
Exchange Commission (SEC) would approve a spot Bitcoin
exchange-traded fund (ETF). If this happens, it may pave the way
for the introduction of other cryptocurrency ETFs, such as those
associated with Avalanche. Related Reading: BONK Crashes 31% After
A Solid Month – Is the Success Story Ending? The crypto fear and
greed index has risen to 75, signifying a favorable feeling,
demonstrating the industry’s momentum. Historical data indicates
that tokens like as AVAX have a tendency to perform well and remain
resilient during times of market optimism, which may indicate
additional upward movement in the present market environment. Even
with AVAX’s remarkable price surge, changes in Bitcoin’s price
still have an impact. If Bitcoin falls for any reason, the price of
Avalanche is probably going to follow. #Avalanche $Avax 1w On
track! 👌 pic.twitter.com/pDM4hWzE7S — FLASH (@THEFLASHTRADING)
December 21, 2023 Meanwhile, crypto analysts on X believe that the
trend is likely to go upward. With a target price of $65, Flash has
a bullish projection. His bullish view stems from a breakaway from
a long-term trend and a move over a horizontal resistance zone.
Additionally, Bluntz Capital tweeted a bullish wave count that
suggests the price of AVAX will finish the fifth and final wave
close to $55. Meanwhile, the price of AVAX stays above the weekly
support level at $40 and advances into the resistance zone, which
is located between $51 and $55. When compared to the current price
of $45.49, this move would represent a gain of around 20%. With
momentum growing and significant changes expected in the
cryptocurrency scene, Avalanche (AVAX) could experience a
substantial % surge before a cooldown. The interplay of economic
factors, regulations, and market sentiment creates an engaging
story for both AVAX enthusiasts and investors. Featured image from
Shutterstock
Stacks (COIN:STXUSD)
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