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Avalanche (AVAX) Snowballs 30% In A Week: Analyst Predicts Bullish Continuation

Sebastian Villafuerte
by Sebastian Villafuerte
1 year ago
·
Posted in Avalanche
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Avalanche (AVAX) is currently trading at $26.42, following an impressive 30% surge from the $20 mark to $27. 

Related Reading: Avalanche (AVAX) Is Preparing For A Rally: Market Data Shows

After a steep correction from its peak in March, Avalanche has been relatively quiet, underperforming compared to stronger altcoins. However, Avalanche is gaining momentum, with analysts and investors sharing crucial data pointing to a potential rally in the coming months. 

This renewed optimism suggests that Avalanche might be on the verge of a significant breakout, making it one to watch closely as the market evolves.

Avalanche Rally On The Horizon

Avalanche is generating significant buzz among investors and analysts who are anticipating a potential rally from its current level to new highs. 

Prominent crypto analyst and investor Allincrypto recently shared a detailed chart on X, providing a technical projection of AVAX’s next significant move. The chart highlights AVAX’s price action since the last bull run, underscoring the importance of the $20 price level. This level was a significant resistance point several months before the last rally. Still, recent price action has confirmed it as solid support after a successful retest over the past few weeks.

AVAX chart revealing the $20 level relevance. | Source: Allincrypto on X AVAX/USD 1W price chart on TradingView.
Avalanche chart revealing the $20 level relevance. | Source: Allincrypto on X AVAX/USD 1W price chart on TradingView.

The technical outlook suggests that the Layer-1 (L1) could be on the brink of a significant upward move, similar to the rally it experienced between October 2023 and March this year. This period saw AVAX achieve remarkable gains of over 600%, and many in the crypto community believe that the current market conditions could lead to a similar (or a bigger) outcome.

A combination of solid technical indicators and growing investor confidence fuels the anticipation. With Avalanche holding firmly above its previous resistance and turning it into support, the path seems clear for a new rally that could propel Avalanche to new highs. The next few weeks will be crucial in determining whether AVAX can sustain this momentum and fulfill the bullish expectations set by the crypto community.

AVAX Tags $27 And Breaks Above Local High

Yesterday, AVAX rose to $27 following excitement sparked by comments from Federal Reserve Chairman Jerome Powell, who suggested a potential policy shift, and investors now expect a 25bps interest rate cut by September 18. This announcement fueled optimism across the crypto market, driving AVAX to this price level. 

AVAX tagging $27 after move up.
Avalanche tagging $27 after move up. | Source: AVAX/USD 1D price chart on TradingView

However, after reaching $27, AVAX began to consolidate below this price, currently trading at $26.35. This consolidation comes after it successfully broke above the previous high at $22.8, signaling strength and setting its sights on the next significant resistance at $33. 

Related Reading: Altcoin Season Looms – 3 Tokens to Watch Out For: Solana, Avalanche and DTX Exchange

For AVAX bulls, maintaining momentum above $27 is crucial for sustaining the rally. However, if the price fails to hold and consolidate above this level, the anticipated rally may be delayed further, as it has yet to recover above the daily 200 Moving Average—a critical indicator for confirming a bullish trend. Holding above this moving average would signal that Avalanche is on a solid path toward further gains, but until then, the market remains cautious.

Featured image created with Dall-E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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