AVAX Price Prediction 2024 - possibly driving the price towards $80 up coming bull run
With recent developments in the cryptocurrency market, Avalanche (AVAX) has attracted significant investor interest. Historically, AVAX has shown resilience, even during severe bear markets. Currently, AVAX is valued at $38.49, having appreciated by 2.5% in 24 hours. Although this increase is modest, AVAX is outperforming many other altcoins.
The AVAX market sentiment is neutral, indicated by a 42% rating on the Fear and Greed Index. While social sentiment is positive, other indicators like volatility, volume, and whale activity are negative, reflecting market uncertainty and reduced trading activity. Additionally, AVAX’s market dominance and search interest are low, showing a lack of control and reduced general interest.
Data from Coinglass shows a significant 61.37% drop in trading volume, currently at $341.19 million. The long/short ratio across platforms is balanced, indicating trader indecision. However, on Binance, the long/short ratio is notably high at 2.8805, suggesting a more bullish sentiment among individual traders on this exchange.
The six-month AVAX chart shows a volatile trading pattern with multiple peaks and troughs, responsive to broader market trends and specific ecosystem developments. Recently, AVAX has experienced several price spikes followed by sharp corrections. Currently, the altcoin is consolidating around the $38 level after a recent downtrend from higher levels seen in April.
If AVAX maintains support around the $35 level, there is potential for upward movement, especially during a bull run. Key resistance levels to watch are $50 and $55, which AVAX has tested multiple times in recent months. A sustained break above these levels could signal strong bullish momentum, possibly driving the price towards $80 or even $100 in the third quarter of the year.
