【Cryptocurrency Analysts Predict Avalanche Price Could Soar to $200】
Avalanche (AVAX) price fluctuated this week after hitting strong resistance at $37.76, which was the peak in November. Some analysts believe that the current rally of AVAX has just begun, predicting it could soar to $200 in a bull market.
Analyst Grronk predicts that AVAX could rise to $130, even reaching $200, representing a 417% increase. Another analyst, Beastlorion, believes that based on a positive regression channel, AVAX could reach $300.
Technical analysis shows that AVAX price has multiple bullish signals. On the daily chart, it forms an inverse head and shoulders pattern, with the head at the August low of $17.32 and the two shoulders on either side. Additionally, the 50-day and 200-day moving averages (EMA) have formed a golden cross, which historically usually indicates significant price increases. For example, after the golden cross in November, AVAX price increased by 190%.
At the same time, AVAX has also formed a bullish flag pattern, and if the price breaks above the flag's upper edge at $37.76, it may further challenge $41.88 (the May 2022 high). Subsequent resistance levels include $50 (psychological barrier) and last December's high.
However, if the price falls below the key support at $30.75 (September high), the bullish outlook may fail, and the price could decline further.
Currently, the market is generally optimistic about AVAX, but it remains to be seen whether it can break through key resistance. In the short term, technical indicators suggest the price is likely to rise, but attention should be paid to the overall market performance and the stability of support levels.
