đą Avalancheâs Rollercoaster Ride into 2024 đđ
The crypto Avalanche (AVAX) had a tumultuous start to 2024 after an impressive 2023. Can it reclaim or surpass previous highs?
đ Analyzing AVAXâs Market Dynamics:
AVAX surged nearly 500% from Sept '23 to Dec '23, hitting $49.95. A subsequent drop to $31.20 on Jan 8, '24, linked to an ascending wedge breakdown, raised concerns.
đ Market Indicators & Analyst Perspectives:
Weekly RSI dipped below 50 but hints at a sentiment shift. On social media:
Mars_DeFI notes AVAX's positive metrics (daily active addresses, transactions, TVL).Umutak47 sees a breakout from a descending trend line, indicating potential upside.
đź AVAXâs Price Prediction & Future Outlook:
Daily time frame suggests a local top with completed waves and RSI divergence. A possible A-B-C corrective structure might see a rise to $45, then a 25% decline to $29 for wave C. A climb above $50 could alter this bearish outlook.
đâđš Market Monitoring:
Despite uncertainties, investors watch AVAX closely, acknowledging its potential for significant moves in the crypto landscape.
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