AVAX: Price Could Double with U.S. Interest Rate Cuts
The price of AVAX, the cryptocurrency powering the Avalanche network, has recently entered a downtrend, reflecting broader market declines. While this has raised concerns about a potential bearish period in September, some investors believe that an interest rate cut in the United States could reverse this trend.
In recent days, AVAX has experienced a significant drop amid broader financial instability. The cryptocurrency failed to break through a critical resistance level, leading to a bearish trend. Now, AVAX is poised to test the lower limit of its current triangular trading pattern. If it successfully breaks through, the cryptocurrency could see gains of over 100%, potentially reaching $50.
Over the past 24 hours, AVAX has seen significant price fluctuations, dropping 1.99% to $22.12. Despite this, trading volume has increased by 53.62%, indicating heightened trading activity. The Moving Average Convergence Divergence (MACD) indicator shows that the MACD line recently crossed below the signal line, suggesting that the bearish momentum may continue in the short term.
Interest Rate Cuts Could Trigger a 100% Surge
According to Coinglass data, recent trading activity has shown significant fluctuations, with volume increasing by 38% to $409 million. Despite this surge in trading volume, open interest saw a slight decline of 0.18%, totaling $213 million. This divergence indicates a dynamic shift in trader commitments and market liquidity, placing Avalanche’s price forecast at a crucial juncture.
AVAX is currently facing a significant resistance level at $25. Breaking through this barrier could push its value to $30. If this positive trend continues, the cryptocurrency could reach $40 by the end of September. In the event of a market rally, AVAX could soar to $50, representing over 100% growth
