Before the Christmas season, the price of Avalanche (AVAX) has been slowly climbing. This trend is expected to continue. As a consequence of this, the value of the alternative #cryptocurrency has more than quadrupled in a little over two months. In any event, the price of $AVAX still has more potential than the majority of other cryptocurrencies, particularly those that have had increases of over 300 percent over the same period of time.
With the cryptocurrency making steady progress toward the desired $50 mark, which it has not reached since May 2022, investors and enthusiasts are keeping a close check on whether or not #AVAX may achieve this milestone before the end of the current year. This is because the cryptocurrency has not reached this level since May 2022.
At the time of this writing, AVAX was trading at $45.59, which represents a decrease of 2.1% over the past seven days. However, according to statistics provided by #Coinmerketcap , the stock has maintained a 6.7% increase over the past week. The altcoin has become one of the most valuable in the industry as a result of its consistent growth, as evidenced by the fact that its market worth is greater than seventeen billion dollars.
Since October, when it was trading at a low of $8.50, the value of the cryptocurrency has surged considerably because of the rise in its price. As there were just two months left in the year, AVAX had a spike of more than 400%, which resulted in the company reaching a new annual high of $46.50 and sparked expectation that it might reach $50 in the days after the year ended.
This amazing ascent was spurred by AVAX's ability to break away from a falling resistance trend line that had held for 750 days since its all-time high. This was a significant breakthrough that allowed AVAX to accomplish this incredible progress. This break free from the established trend line was not only a great technical development, but it was also a crucial component that contributed to the acceleration of the price increase of AVAX.
The current market capitalization of AVAX is $16.563 billion. TradingView.com is the chart.
The success that AVAX has had up to this point may be attributed to a variety of positive elements that are propelling the cryptocurrency sector as a whole. The recent decline in inflation rates and indications that the Federal Reserve and other central banks are likely to reduce interest rates in 2024 create a favorable environment for alternative assets such as AVAX. This is due to the macroeconomic environment described above.
Additionally, there is optimism that the Securities and Exchange Commission (SEC) of the United States would endorse the establishment of a spot Bitcoin exchange-traded fund (ETF). If this occurs, it may open the door for the establishment of other exchange-traded funds (ETFs) that are related with cryptocurrencies, such as those associated with Avalanche.
The fear and greed index for cryptocurrencies has reached 75, which indicates a positive sentiment and demonstrates the momentum that the sector is experiencing. According to the statistics from the past, tokens such as AVAX have a propensity to perform well and remain robust during times of market optimism. This may signal that there will be more upward movement in the current market climate.
Changes in the price of Bitcoin continue to have an effect, notwithstanding the tremendous price boom that AVAX has seen. It is quite likely that the price of Avalanche will drop in the event that Bitcoin has a decline for whatever reason.
The optimistic estimate for Flash is based on a target price of $65 for the stock. His optimistic outlook is based on the fact that the market has broken away from a long-term trend and has moved above a horizontal resistance zone.
Furthermore, Bluntz Capital tweeted a bullish wave count, which indicates that the price of AVAX will end the fifth and final wave quite close to $55.
During this time, the price of AVAX continues to remain above the weekly support level, which is located at $40, and it moves forward into the resistance zone, which is situated between $51 and $55. This trade would imply a gain of almost twenty percent. The current price is forty-five dollars and forty-nine cents.
It is possible that Avalanche (AVAX) will have a high percentage increase before a cooldown occurs. This is because momentum is increasing and huge changes are anticipated in the cryptocurrency sector. For those who are interested in AVAX as well as those who are investors, the tale that is created by the interaction of economic forces, regulations, and market mood is captivating.
