🔥➡️✅Avalanche: 2023 of growth | Forecasts and objectives for the first part of 2024

🚀🔥Avalanche +370% in less than 3 months

The ongoing rise has allowed Avalanche to rise into the Top Ten of the Coin Market Cap (CMC). At its current price, with a market capitalization of $15.260 billion, it stands in ninth place.

The growth also had positive effects for the holders of the token, in fact the addresses in profit or at the money stood at 63.22%. While those out of the money, i.e. at a loss, are at 25.31% with a wide range of 11.47% in the break even zone.

✅Avalanche's growth is justified by the strong increase in its TVL (Total Value Locked) in the DeFi field. The TVL of its blockchain has been steadily growing for several months. This is a good thing, as the higher the TVL of a blockchain, the more secure and valuable it is perceived to be. In the attached graph from DefiLlama we report the trend of Avalanche's TVL over the last three months, where we can see that it has more than doubled, reaching $918 million.

📈➡️On the daily chart, we can examine the situation of Avalanche's supports, where we have a view of the leg up that started in October. In the current scenario, considering the vector that goes from $8.61 to the recent high at $49.95, the first support level moves to $34.

Going down, we find the main support at $29, the breakdown of which could undermine the current bullish trend. At present, to fall to this level, the price of AVAX needs to lose around 30%.

Taking a look at the short term, at the RSI indicator level we have some signs of weakness, which could suggest a possible correction.

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