Avalanche Price Prediction: As AVAX ETF Rumors Swirl, Breakout To $58 Thaws

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As a seasoned crypto investor with a few battle scars from past bear markets, I’ve learned to keep an eye on emerging trends and potential catalysts that could impact the prices of various digital assets. The recent surge in Avalanche (AVAX) price, up by 9.1% in the last 24 hours, has caught my attention due to several reasons.

As a crypto investor, I’ve noticed an impressive 9.1% increase in Avax’s price within the last 24 hours, raising it to $27.96 at the present moment. This growth can be attributed to buzzing rumors of an AVAX Exchange Traded Fund (ETF) potential listing on platform X, formerly known as Twitter. However, the recent price surge is a welcome relief after Avax took a significant hit last week due to the BtcTurk exchange hack.

Avalanche Price Prediction Hints at a 76% Rally if This Happens

Avalanche Price Prediction: As AVAX ETF Rumors Swirl, Breakout To $58 Thaws

The price of Avalanche reached its peak for the year in March, but since then it has gradually decreased, creating a falling wedge pattern. Falling wedges represent optimistic market trends as they usually result in upward price movements.

As a crypto investor, I’ve noticed an intriguing development in the Avalanche price action recently. The price has managed to rise above its 50-day simple moving average (SMA), which is a positive sign for potential bullish momentum. However, it still remains below the more significant 200-day SMA, suggesting that the trend may not be entirely in my favor yet.

If the price of Avalanche (AVAX) surpasses the upper boundary of the falling wedge pattern, there’s a strong possibility for a bullish rally that could propel the token up to $58, representing a potential 76% increase. Conversely, if bears maintain control, the price of AVAX may continue to decline and potentially find support around $23.51 or even lower at $19.54.

Avalanche Price Prediction: As AVAX ETF Rumors Swirl, Breakout To $58 Thaws

As a crypto investor, I’ve noticed an exciting development on the lower time frame for AVAX. The price has just broken out of an inverted head and shoulders pattern. According to market structure analysis, we can expect AVAX to experience another 7% surge in a short period. This upward trend could potentially push the price of Avalanche up to $30.07.

According to Coinalyze’s data analysis, the total 24-hour open interest for Avalanche has grown by 6.14%. This implies that investors are actively acquiring AVAX tokens, suggesting a strong belief in potential price growth in the near future.

According to Santiment’s data analysis, the AVAX rally is currently under the radar for many investors, suggesting that this trend may persist. Typically, when there’s a strong fear of missing out (FOMO) on an asset, it increases the probability of a correction occurring.

Why is Avalanche Price Surging?

Rumors swirled about a possible AVAX Exchange-Traded Fund (ETF) after VanEck’s application for a Solana ETF was made public. This development led crypto analyst Quinten, who is well-known in the community on platform X, to compile a ranking of the top altcoins with a high probability of having an ETF submission before the end of next year. Avalanche was included in this esteemed list.

As a dedicated researcher in the field of cryptocurrencies, I have meticulously evaluated and ranked the prospects of various large altcoins in terms of their likelihood of filing for, and ultimately securing approval for, an Exchange-Traded Fund (ETF) within the upcoming year.
It’s highly probable that the price of Solana ($SOL) and Chainlink ($LINK) will rise. The likelihood of price increases for Toncoin ($TON), Avalanche ($AVAX), Dogecoin ($DOGE), Litecoin ($LTC), Polygon (MATIC), TRON ($TRX), and Cosmos ($DOT) is also fairly good. There’s a chance that the prices of Litecoin Cash ($LTC), Polkadot ($DOT), and Harmony ($ONE) may increase as well. However, it’s uncertain if the price of Cardano ($ADA), Shiba Inu ($SHIB), and Uniswap ($UNI) will rise significantly. It’s unlikely that Bitcoin Cash ($BCH), Ripple ($XRP), and Binance Coin ($BNB) will experience significant price increases at this time.
— Quinten | 048.eth (@QuintenFrancois) June 27, 2024

Bottom Line

Bulls of Avalanche (AVAX) are preparing for a possible price surge, spurred on by increasing anticipation surrounding crypto ETFs. This optimistic outlook may lead to further price gains, potentially drawing in additional investors.

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2024-06-28 10:38