Avalanche Price Is On The Move; How High Can It Go?

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As a researcher with a background in cryptocurrencies and market analysis, I have closely followed the recent price movements of Avalanche (AVAX). Over the past month, the AVAX price experienced a significant downtrend that drove it down from a high of $41.16 to a low of $28.83 on June 25. However, the situation took a turn for the better when the price began to recover, with a 22% gain in just over a week and a 6% surge within the last 24 hours.

Over the past month, Avalanche (AVAX) experienced a steady decline in price, dropping from a peak of $41.16 to a low of $28.83 on June 25. However, there was a significant turnaround following that period, resulting in approximately 22% price growth. Most notably, the value has increased by around 6% within the last day, reaching its current value of $30.02. The trading volume for Avalanche has surged by 55%, amounting to a massive $283,581,731. This surge in trading activity suggests that investors are showing keen interest in this altcoin.

Avalanche Price Is On The Move; How High Can It Go?

Why Is Avalanche Price Rising Today?

As a researcher studying the cryptocurrency market trends, I’ve noticed an intriguing development in the price charts of Avalanche (AVAX) on June 25. After a brief dip, there were indications of an uptrend emerging. Interestingly, this shift seemed to be instigated by significant whale activities that occurred a day prior. These influential market players transferred a substantial amount of approximately 1.96 million AVAX coins to popular crypto exchanges, thereby increasing the selling pressure and potentially influencing the price decline before the uptrend began.

The significant change in Avalanche’s (AVAX) price was driven by the continuous market speculation over the potential ETF listing. This situation bears resemblance to the buzz surrounding Solana’s ETF prospect. According to Quinten, a recognized market analyst, Avalanche is one of the few digital currencies that may secure ETF approval by 2025.

The AVAX ETF’s rationale is valid given its status as one of the most rapidly growing altcoins this year, with a total volume exceeding $18 billion, as Dr. Martin Hiesboeck pointed out in a recent post on Reddit. Additionally, major corporations such as Konami, a renowned gaming company, have introduced NFTs onto Avalanche, thereby boosting network demand.

The significant decline in the price of Avax is perplexing, given its impressive momentum with a total volume of over $18 billion amassed since the beginning of the year. No comparable entity has experienced such growth. Consequently, Avalanche, a major game developer, remains one of the most undervalued entities in the market.

— Dr Martin Hiesboeck (@MHiesboeck) June 22, 2024

How High Avalanche Price Can Surge?

With Avalanche’s price showing an uptick after a prolonged downturn, technical signs point to heightened demand for the altcoin. The Stochastic Oscillator (9,6) and Bull-Bear Power (13) are among the indicators suggesting a buying trend. Additionally, moving averages of 5, 10, and 20 echo this pattern. However, longer-term moving averages of 50, 100, and 200 weeks continue to indicate a declining trend for AVAX. Similarly, the MACD (12,26) level sits at -1.25, signaling ongoing selling activity.

Based on the indications given by the STOCHRSI(14) and Williams %R, it appears that the altcoin has been overbought. A potential shift in trend may occur if the token falls below the mark of 28.78. At present, a significant resistance level can be found at 30.13. If the price of Avalanche manages to surpass this hurdle, an uptrend could commence, potentially pushing the value up to around $34. However, if the current trend persists and the AVAX ETF continues its progression, there is a possibility that the price will exceed March’s high of $60.69.

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2024-07-01 14:14