Blockworks’ Yanowitz Calls Euphoric Phase, Will AVAX Price Soar 6,000%?

by

AVAX price retraced 1% in the last 24 hours after soaring 32% in the last 7 days. Trading at $31.2, the price of AVAX sits at a crucial resistance level, which, if broken, could catapult the asset to previous yearly highs. Meanwhile, the co-founder of Blockworks has officially called the euphoric phase of the market. Will Avalanche price soar 6,000% like it did in the 2021 bull market?

AVAX Price Soars As Market Enters Euphoria

The cost of AVAX might be on the verge of replicating its 70X surge from 2021, as per the assertion made by Jason Yanowitz, Co-founder of Blockworks, who has declared that we are entering a fervent stage in the market.

1/ There are 4 phases of a bull market.

Buckle up, we just entered the most fun phase.

Welcome to Stage 3

— Yano (@JasonYanowitz) November 10, 2024

During the timeframe starting from November 5, following Trump’s victory in the presidential election, this period is marked by positive stock market days and tends to be of brief duration.

As a researcher, I’ve observed an interesting development in the crypto world. Namely, the private sector seems to be gearing up for entry during this stage. This is primarily being spearheaded by allocators, who, as of November 6, have become significantly more aware of their under-investment in cryptocurrencies.

Yanowitz anticipates that these companies are reaching out to venture capitalists and hedge funds for allocation purposes, and it’s likely they will soon unveil substantial new investment funds.

2020 saw the late arrival of the private sector in the cryptocurrency market, which peaked during the 2021 bull run. Compared to 2017, investments from the private sector were significantly larger in 2021. Experts predict that this trend will continue to climb even higher by 2025.

Avalanche Price Needs To Beat $32.50 for A Chance at $65

The prediction for Avalanche’s price suggests that it has surpassed a crucial barrier which had been restraining its growth since the mini bull run in March. Currently, AVAX finds itself at a delicate balance, with resistance at $32.50 and support at $31. Any substantial movement, either upward or downward, could potentially have significant positive or negative impacts on the asset.

  1. If AVAX price surges higher, it will break $32.50, gaining clear headway to $50.50.
  2. If the Avalanche price breaks below $31, it will signal market weakness, lowering it to $23.50 and $19 support levels.

Technical Indicators Hint AVAX Rally’s Still On

Examining technical analysis indicators reveals that Avalanche may still be on the verge of further gains. The Average Directional Index (ADX), which gauges volatility in an asset, currently stands at 22.70 and is trending upward. Given AVAX’s overall bullish sentiment, rising volatility could mean that more investors are joining the market, possibly pushing prices even higher.

Right now, the Relative Strength Index (RSI) stands at 66.51, a slight pullback from its previous high of 69.63. It’s possible that the price of AVAX might continue to rise and surpass the $32.50 resistance level before reaching the overbought zone.

As a researcher, I’ve noticed an intriguing surge: Avalanche’s trading volume has skyrocketed by a significant 55% within the past 24 hours. This upward trend suggests a growing level of investor enthusiasm towards this digital asset.

Will Avalanche Price Jump 6,000%?

Based on investments from the private sector and Avalanche’s impressive 70-fold increase during the previous bull market, it is anticipated that this asset could see further growth by 2025.

The Avalanche Foundation unveiled an update for their Avalanche9000 network, which aims to foster expansion within the AVAX ecosystem. Notably, Cardano has experienced significant growth following a succession of network enhancements, among them being the substantial Chang hardfork.

6,000 times the current price predicts that Avalanche (AVAX) would be priced at approximately $1,995, giving it a market capitalization of around $840 billion. But compared to its all-time high, this represents only a 1,200% increase.

Read More

2024-11-11 12:50