Is AVAX Price Set To Soar 660%? Analyst Says ‘$130 Is The Base’

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As a seasoned crypto investor with battle-hardened nerves and a penchant for spotting trends, I can’t help but feel a tinge of excitement when I see analyst Grronk’s bold call for AVAX. With my years of experience, I’ve learned to keep an eye on the past as it often provides insights into the future. The way I see it, if history repeats itself, we could be looking at a 500% surge, pushing AVAX towards that $130 base.

AVAX price is down 12% in the last 24 hours after liquidity began flowing out of large caps and into mid-caps, causing projects like PNUT and DOGE to soar double-digit percentages. Nevertheless, market observers are still bullish on Avalanche, calling $130 the base. A high correlation between Ethereum (ETH) and Avalanche (AVAX) suggests that the latter will likely go on a 660% breakout after ETH recently breached an 8-month falling channel. Can AVAX soar 5X and reach $300?

Analyst’s Bold Call: Why $130 Is the Base for AVAX Price

Crypto analyst Grronk has predicted that Avalanche’s price will return to $130 “faster than you can imagine.” His prediction comes after analyzing AVAX’s previous price history and noting that after dropping 27% around October 2023, Avalanche soared 479%.

According to Grronk’s prediction, if history repeats itself, the AVAX price might surge by an impressive 500%, potentially reaching a level of $130, which he considers as its base value. Currently, the AVAX price stands at $32.06, and in the past 24 hours, its trading volume has increased by 7%.

Avalanche Price Analysis: Is a 660% Surge Possible?

The prediction for Avalanche indicates a potential increase of around 660%. Notably, Avalanche’s value tends to closely follow that of Ethereum, implying that when Ether rises, it’s likely that Avalanche will also rise in tandem. Analysis by IntoTheBlock reveals a strong correlation between AVAX and ETH over the past 60 days, with a correlation coefficient of 0.84.

It was noticed that the Ethereum price surged beyond a eight-month downward trend line just recently, and Avalanche’s price seems to be mirroring this trend. However, at present, Avalanche’s price is confined within its own downward channel and requires some additional momentum to break free from it.

Based on the increasing inflow of U.S. spot Ethereum ETFs, it’s expected that the value of Ethereum (ETH) will keep climbing. Moreover, potential resistance levels for Ethereum are roughly $3,550 and $4,000, suggesting they could become stronger as Ethereum moves past these points. If this happens, the price of Avalanche (AVAX) might also increase accordingly.

AVAX Price Eyes $65 Short-Term Target

Given the surge in Avalanche’s price, it might meet resistance near $43.76. This level is quite robust and could prove difficult for the price to break through. Nevertheless, if it manages to surpass this barrier, we might see it reaching a potential yearly high of $65. Afterward, there’s a possibility that it will aim to regain its previous all-time high of $147.

AVAX represents a strong digital currency, backed by positive underlying factors. At present, more than a billion AVAX tokens are at stake, with their fate hinging on whether the cryptocurrency market rises (potentially bringing profits) or experiences a downturn (possibly leading to losses).

It’s more probable that the price of Avalanche (AVAX) will hold off on significant movement until Ethereum starts moving. Once AVAX breaks out of its current downward trend, it might surge as high as 660%, reaching approximately $306.

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2024-11-13 11:15