Why Avalanche (AVAX) Price Might Surge To $40 Soon?

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As a researcher with experience in the cryptocurrency market, I believe that Avalanche’s price surge to $40 is not only possible but also imminent. Despite the current market crunch and AVAX‘s struggle to break through, the altcoin has several factors working in its favor.

As an analyst, I’ve noticed that Avalanche has been experiencing difficulty advancing beyond the $30 to $39 price range for several weeks now. Currently, the Avalanche price is hovering at $34.98 with a market capitalization of $13,366,945,544. Despite its position among the top 15 cryptocurrencies, AVAX remains trapped in this price loop. However, recent chart indicators suggest that there might be an imminent surge towards $40.

As a researcher studying the cryptocurrency market, I can tell you that reaching $40 for an altcoin with a target all-time high (ATH) of $146.22 may not seem like a significant achievement. However, due to recent market volatility, Avalanche (AVAX) has dipped in price and is currently trading below this level. Nevertheless, based on historical trends, it’s reasonable to assume that AVAX could experience another surge in value similar to the one seen earlier this year when its price rose from around $20 to a high of $60.69 in March 2021, ultimately benefiting investors who held onto their investments during the market downturn.

Will Avalanche Price Surge To $40 Next?

Despite the current state of the crypto market, Avalanche is determined to reach the $40 mark. This goal is not contingent on market conditions alone. Instead, several other influential factors are driving Avalanche’s potential growth:

Introducing New Facilities on Avalanche

Avalanche is following Ethereum‘s lead in the realm of tokenization to enhance its market standing. Not long ago, Avalanche initiated the tokenization of a fine wine investment fund as part of an effort to join the tokenization trend and establish a tokenized asset platform. This move is expected to boost demand for the Avalanche network, given the rising interest in onboarding real-world assets (RWA). Ethereum has paved the way by successfully managing $381 million worth of tokenized US treasuries, and now Avalanche aims to build upon that success.

As an analyst, I’d rephrase that as follows: The network has initiated a new program called Memecoin Rush to boost meme coin trading activity. This program offers incentives totaling $1 million for liquidity providers.

Technical Factors Backing The $40 Surge

The cryptocurrency market is seeing AVAX gain favor among investors, leading to increased demand for the token. The MACD, using both simple and exponential moving averages for periods of 10 and 20 days, suggests a significant buying trend for the altcoin. Furthermore, a potential descending triangle pattern emerging in the charts positions resistance at $39.02. This setup leaves room for AVAX’s price to potentially break above $40 within the near future. If AVAchieves this milestone and surpasses the resistance of $39.02, a goal of $54.82 becomes attainable.

Crypto analysts are in agreement that there might be a significant shift in the AVAX price trend when it surpasses the current trendline. According to Omar, a renowned crypto analyst, such an occurrence could potentially trigger a 40% price surge in the near term.

Final Thoughts

As an analyst, I’ve observed that Avalanche’s price has rebounded significantly from its low of $31.4 yesterday to its current value of $34.98. This upward trend might persist according to my predictions. If this trend holds, Avalanche could reach $40 in the near future and then set its sights on the next significant milestone at $54.82 after a prolonged downtrend.

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2024-05-17 11:34