The currency driving the smart contracts platform Avalanche, Avalanche (AVAX), is causing buzz in the crypto market. With some experts seeing a possible spike beyond $100, bullish technical indications and forthcoming events within the Avalanche ecosystem are driving speculating of a major price rise.
Technicals Flash Green: A Bounce In Sight?
For AVAX, technical study grounded on chart patterns and past data presents a hopeful picture. Analysers point to a recent corrective phase the coin seems to have passed, maybe preparing the ground for a fresh rally. On trading sites such as Binance, charts showing a support zone between $9.45 and $10.00 suggest a sturdy basis from which the price might bounce higher.
$AVAX looking for 100+ pic.twitter.com/GUXx2EeB5e
— ᴀʟᴛꜱᴛʀᴇᴇᴛ ʙᴇᴛꜱ (@AltstreetBet) June 5, 2024
Avalanche ICO Season On The Horizon?
Beyond mere technical data, the buzz around Avalanche results from fascinating events developing inside its habitat. Developers of the project are ready to introduce Layer 1 blockchains (L1s) with Avalanche’s scalable and safe consensus method inherited.
Like ERC-20 tokens created on top of the Ethereum network, this invention might greatly streamline the launching new blockchain procedure. Moreover, the CEO of Avalanche, Emin Gun Sirer, just hinted at a fresh idea: Initial Chain Offerings (ICOs). Unlike the conventional Initial Coin Offering (ICO) concept whereby individual tokens are offered, ICOs would include presenting to investors totally fresh blockchains.
This opens the path for a possible “Avalanche ICO season,” reflecting the ICO frenzy of early days of cryptocurrency. Market watchers think this might draw a flood of attention and investment into the Avalanche ecosystem, therefore influencing the price of AVAX.
Key Resistance Levels To Watch
Turning now to the pricing goals, experts have seen considerable levels of opposition around $50 and $60. Overcoming these challenges could help AVAX reach its audacious long-term aim of $100. Unquestionably, nevertheless, the combination of positive technical indicators and innovative Avalanche ecosystem development is favourable.
AVAX Price Forecast
The most recent research indicates that AVAX’s price is predicted to rise impressingly by 227%, possibly reaching $119 by July 5, 2024. Technical data from CoinCodex show that the market mood right now to be Neutral.
This corresponds with the Fear & Greed Index, which shows a general Greed among investors at 75. With a price volatility rate of 5.59%, Avalanche has had 11 green days over the past 30 days—that is, 37% of the period. These elements point to AVAX’s quite steady but positive near term picture.
Strong buying interest indicated by the high Fear & Greed Index can propel prices up. Though the overall attitude is neutral, the notable expected price rise shows good market dynamics and investor confidence in Avalanche.
Featured image from LinkedIn, chart from TradingView