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Avalanche (AVAX), a major competitor to Ethereum, is currently trading at $39. Positive fluctuations in Bitcoin‘s price have also led to rises in altcoins. Market sentiment this week is expected to remain positive. What price levels are targeted for AVAX in potential rise or fall scenarios?
Avalanche (AVAX)
The price of Avalanche has rebounded as a result of increased investor appetite. The current distribution of supply shows that balances held by short-term investors are shifting to those who have held AVAX for over a year. This increase in long-term investors can be interpreted as preparation for an anticipated major crypto rally in the coming months.
Investors who have held AVAX for more than a year now total 20.72 million, with 4.2 million accumulated in the past three weeks. The current MACD outlook also supports the upward trend in AVAX price. Meanwhile, this week, a rise linked to the latest earnings reports is expected in the US stock markets. Thus, a positive correlation likely means optimism will prevail in stocks and crypto alike.
As of this writing, the MACD histogram is forming a green bar, indicating a bullish crossover that could signal a significant reversal within about a month.
AVAX Price Prediction
AVAX, currently trading in the $38-$39 range, could signal the start of a recovery if it begins closing above $40. There is a resistance at $44 that AVAX bulls need to overcome. If this barrier is breached, the rising channel’s lower trend line will be targeted, which corresponds to the $48-$50 range.
We have repeatedly mentioned throughout the year that $50 is a critical breakout area for AVAX. Now, the price significantly below this key area might offer a good entry opportunity. What if the price, led by BTC, starts a new decline instead? If the $44 resistance is not breached, the altcoin could fall to $33, with further supports at $29 and $27.
