What Will Happen to AVAX Coin? Bitcoin Continues its Battle to Surpass $30,000 - COINTURK NEWS
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What Will Happen to AVAX Coin? Bitcoin Continues its Battle to Surpass $30,000

12:35 am (52 days ago)
August 9, 2023

The price of Bitcoin is still struggling to surpass the $30,000 threshold as of the time this article was written. So, what about SOL and AVAX? Crypto investors saw that the king of crypto started to rise tonight, supported by the increasing open positions. The current outlook may offer profit opportunities for altcoins.

How Much Will Avax Coin Be Worth?

The price, which touched the $12.22 support with the decline of BTC, started its upward reaction from there. As of the time of writing, the price is at $12.72, and if it can close above $12.75, it can gain momentum. If the Bitcoin price surpasses $30,000, a rally with a target of $15.6 will likely begin after the levels of $13 and $13.63.

In the daily chart, it is observed that a movement above $13.82 will legitimize the target of $15.6. $17.5 and $21.17 also stand out as medium-term targets. While investors eagerly await an increase in Bitcoin volatility, AVAX has the potential to rise up to 66%.

However, a daily close below $12.45 may lead to a retest of the $11.26 support.

Solana Commentary

The weakness in network activity and the rapid growth of Ethereum negatively affect the future of Solana and other layer1 solutions. However, Solana still attracts attention, albeit weaker than before, with its speed and low transaction fees.

As of the time of writing, the price, which found buyers at $24.59, continues with a 6% increase. For now, it has proven the strength of the $21.78 support. In the four-hour chart, closings above $23.82 are increasing the risk appetite of the bulls.

If the price can surpass the resistances at $25.2 and $27, it can target $32. The medium-term target in the weekly chart is the $47 resistance with closings above $27.56. To reverse the downtrend from the collapse on November 7, it is important to solidify the $32 region, and technically, surpassing the critical threshold indicates that the levels of $60 and $74 can be targeted.

However, the realization of medium-term targets depends on BTC closing above $34,000. Negativity dominates regarding the upcoming CPI, the surprise investigation by the US Department of Justice into Binance is a concerning detail, and profit-taking in the BTC front can easily hinder such an impressive rally.

In a negative scenario, closings below $21.78 may open the door to gradual support tests and a decrease to $16.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making transactions.

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