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Avalanche (AVAX) Poised for Breakout After Recent Upswing

Arslan Butt•Monday, July 1, 2024•1 min read

Avalanche (AVAX) has shown a strong recovery in recent days, sparking renewed interest among investors. The price is currently hovering around $28, attempting to break through a key resistance level at $30.34. Analysts are closely watching this level to determine the future trajectory of AVAX.

AVAX/USD Technical Analysis Paints a Mixed Picture

A spinning top formation on the daily chart indicates market indecision. The Relative Strength Index (RSI) sits in neutral territory, suggesting potential for movement in either direction.

While the price is currently above the 100-day Simple Moving Average (SMA) on the 4-hour chart, a break below could signal a decline.

Potential Scenarios Based on Resistance Breakout

• Breakout Above $30.34: A successful breach of this resistance level could propel AVAX towards $36.15 and potentially higher.
• Rejection at $30.34: Failure to break through resistance could trigger a decline towards $23.49 and potentially lower.

AVAX Price Prediction 2024-2030

Analysts’ prediction anticipate AVAX reaching a high of $43.11 by the end of 2024. The price is expected to range between $69.13 and $83.28 in 2025, with an average of $71.09. By 2030, AVAX could reach a high of $507.26.

Recent Developments Boosting AVAX Price

• A collaboration between Avalanche Blockchain and Japanese game developer Konami to launch a new NFT platform, Resella.
• Integration of Chainlink Data Streams on the Avalanche blockchain, aiming to improve data access and transaction speeds.

Avalanche vs. Solana: A Different Kind of Growth

While Solana (SOL) saw a surge recently due to ETF filing announcements, Avalanche’s growth appears more organic. Analysts predict Avalanche could experience more stable and sustainable growth in the long run.

Overall, Avalanche is at a critical juncture. A breakout above the $30.34 resistance level could unlock significant gains.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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