Will Avalanche (AVAX), which has gained nearly 70% in value over the past month, continue its potential rally?
Layer-1 projects, which came to the fore when Bitcoin hit $99,600, have seen their share decline in recent days. Several Tier-1 projects saw a shortfall of around 10 percent. Major Tier-1 project AVAX quickly recovered the aforementioned decline and settled back in the $43 region.
AMBCrypto predicted that AVAX, which has a strong structure and is able to attract investor interest, could reach $65. Surprising details were added to the analysis.
AVAX Analysis: What to Expect?
According to AMBCrypto’s analysis, the next few days could be critical for the possible movement of Avalanche (AVAX) on the price chart.
According to the analysis, AVAX price gained positive momentum immediately after breaking out of a long-term downtrend. AVAX recorded a transaction volume of $1.78 billion in the said period, reaching a market value of $15.87 billion. The appetite created by Tier-1 bulls has fueled AVAX’s rise. The popular altcoin rebounded to $43 after another day of declines.
AVAX gained strength from a key support point at $38.57. A successful test could see AVAX resistance at $47.81. Rekt Capital’s chart analysis says the price will test selling pressure between $45.42 and $47.81. Despite being tested in July 2023 and February 2024, selling pressure in this range could not be contained. It was claimed that if the above area is breached, AVAX will target $65.
On the other hand, AVAX could fall to $32.66 if it loses support at $38.57.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
