AVAX Set For ATH? Analysts Predict Explosive Rise To $285
13 August 2024 - 4:00PM
NEWSBTC
Avalanche (AVAX) has caught the attention of crypto analysts
Whales_Crypto_Trading and Alan Santana. The market sentinels are
rather optimistic regarding the price of AVAX, but it may face some
consolidation periods and, therefore, possible declines in its
price before skyrocketing. The cautious optimism is what makes AVAX
very interesting to watch. Related Reading: Polkadot (DOT) Seen
Reversing Losses With 116% Rally To $10 – Analyst Technical
Analysis Whales Crypto Trading has just published an analysis on
Avalanche that is primarily optimistic in nature. By applying the
Elliott Wave Theory, he hypothesized that AVAX may be starting a
big bull run. According to his analysis, AVAX could be on the brink
of a dramatic rise from $9 to $49. $AVAX Macro chart. Bull Market
Target It was a very intense run up from $9 to $49. (1) I do think
we need to correct that growth (2) before we head towards a new ATH
📈 🏁 Bull Market Top Target: $230-285 👇Crypto Traders-join Telegram👇
https://t.co/caOlZBzkdM . pic.twitter.com/2lfaUiboRx —
Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) August 12, 2024 The
price, according to Whales Crypto, might slide a bit in a
correction phase before proceeding to increase. The analysts’
guestimate this bull market could have AVAX reach as high as $230
to $285 — which is quite a huge appreciation from the current price
of approximately $21. However, some hurdles will be met on the way.
As affirmed by the prognosis, a vital resistance hangs in the 0.618
Fibonacci retracement level. This could see AVAX touch the
projected highs if it finally breaks out past this level. Until
then, its future remains unclear regarding where the market would
head. AVAX Price Action In the price action department, AVAX is
shown losing 2.25% over the last day. In the last week, the altcoin
could only muster a 0.9% gain. Given the 24-hour Long/Short ratio
of 0.786, traders seem to be heading toward short holdings, which
reflects bearishness. Analyst Shares His Prognosis Meanwhile,
cryptocurrеncy аnаlyst Alаn Sаntаnа is spаrking optimism in thе
Avаlаnchе (AVAX) community, outlining а bullish forеcаst thаt
points to а surge in its price sooner rather than lаtеr. Sаntаnа’s
аnаlysis wаs bаsеd on а kеy obsеrvаtion: AVAX mirrors historicаl
consolidаtion pаttеrns еxhibitеd by mаrkеt lеаdеr Bitcoin bеforе
substаntiаl pricе incrеаsеs. ✴️ Avalanche Pre-2025 Bull-Market
Accumulation Zone & Strategy By now, you already know the
theme… Accumulation before bullish-wave. Bullish wave to end in a
bullish-run. Avalanche vs Bitcoin: An Analogy The accumulation
phase can be seen as the training phase, the…
pic.twitter.com/bEsEAD1QJk — Alan Santana (@lamatrades1111) August
10, 2024 Santana believes the mildly bullish wave that appeared in
late 2023 and early 2024 was just the appetizer. According to him,
the current phase of correction is an imperative one, which would
lead to another phase of accumulation. This could then give way to
a big breakout. Santana even calls for AVAX to hit a new all-time
high of $382, relying on extended Fibonacci levels. Bullish And
Bearish Signals AVAX’s chart is balanced, with both bearish and
bullish indications having a bearing. The long-term view is
supported by technical analysis and historical patterns, projecting
a considerable price increase, but in the short run, there are
indications that price drops and consolidation would defer the
probable rally. Related Reading: Solana Rockets Up 23% As
Developments Spark Investor Interest It will be interesting to
watch AVAX over the next few weeks. Will it begin a climb towards
expected highs and break through the resistance it is now facing,
or would further drops be propelled by a dominance of short-term
negativity? Anything goes in the highly volatile cryptocurrency
market. Featured image from StormGain, chart from TradingView
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