Avalanche (AVAX), a leading smart contracts platform, is attracting attention with its recent price surge and promising technical indicators. The cryptocurrency has gained nearly 6% in the past week, mirroring a broader bullish trend in the market fueled by Bitcoin’s (BTC) positive performance. Analysts are now chiming in, predicting significant price increases for AVAX in the near future.
AVAX on an Upward Trajectory
At the time of writing (July 16, 2024), AVAX is trading at $27.11, with a strong 24-hour trading volume of $617.61 million. This signifies healthy market activity and investor confidence. The price itself has jumped 4.14% in the last day, reflecting a bullish sentiment and potential for further growth.
Analyst Bullish on AVAX: 369% Surge Anticipated
Javon Marks, a well-respected crypto analyst, recently shared his optimistic outlook on AVAX. He highlighted the cryptocurrency’s recent “hot streak” characterized by significant buying volume.
This activity, according to Marks, confirms a bullish pattern and strong investor confidence in AVAX.
While there was a brief price dip following this upswing, Marks views it as a temporary “shakeout” – a common market phenomenon that tests investor resolve before a potential surge. More importantly, Marks identifies a larger technical pattern known as the “Hidden Bull,” which often precedes substantial price increases.
Also Read: Crypto Carnage: Investors Ditch Solana (3.49% Drop) & Avalanche (9.18% Drop) for Secure Haven (DTX Platform Raises $865,000!)
“Hidden Bull” Pattern Hints at Major Price Rally
If the “Hidden Bull” pattern plays out, AVAX could be in for a significant price rally. Marks suggests a target price of $126.03, representing a staggering 369% increase from current levels. This projection is based on a combination of AVAX’s strong fundamentals and the technical indicators pointing towards a bullish breakout.
Eyes on AVAX: Key Takeaways
The cryptocurrency market is known for its volatility, and predictions are inherently uncertain. However, the confluence of bullish sentiment, technical indicators, and analyst projections paints a promising picture for AVAX. Investors are advised to closely monitor AVAX’s price movements in the coming weeks, as market reactions to these developments could offer valuable insights into the cryptocurrency’s future trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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