Avalanche (AVAX) is eyeing a new all-time high with $152 in view after a prolonged price decrease driven by low investor confidence.
CoinCodex has offered a welcome prediction for investors as it anticipates AVAX reaching over $160 by May 5, 2024.

Avalanche (AVAX) is getting ready to flip its recent bearish path and get on a bullish path with an all-time high in sight. The 12th-ranked altcoin has taken a huge hit in recent weeks, with some investors taking advantage of the discount prices to accumulate tokens.

Since April 2023, AVAX has recorded a 175.7% return with the altcoin outperforming a majority of its rivals. Interestingly, the market rally saw the altcoin momentarily reach the top ten ranked cryptocurrencies.

A 14-day chart shows that AVAX is down by nearly 10% but has maintained a nearly 14% return on the month. At the time of writing, the altcoin is down by 5.2% and is trading at $47.52. The recent price changes coincide with a decline in liquid staking on the network. Staking on the network is a key indicator of investor confidence and directly impacts the token’s demand.

 

Avalanche (AVAX) All-Time High on The Horizon

Looking ahead, CoinCodex has made bold predictions for AVAX in the coming weeks. The altcoin is expected to surpass its 2021 peak as it reaches $152.01 on May 4, 2024. To achieve this, the altcoin needs to post gains of more than 200%. Interestingly, the altcoin reached $144.96 in 2021, marking its all-time high. The platform further expects AVAX to reach $160 and $164 on May 5, 2024.

Cryptocurrency platform, Changelly, has also painted a bullish price outlook for the coming weeks. The platform predicts a significant rise for AVAX, reaching $152.63 by May 3, 2024, which is a gain of approximately 214.5% from its current price. Changelly offers a similar prediction, forecasting AVAX to reach $164.80 by May 5, 2024, representing an increase of about 240%.

Supporting these bullish outlooks is the upcoming Bitcoin halving. With the power to inspire the rest of the crypto market, AVAX is one of many altcoins that will ride the bullish wave sweeping the entire market.

A crypto analyst, Rekt Capital, believes a recent price drop for Avalanche (AVAX) is a good chance for long-term investors to buy. In a post on March 30th, he described the decline from $65-70 as a “healthy dip” that could see AVAX prices recover to previous highs.

As CNF recently reported, there could be more pain for holders before an imminent reprisal. Despite optimistic investor sentiment (bullish outlook), technical indicators sent warning signs. The RSI (Relative Strength Index) dipped to a low 35, suggesting strong selling pressure (bearish momentum). Capital was rapidly leaving the market, as shown by the CMF (Chaikin Money Flow) dropping to -0.18. A crucial support level of $50 acted as a tipping point. Once broken, a wave of selling (liquidation cascade) intensified, pushing prices even lower.

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Filed under: Bitcoin - @ April 9, 2024 7:06 pm