Avalanche Price Prediction: Analyst Expects AVAX Price To Hit $200
The post Avalanche Price Prediction: Analyst Expects AVAX Price To Hit $200 appeared on BitcoinEthereumNews.com.
Crypto markets are bracing for the next big surge. Avalanche (AVAX), alongside several other cryptos, is positioned as a strong contender. Recently, the AVAX price attempted a breakout towards $30, while Bitcoin (BTC) briefly approached the $70,000 mark. However, BTC’s price returned after hitting a monthly high of $69,498. Similarly, AVAX retraced from $29.86. Over the past week, increased geopolitical tensions have triggered a notable market-wide decline. That impacted significant cryptocurrencies. Bitcoin’s price fluctuations, given its market dominance, continued to influence other assets, and AVAX price is no exception. Despite this volatility, BTC’s ability to hold steady above $66,150 this month has kept bullish sentiment alive among investors. This set the stage for potential market shifts. – Advertisement – avax/usd 1.d. | source: TRadingView AVAX crypto stabilized at around the $25 support level at the time of writing. However, it remained below key exponential moving averages, including the 200-day EMA. Read on to discover potential scenarios for the AVAX price in the upcoming sessions. Big Developments For Avalanche Foundation This October In the second week of October, the Avalanche Foundation reclaimed tokens to help streamline Terraform Labs’ bankruptcy process. It is the parent company behind Terra. This strategic action strengthened Avalanche’s asset reserves and supported ecosystem growth. This move safeguarded them by reducing the risk of a major market sell-off and underscoring the importance of risk management. This buyback was executed at prices well below the market levels. That led to an immediate surge in the AVAX crypto in the second week. Also, the price jumped from around $25 to nearly $29.50. In October, the Avalanche ecosystem thrived, and notable developments occurred. A highlight was its expansion in the Web3 gaming sphere. It was mainly through the innovative @playoffthegrid initiative. Avalanche also hosted the LATAM Summit, where industry advancements were showcased.…
Filed under: News - @ October 27, 2024 12:16 pm