Analysts Eye $50 For Avalanche As AVAX Jumps 28% – Details

Christian Encila

7 months ago

3 mins read

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Avalanche (AVAX) has been on a phenomenal upward trend as overall market optimism has buoyed it. Recently, the token surpassed crucial resistance levels fueled by recent Federal Reserve rate cuts and Donald Trump’s election victory.

These events appear to have reignited investor enthusiasm, thereby increasing interest in the altcoin and driving its price upward.

Currently, AVAX is trading at $33.33, which represents a 28% increase in the past week. Market observers anticipate that it may reach $50 in the near future.

AVAX price up nearly 30% in the last seven days. Source: Bitstamp

Confidence Encouraged By Technical Performance

Crypto analyst KALEO posted to X, predicting a price spike for AVAX of up to $50.

$50 $AVAX within the next two days.

Book it. pic.twitter.com/oufHApbn4U

— K A L E O (@CryptoKaleo) November 11, 2024

According to a chart provided by KALEO, AVAX is currently trading within an ascending channel, suggesting that the momentum is expected to persist. Numerous investors are enthusiastic about this technical configuration, with some anticipating additional gains in the near future.

The next obstacle could be the breach of $40 if the upward trend persists, which would establish the foundation for a rally toward $50 by the end of the week.

AVAX market cap currently at $13 billion. Chart: TradingView.com

Market Sentiment And Institutional Support

Additionally, the recent price increase coincides with an increase in institutional interest in Avalanche. The renewed engagement from institutional investors following Trump’s election victory on November 5 was emphasized by Jason Yanowitz, co-founder of Blockworks.

He mentioned that hedge funds and venture capitalists have begun increasing their investments, which indicates their confidence in AVAX’s future development. The token’s value is anticipated to be further enhanced by the influx of capital into the market as a result of this institutional activity.

Avalanche: Long-term Outlook Remains Optimistic

Analysts are bullish on the long-term prospects of Avalanche. The token is seen hitting the $90 target for 2024, according to forecasts from the House of Crypto. Others predict a rally towards $60 and $72 by December, after which it is possible to rise to $135 toward the early months of the following year.

😉 P.s This is not financial advice. Just my thoughts!This Time next year… My price predictions of top 24 Trending coins. Am I right?

$bitcoin – $175,000
$toncoin – $64 $solana – $920 $dog – $0.13 $icp – $150
$ethereum – $8400 $Kaspa – $1.60 $xrp – $6.20
$pepe -…

— The House Of Crypto (@HouseOfCrypto3) November 11, 2024

The medium and long-term are still good for AVAX despite short-term volatility and the possibility of corrections as foreseen in certain estimates. Over the next three months, the token is expected to grow by over 38%, and there is an expectation of a 220% growth over the next year. Thus it becomes an opportunity that will attract many long-term investors.

AVAX price forecast looks solid. Source: CoinCheckup

Avalanche’s performance in the upcoming weeks will be the primary focus as it continues to acquire momentum. AVAX may be on the cusp of another significant rally, given its favorable technical outlook and robust institutional support.

Featured image from DALL-E, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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