AVAX Primed To Break $100 Barrier As Bullish Signs Emerge

Christian Encila

1 year ago

3 mins read

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The currency driving the smart contracts platform Avalanche, Avalanche (AVAX), is causing buzz in the crypto market. With some experts seeing a possible spike beyond $100, bullish technical indications and forthcoming events within the Avalanche ecosystem are driving speculating of a major price rise.

Technicals Flash Green: A Bounce In Sight?

For AVAX, technical study grounded on chart patterns and past data presents a hopeful picture. Analysers point to a recent corrective phase the coin seems to have passed, maybe preparing the ground for a fresh rally. On trading sites such as Binance, charts showing a support zone between $9.45 and $10.00 suggest a sturdy basis from which the price might bounce higher.

$AVAX looking for 100+ pic.twitter.com/GUXx2EeB5e

— ᴀʟᴛꜱᴛʀᴇᴇᴛ ʙᴇᴛꜱ (@AltstreetBet) June 5, 2024

Avalanche ICO Season On The Horizon?

Beyond mere technical data, the buzz around Avalanche results from fascinating events developing inside its habitat. Developers of the project are ready to introduce Layer 1 blockchains (L1s) with Avalanche’s scalable and safe consensus method inherited.

Like ERC-20 tokens created on top of the Ethereum network, this invention might greatly streamline the launching new blockchain procedure. Moreover, the CEO of Avalanche, Emin Gun Sirer, just hinted at a fresh idea: Initial Chain Offerings (ICOs). Unlike the conventional Initial Coin Offering (ICO) concept whereby individual tokens are offered, ICOs would include presenting to investors totally fresh blockchains.

This opens the path for a possible “Avalanche ICO season,” reflecting the ICO frenzy of early days of cryptocurrency. Market watchers think this might draw a flood of attention and investment into the Avalanche ecosystem, therefore influencing the price of AVAX.

AVAX market cap currently at $14.2 billion. Chart: TradingView.com

Key Resistance Levels To Watch

Turning now to the pricing goals, experts have seen considerable levels of opposition around $50 and $60. Overcoming these challenges could help AVAX reach its audacious long-term aim of $100. Unquestionably, nevertheless, the combination of positive technical indicators and innovative Avalanche ecosystem development is favourable.

AVAX Price Forecast

The most recent research indicates that AVAX’s price is predicted to rise impressingly by 227%, possibly reaching $119 by July 5, 2024. Technical data from CoinCodex show that the market mood right now to be Neutral.

This corresponds with the Fear & Greed Index, which shows a general Greed among investors at 75. With a price volatility rate of 5.59%, Avalanche has had 11 green days over the past 30 days—that is, 37% of the period. These elements point to AVAX’s quite steady but positive near term picture.

Strong buying interest indicated by the high Fear & Greed Index can propel prices up. Though the overall attitude is neutral, the notable expected price rise shows good market dynamics and investor confidence in Avalanche.

Featured image from LinkedIn, 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.