AVAX Set For ATH? Analysts Predict Explosive Rise To $285

Christian Encila

10 months ago

3 mins read

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Avalanche (AVAX) has caught the attention of crypto analysts Whales_Crypto_Trading and Alan Santana. The market sentinels are rather optimistic regarding the price of AVAX, but it may face some consolidation periods and, therefore, possible declines in its price before skyrocketing. The cautious optimism is what makes AVAX very interesting to watch.

Technical Analysis

Whales Crypto Trading has just published an analysis on Avalanche that is primarily optimistic in nature. By applying the Elliott Wave Theory, he hypothesized that AVAX may be starting a big bull run. According to his analysis, AVAX could be on the brink of a dramatic rise from $9 to $49.

$AVAX Macro chart. Bull Market Target

It was a very intense run up from $9 to $49. (1)
I do think we need to correct that growth (2) before we head towards a new ATH 📈

🏁 Bull Market Top Target: $230-285

👇Crypto Traders-join Telegram👇 https://t.co/caOlZBzkdM
. pic.twitter.com/2lfaUiboRx

— Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) August 12, 2024

The price, according to Whales Crypto, might slide a bit in a correction phase before proceeding to increase. The analysts’ guestimate this bull market could have AVAX reach as high as $230 to $285 — which is quite a huge appreciation from the current price of approximately $21.

However, some hurdles will be met on the way. As affirmed by the prognosis, a vital resistance hangs in the 0.618 Fibonacci retracement level. This could see AVAX touch the projected highs if it finally breaks out past this level. Until then, its future remains unclear regarding where the market would head.

AVAX Price Action

In the price action department, AVAX is shown losing 2.25% over the last day. In the last week, the altcoin could only muster a 0.9% gain. Given the 24-hour Long/Short ratio of 0.786, traders seem to be heading toward short holdings, which reflects bearishness.

AVAX market cap currently at $8.25 billion. Chart: TradingView.com

Analyst Shares His Prognosis

Meanwhile, cryptocurrеncy аnаlyst Alаn Sаntаnа is spаrking optimism in thе Avаlаnchе (AVAX) community, outlining а bullish forеcаst thаt points to а surge in its price sooner rather than lаtеr. Sаntаnа’s аnаlysis wаs bаsеd on а kеy obsеrvаtion: AVAX mirrors historicаl consolidаtion pаttеrns еxhibitеd by mаrkеt lеаdеr Bitcoin bеforе substаntiаl pricе incrеаsеs.

✴️ Avalanche Pre-2025 Bull-Market Accumulation Zone & Strategy

By now, you already know the theme… Accumulation before bullish-wave. Bullish wave to end in a bullish-run.

Avalanche vs Bitcoin: An Analogy

The accumulation phase can be seen as the training phase, the… pic.twitter.com/bEsEAD1QJk

— Alan Santana (@lamatrades1111) August 10, 2024

Santana believes the mildly bullish wave that appeared in late 2023 and early 2024 was just the appetizer. According to him, the current phase of correction is an imperative one, which would lead to another phase of accumulation. This could then give way to a big breakout. Santana even calls for AVAX to hit a new all-time high of $382, relying on extended Fibonacci levels.

Bullish And Bearish Signals

AVAX’s chart is balanced, with both bearish and bullish indications having a bearing. The long-term view is supported by technical analysis and historical patterns, projecting a considerable price increase, but in the short run, there are indications that price drops and consolidation would defer the probable rally.

It will be interesting to watch AVAX over the next few weeks. Will it begin a climb towards expected highs and break through the resistance it is now facing, or would further drops be propelled by a dominance of short-term negativity? Anything goes in the highly volatile cryptocurrency market.

Featured image from StormGain, 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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