Avalanche (AVAX) Price Predictions: Is the Bull Run Approaching?

Analysts are increasingly optimistic about Avalanche (AVAX) price predictions as the cryptocurrency recovers to above $30.

Analysts predict Avalanche’s price is close to hitting its lowest point, indicating a potential bull run in the near future for AVAX.

Avalanche (AVAX) Price Chart / Source: TradingView

The Avalanche (AVAX) price has been making headlines lately, with many analysts predicting a bullish trend on the horizon. Despite experiencing a significant dip, there is growing optimism that AVAX is nearing a near-term bottom and primed for a potential bull run.

The Current Status of Avalanche Price

At present, Avalanche is priced around $30, rebounding more than 10% from its previous weekly low of $27. However, it is still down a staggering 40% from its December highs above $50. Nevertheless, this dip has attracted the attention of dip buyers, who are optimistic about the market’s potential.

One notable Twitter account, @MTI_Trading, believes that Avalanche’s price is close to an entry point for the bull market. To support this claim, they state that the price only needs to drop slightly further. Check their tweet here: Tweet link

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Additionally, @BlockVoyager suggests that Avalanche is currently following a corrective pattern with bullish sentiments. They refer to analysts who are betting on 10x returns for AVAX. Take a look at their tweet here: Tweet link

It’s important to note that the corrective pattern mentioned by these Twitter accounts is a short-term downtrend that some technicians may identify as a bullish flag pattern. These patterns often signal upward breakouts after a brief price correction.

Is a Bull Run on the Horizon for Avalanche?

Despite the 40% drop from its recent highs, the current price of Avalanche at $30 is still around 3.5 times higher than its bear market lows in late 2023. This suggests that the cryptocurrency is still in a bull run. However, to sustain this momentum, Avalanche must maintain key long-term support levels at $22.70 and $24.70.

According to Avascan, various on-chain activity metrics on the Avalanche network indicate continued strength. Alongside projects like the Solana network, Avalanche remains one of the strongest alternative smart-contract-enabled layer-1 protocols in the crypto space. As the broader market is expected to rally, driven by the influx of new flows from spot Bitcoin ETFs, the alt-layer-1 protocol narrative could further support Avalanche. Additionally, with upcoming upgrades in blockchains like Ethereum and the halving of the Bitcoin issuance rate, there are positive industry factors that could contribute to Avalanche’s growth.

Avalanche (AVAX) Price Chart / Source: TradingView

Crypto Alternatives to Consider

Investing in Avalanche carries both potential returns and risks. For those seeking more probable short-term gains, participating in crypto presales can be an alternative high-risk, high-reward investment strategy. In presales, investors can purchase tokens of promising crypto projects in their early stages to support their development. These tokens are typically sold at a discounted price, with many presales resulting in exponential returns for early investors.

There is a wide range of upstart projects with talented teams and innovative visions in the crypto industry. Identifying these projects can offer great risk/reward potential for presale investments. Blocking.net, a reputable source, actively reviews and recommends presale projects to assist investors in making informed decisions. You can find a list of their top 15 crypto presales for 2023 here.

References:

1. Avascan – Avalanche Metrics
2. Buy, Sell, and Trade Tokens on the Avalanche Network
3. Avalanche Foundation: Start Buying Memecoins Culture
4. The Differences Between Bitcoin and Ethereum and Their Impact on Spot ETFs
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6. Crypto Whales Accumulating AI Crypto Coin for 2024 Rally – What You Need to Know
7. Best Cryptocurrencies to Buy in January 2: Mina Protocol, SEI, SUI, and More
8. Follow us on Google News

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