The price of Avalanche is increasing; How high might it climb?
The value of Avalanche has been, on the rise due to speculation about an AVAX ETF introduction, by 2025. How far do you think this excitement will drive its price?
For, than a month Avalanche (AVAX) experienced a trend seeing its price drop from a peak of $41.16 to as low as $28.83 on June 25. However there seems to be a turn for Avalanche as the price has started to rise again and has increased by nearly 22% in the past week. Notably there has been a 6% uptick in value in the 24 hours bringing it to the current price of $30.02. The trading volume has also seen a surge of 55% amounting to $283,581,731 suggesting increased activity, on the network as investors pay attention to this particular altcoin.
Whats causing Avalanches price to go up today?
Avalanches price began to rebound on June 25 following a decline, spurred by actions, from major holders (referred to as whales) who transferred 1.96 million AVAX tokens to well known cryptocurrency platforms. This movement sparked a renewed enthusiasm, for Avalanche.
The buzz around AVAX is largely due to ongoing discussions about an AVAX ETF, similar to the hype surrounding a potential Solana ETF. Quinten, a market expert, believes Avalanche is among the few cryptocurrencies that could receive ETF approval by 2025.
This speculation makes sense, as AVAX has been one of the fastest-growing altcoins this year, with a total volume exceeding $18 billion. Dr. Martin Hiesboeck highlighted this in a recent social media post. Additionally, popular companies like Konami have launched their NFTs on Avalanche, further boosting the network’s demand.
How High Can Avalanche’s Price Surge?
As Avalanche’s price climbs after weeks of decline, technical indicators suggest increased buying pressure for the altcoin. Indicators such as the STOCH (9,6) and Bull/Bear Power (13) favor buying, while moving averages for 5, 10, and 20 days also indicate upward momentum. However, the longer-term 50, 100, and 200-day moving averages still suggest a declining trend, and the MACD (12,26) level of -1.25 indicates ongoing selling pressure.
The STOCHRSI (14) and Williams %R indicators show that AVAX may be overbought, suggesting that if the price falls below $28.78, the trend could reverse. Currently, the key resistance level is $30.13; if Avalanche can surpass this, it could start an uptrend pushing the price as high as $34. If the AVAX ETF speculation continues, the price could even surpass March’s high of $60.69.
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Disclaimer: The content presented includes the author’s personal opinion and is subject to market conditions. Conduct your own research before investing in cryptocurrencies. The author and the publication are not responsible for any financial loss you may incur.
