Analysts Predict AVAX Surge Potential

AVAX: Will It Surge Again? Analysts Weigh In

In 2021, Avalanche (AVAX) emerged as a major player in the cryptocurrency world, earning the nickname “Ethereum killer” alongside Solana. Its price surged to an all-time high of $146, drawing significant attention from investors and securing a spot among the top 10 cryptocurrencies. However, this meteoric rise was followed by a sharp decline. By early 2023, AVAX’s value had fallen to single-digit figures, leaving investors wondering if AVAX could experience another surge.

Analysts Offer Bullish Predictions

In 2024, despite showing early signs of recovery, AVAX was unable to sustain its upward momentum and started to decline again. Currently trading above $20, the cryptocurrency is still 83% below its all-time high (ATH). However, analysts remain optimistic about its future prospects. Two notable analysts have shared bullish outlooks that have attracted attention in the crypto market.

• Daniel Ramsey: Commenting on X, Ramsey provided a bullish chart analysis, predicting further price corrections. He plans to accumulate AVAX between $16.40 and $22, with target prices set at $39, $55.8, and $93.8.
• The Moon: Highlighting a potential breakout from a descending wedge formation, which has persisted for nearly a year, The Moon identified mid-term targets of $28, $33, $41.3, and $54.

Current AVAX Price and Market Trends

As of today, AVAX remains 86% below its ATH but has shown positive movement. It rose by 7%, reaching $24.20, with notable performance metrics over the past month:

• 9.70% price increase over the past week
• 11.30% rise over the last 30 days

This performance suggests that AVAX is moving contrary to the broader market trend.

Key Insights and Projections

Based on the analysis from experts, here are some key takeaways:

• Further corrections are expected, potentially offering buying opportunities between $16.40 and $22.
• Mid-term price targets include $28, $33, $41.3, $39, $55.8, $54, and $93.8.
• A potential breakout from the descending wedge formation could trigger a significant price surge.
• Market activity has increased, with a 36.40% rise in trading volume, totaling $271 million.

AVAX’s recent performance, coupled with positive predictions from analysts, suggests that the cryptocurrency may be poised for another rise. Investors are keeping a close watch, anticipating whether AVAX can reach new heights once again.