As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market fluctuations. The recent analysis on Avalanche (AVAX) by Whales_Crypto_Trading and Alan Santana has definitely piqued my interest.
As a crypto investor, I’ve noticed that Avalanche (AVAX) has piqued the interest of analysts like Whales_Crypto_Trading and Alan Santana. These market sentinels seem quite optimistic about AVAX’s price, but they also foresee potential consolidation periods which could lead to temporary price drops before a significant surge. This cautious optimism makes AVAX an intriguing asset to keep an eye on.
Technical Analysis
Recently, Whales Crypto Trading shared an upbeat assessment on Avalanche. Using the Elliott Wave Theory as a foundation, they speculate that AVAX might be initiating a significant bull rally. Their analysis suggests that AVAX could be poised for a substantial surge from its current price of around $9, potentially reaching $49.
$AVAX Macro chart. Bull Market Target
1. The price surged significantly, climbing from $9 to $49.
Bull Market Top Target: $230-285
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— Whales_Crypto_Trading (@WHALES_CRYPTOx) August 12, 2024
According to Whales Crypto’s analysis, there may be a slight dip in price during a correction period. However, they predict this bull market could potentially propel AVAX to between $230 and $285, representing significant growth from its current value around $21.
Although some obstacles are expected along the journey, as indicated by the forecast, a significant resistance persists at the 0.618 Fibonacci retracement level. If AVAX manages to surpass this barrier, it could potentially reach the predicted highs. Until then, the market’s direction remains uncertain.
AVAX Price Action
1. Regarding price movements, AVAX dropped by approximately 2.25% in the last 24 hours. Over the past week, it managed a minimal increase of just 0.9%. The 24-hour Long/Short ratio at 0.786 indicates that traders are preferring to go short, suggesting a bearish sentiment.
Analyst Shares His Prognosis
Currently, cryptocurrency analyst Alan Santana is stirring optimism within the Avalanche (AVAX) community as he presents a bullish forecast indicating an imminent increase in its price. His analysis is founded on a key observation: AVAX has shown similar consolidation patterns exhibited by market leader Bitcoin prior to substantial price increases.
Avalanche Pre-2025 Bull-Market Accumulation Zone & Strategy
You’ve likely grasped the main idea by now… Building up (accumulation) before an upward trend (bullish-wave). This bullish-wave is expected to culminate in a prolonged period of growth (bullish-run).
Avalanche vs Bitcoin: An Analogy
The accumulation phase can be seen as the training phase, the…
— Alan Santana (@lamatrades1111) August 10, 2024
Santana posits that the slightly bullish trend seen towards the end of 2023 and beginning of 2024 was merely a prelude. He asserts that the ongoing correction is crucial, serving as a stepping stone for another buildup phase. This subsequent phase might pave the way for a significant surge, which he anticipates could be referred to as a breakout. Santana further predicts that AVAX may reach a record-breaking high of $382, based on extended Fibonacci ratios.
In simpler terms, the graph for AVAX shows a mix of positive and negative signals. While long-term predictions suggest an upward price trend based on technical analysis and past patterns, suggesting a significant price rise, in the near future, there are signs that the price might dip or stabilize momentarily before the anticipated rally takes off.
Keeping an eye on Avalanche (AVAX) over the coming weeks could prove intriguing. Will it embark on an upward trend towards anticipated peaks and successfully breach the current resistance, or might negative short-term sentiments prevail, pushing it downwards in this volatile cryptocurrency market? The future is uncertain here.
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2024-08-13 17:11