As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull runs and corrections. The recent correction in Avalanche (AVAX) has caught my attention due to its potential implications for the altcoin’s future price movement. While the current market condition may seem grim with AVAX trading at $36.74, down by 2.12% in the past 24 hours, I remain optimistic about this asset’s potential recovery.
The Elliott Wave Theory analysis by More Crypto Online suggests that we are currently in a bullish phase, with AVAX forming the B-wave within an A-B-C correction. The analysts at More Crypto Online have highlighted that for the yellow scenario to remain valid, AVAX’s price must hold above $31.69 and avoid breaking below $35.30.
In my experience, I have seen similar market conditions play out in various assets, and it is crucial to pay attention to such technical analysis. However, it is essential to remember that the market can be unpredictable, and anything can happen. As an old saying goes, “The market can remain irrational longer than you can remain solvent.”
In terms of AVAX’s future price movement, I believe that if the bulls can defend $35.30, we may see a potential rally to $42 and beyond. However, if AVAX breaks below $31.69, it could potentially lead to a further decline in its price.
In conclusion, while the current market correction has put a damper on AVAX’s bullish momentum, I remain cautiously optimistic about this altcoin’s future prospects. As the crypto bull run is predicted to take off in early 2025, I believe that AVAX will continue to be an investor favorite following its impressive performance during the 2021 bull cycle.
As for a joke, let me leave you with this: Why did AVAX join a rock band? Because it wanted to become a blockchain sensation!
Similar to many cryptocurrencies, Avalanche (AVAX) has seen a substantial market downturn over the last fortnight after an extended period of price increase. Currently, its value is hovering around the $36 area. Recent forecasts suggest that a crucial market situation must be addressed to prevent the bullish structure of AVAX from totally collapsing.
AVAX Bulls Must Defend $35.30 For Total Price Recovery
As an analyst, I’d like to share an interesting perspective I recently came across regarding the AVAX market. More Crypto Online, a reputable digital asset analysis platform, published their insights using the X platform on December 27th. Employing the Elliott Wave Theory, their market experts predicted a bullish yellow scenario, which is generally indicative of a continued upward trend in the market.
As a crypto investor, I understand that when I see an asset in a ‘yellow scenario,’ it means we’re in the middle of a corrective phase within a broader three-wave pattern called A-B-C correction. Particularly, this refers to the B-wave, which is typically an upward movement that aligns with the overall market trend before transitioning into the final downward C-wave.
A “yellow scenario” implies that the B-wave is continuing and might rise further if an asset’s cost stays above specified thresholds. In the context of the AVAX market, analysts at More Crypto Online argue that for the yellow scenario to remain relevant, the asset’s price should stay over $31.69.
As someone who has witnessed numerous market fluctuations over the years, I strongly advise the bullish investors to closely monitor AVAX’s price movement. The $35.3 level acts as a crucial support for the “yellow scenario” to hold strong. If AVAX’s price breaches this level, it could trigger a potential slide towards $31.69. This downward trend, in my experience, often results in an invalidation of the yellow scenario and sets off a bearish C-wave. Therefore, it is essential for market bulls to maintain a vigilant stance and ensure that AVAX’s price does not dip below the $35.3 mark.
AVAX Price Overview
As I pen this analysis, AVAX is currently trading at $36.74, marking a 2.12% decrease over the past 24 hours. Simultaneously, its daily trading volume has dipped by 6.40%, amounting to $448.45 million. Over longer periods, AVAX has suffered greater losses: a 11.65% decline in the last week and a 14.81% drop over the past month, indicating a consistent downtrend in recent weeks.
To advance successfully, Avalanche (AVAX) initially needs to tackle a substantial barrier around the $42 price mark. Overcoming this obstacle might pave the way for a possible upward trend towards $55.
In early 2025, it’s predicted that the crypto bull market will reach full throttle. This particular altcoin has been a favorite among investors due to its impressive price surge during the 2021 bull run where it skyrocketed by more than 4,400%, peaking at $144.96 – its all-time high. With a market capitalization of $14.92, AVAX still holds a significant position as the 11th largest cryptocurrency in the market.
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2024-12-29 05:11