The AVAX price rose from $9 to $24 and now fluctuates between $20-21. Crypto analyst Babenski predicts a bullish trend to $30, supported by EMA100 analysis and a breakout from a bullish pennant. However, a drop could find support at $17. Increased network usage and Ordinals adoption may boost AVAX demand.
Our analysis of the situation
The Avalanche (AVAX) price has been on a rollercoaster journey this year, swinging from a low of around $9 to a high of $24 before settling in a narrow trading range around $20 and $21. However, brace yourself for a potentially wild ride ahead, as one crypto analyst has unleashed an optimistic forecast for this altcoin's future trajectory.
As per the insights of crypto analyst Babenski, the AVAX price is gearing up for an impressive surge that could shatter several bearish barriers and propel its value to a soaring $30. Babenski's analysis fixates on the EMA100 (Exponential Moving Average), pinpointing it as a dynamic pillar of support for this digital asset. During the October rally, AVAX held steadfast around the EMA100 despite multiple corrections, igniting confidence in its resilience.
Even on the 4-hour chart, the altcoin's price gracefully grazed the EMA100, only to rebound and continue its upward march. This points to a substantial foundation of backing for the asset at this level. What's more, the analyst uncovers that the AVAX price has broken out of a bullish pennant, signaling a bullish short-term outlook that could rocket the price toward $30.
However, amidst the bullish fervor, a note of caution looms. While bulls maintain a firm grip, the possibility of the altcoin losing its dynamic support can't be overlooked. If this unfolds and the price slumps, Babenski discloses that the next significant support lies around the $17 mark.
In a captivating turn of events, the Avalanche network has witnessed a spike in network usage, adding fuel to the fire of the soaring AVAX price prediction. Following the footsteps of the Polygon network, Ordinals have nestled into the Avalanche network, triggering a surge in transaction numbers. The past week observed Ordinals minting comprising roughly 96% of the total transaction numbers, accompanied by an upsurge in AVAX demand coinciding with ascending network fees.
Moreover, Avalanche has rolled out a new explorer after parting ways with Etherscan, offering a far more cost-effective alternative. Switching to a new multichain explorer has proven to be a wallet-friendly move for the network, presenting a compelling case for the bright future in store for AVAX's price.
Buckle up, as the bullish wave predicted for the AVAX price heralds an exhilarating journey ahead. Amidst the twists and turns of the crypto landscape, AVAX appears primed to make a splash in the surging sea of digital assets.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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