Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, which could signal at least a temporary bullish trend reversal with +15% upside potential to $22.00 resistance. Stop Loss at $16.80.
Technical Indicators
Support Levels: AVAX is testing a crucial support zone between $15 and $20. Maintaining this support could pave the way for a potential price increase.
Resistance Levels: Key resistance levels are identified at $43.84, $58.06, and $80.03.
Market Sentiment: Analysts observe accumulation patterns reminiscent of previous trends that led to significant price surges.
Recent Developments
Total Value Locked (TVL) Growth: Over the past year, Avalanche’s TVL has grown fivefold to over $800 million which makes it as the sixth-largest DeFi chain.
Ecosystem Expansion: The Avalanche Foundation announced a $100 million fund dedicated to supporting the AVAX ecosystem and meme coins.
Validator Network: The network has achieved a new all-time high in decentralization, with over 1,700 validators securing the Avalanche network.
Price Predictions
Short-Term Forecast: Analysts predict that if AVAX maintains its current support levels and closes the week above $30, it could reach $43.84 in the near term.
Long-Term Forecast: An AI-powered price prediction model forecasts that AVAX could surge to $70 by May 2024 and potentially exceed $200 by early 2025, representing a 550% increase from its current price.
John Smith 
