The Avalanche (AVAX) token is experiencing a downturn amid a broader market correction. Currently, AVAX is trading at $36.76 with a 24-hour trading volume of $402 million. Despite a slight increase of 1.23% in the last 24 hours but down in the last seven days, the token remains relatively stagnant, with neither bulls nor bears dominating the price action. Currently, AVAX holds the 12th position on CoinMarketCap, boasting a market cap of $14 billion.
Data from IntotheBlock gives a closer look at AVAX’s price dynamics. Key support and resistance levels have been marked based on the prices at which various holders got the coin. A big demand zone is highlighted by a green bubble, showing that 979,000 addresses bought 23.5 million AVAX at an average cost of $32. This level could act as a crucial support if the price drops.
On the other hand, a red bubble shows a resistance level, where 1.02 million addresses got 22 million AVAX at an average cost of $48. If the price rises, these holders might sell to break even, potentially slowing down upward movement. Moreover, a grey bubble marks a substantial supply zone, where 19.1 million AVAX was purchased around the $37 range by 486,000 addresses, potentially offering major resistance on an upward move.
June 2024 Forecast: Avalanche (AVAX) Could Reach $57.14
The market is filled with ups and downs, but Changelly’s forecasts show a good path ahead for Avalanche AVAX. Their data shows mixed feelings, with a 27% bearish-bullish ratio and a Fear & Greed Index score of 72, meaning greed. In the last month, AVAX had 14 good days out of 30, with a price change of 6.35%.
Looking to June 2024, crypto experts think AVAX will go up. The lowest price could be $41.23, while the highest could reach $57.14. On average, AVAX’s value is expected to be around $49.19, which could mean a 49.7% return on investment. Adding to the positive outlook, market expert Greeny also made a bold prediction. The expert said Avalanche AVAX could hit an all-time high of $147, with a more modest target of $232. This would mean a 6x increase from today’s current price.
While the AVAX token faces challenges now, the long-term outlook looks good. As the market adjusts and key levels are tested, investors and analysts will watch closely to see if Avalanche (AVAX) can use its potential and reach new heights.
Related Reading | BlackRock Revises S-1 Form for Spot Ethereum ETF, Signals Progress