Avalanche (AVAX) appears to be on the brink of a notable upward trend in its value. Following Bitcoin’s recent decline, AVAX also faced a setback but managed to rebound from its support level. Despite this temporary setback, AVAX shows strong potential for a significant surge in value.
Crypto analyst Rekt Capital offers some insight into Avalanche (AVAX)’s current position showing how far the cryptocurrency has come. This accomplishment may lead to higher volatility in Avalanche’s market direction.
The analyst underlines the importance of a successful retest of the $47.30 (red colour) level so that the Avalanche can continue marching northward. This retest means everything because it validates price action and confirms strong support.
However, despite the overall bullish sentiment, there remains the possibility of downward price fluctuations during this retest. These fluctuations, represented by downside wicks, could signify temporary price dips or profit-taking by investors.
As of the time of writing, AVAX has garnered attention, with its current price standing at $47.85 and a 24-hour trading volume of $1.21 billion, contributing to a market capitalization of $18.06 billion. Over the past 24 hours, the price of AVAX has increased by 1.46%.
Avalanche (AVAX) April Price Forecast
According to the latest forecast from Changelly, Avalanche (AVAX) is expected to have a substantial appreciation, such as a 13.68% rise to $57.85 by April 3, 2024. This forecast shows optimistic sentiment for AVAX in the near future.
Also, technical indicators provided by Changelly show Neutral Bullish market sentiment with a 72% confidence level on Avalanche. Moreover, the Fear & Greed Index, which measures investor sentiment, is currently at a score of 79, indicating Extreme Greed among market participants.
Considering the historical price changes of Avalanche at the beginning of 2023, crypto analysts expect an average AVAX rate of $100.27 by April 2024. This suggestion means there might be an upward trend in the long term. The projected lowest and highest values of AVAX are envisaged at $97.60 and $102.93, respectively, showing a range of possible price movements within that time frame.
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