Avalanche (AVAX) has been capturing a significant interest, with its value notably surging. Over the past month, AVAX has seen its price rise impressively by 26% and climbed by almost 17% just last week.
Renowned crypto analyst Rekt Capital has just expressed his optimism bias concerning AVAX’s price movement. In his analysis, Avalanche’s retest of the top border of the Bull Flag pattern marked an important stage thus creating a solid support level after breaking out.
Based on his projections, Rekt Capital expects the current movement to persist, thus implying a higher chance of value increase. The analyst is optimistic that this cryptocurrency will surpass its previous peak, which was recorded in December 2023.
Looking ahead, Rekt Capital points out that the next major resistance level for AVAX is between $65 and $70. This forecast is a positive indication that Avalanche will keep moving upwards in the crypto market.
Avalanche (AVAX) Short-term Price Forecast
As of the time of writing, Avalanche is priced at $50.15 and has a strong trading volume of $3.37 billion within 24 hours, while its market capitalization is valued at $18.92 billion. Over the last 24 hours alone, AVAX has appreciated by an additional 6.10%.
Changelly’s most recent forecast predicts an impressive gain in value by Avalanche amounting to 11.4% which will result in its price reaching $54.63 as of March 13. In this forecast, Changelly reveals its positive attitude towards the future performance of AVAX.
Changelly’s technical indicators suggest a bullish outlook through an 88% market sentiment that points to the positivity of AVAX. In addition, extreme greed is demonstrated by the Fear & Greed Index, which has a score of 82, hence indicating high investor confidence in the market.
Crypto experts predict that Avalanche will have an average AVAX rate of $102.46 by March 2024 drawing from price fluctuations for this token which happened at the beginning of January 2023. As such, we could expect the minimum and maximum prices at $96.33 and $108.59 respectively. This projection highlights the possibility of immense growth in AVAX value over this given period.
When putting these forecasts into perspective, Avalanche’s potential Return on Investment (ROI) is approximately estimated to be 104.1%, showing the potential investment opportunities associated with AVAX.
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