Avalanche Price Prediction: As AVAX ETF Rumors Swirl, Breakout To $58 Thaws
Avalanche Price Prediction: Avax spiked by 9.1% in the past 24 hours, bringing the price of the asset to $27.96 as of press time. The surge in price comes after speculations of an AVAX ETF began popping up on X (formerly Twitter). The price of AVAX took a huge hit to its price last week following the BtcTurk exchange hack.
Avalanche Price Prediction Hints at a 76% Rally if This Happens
AVAX price hit a yearly high in March but then began a slow descent, forming a falling wedge in the process. Falling wedges are bullish market structures with a higher chance of breaking to the upside.
The Avalanche price action just crossed above the 50-day simple moving average (SMA) but is still below the 200-day SMA. The AVAX 14-day relative strength index (RSI) dropped to the oversold area on Monday before bouncing back up and crossing above the RSI moving average (MA). Sitting at 43, the RSI is approaching the midpoint, and eying the 60 level where the first instance of a resistance exists.
If the AVAX price breaks above the falling wedge, it could result in a 76% rally that catapults the price to $58. On the flip side, if bears persist, the price of Avalanche could drop further and find support around $23.51, and $19.54.
On a lower time frame, AVAX price just broke out of an inverted head and shoulders pattern. The profit target for the market structure predicts Avalanche price will have another 7% upside move in a short time. This may bring the price of Avalanche to $30.07.
Coinalyze data shows the aggregated 24-hour open interest (OI) for Avalanche increased by 6.14%, indicating investors are accumulating AVAX and anticipating further movement to the upside.
Data from Santiment, a behavior analysis platform, shows that the AVAX rally is being mostly ignored by the crowd, meaning the rally is more likely to continue. When the fear of missing out (FOMO) is high on an asset, the likelihood of a correction is high.
Why is Avalanche Price Surging?
The rumors of an AVAX ETF followed the news that VanEck had filed for a Solana ETF, citing that the crypto asset was a commodity. Quinten, a crypto investor, shared on X a tier list of the largest altcoins with the potential of seeing an ETF filing between now and next year. Avalanche was among the most likely altcoins to get a filling.
I made a tier list of the largest altcoins' chances of seeing an ETF filing (and potential approval) in the next year:
Very likely: $SOL $LINKLikely: $TON $AVAX $DOGEPossible: $LTC $MATIC $TRX $DOTUnlikely: $ADA $SHIBA $UNINot going to happen: $BCH $XRP $BNB pic.twitter.com/xiurgMDClp
— Quinten | 048.eth (@QuintenFrancois) June 27, 2024
Bottom Line
Avalanche (AVAX) bulls are positioning for a potential price breakout, fueled by growing ETF speculation in the crypto market. This bullish sentiment could drive AVAX’s price higher, attracting even more investors in the future.
The post Avalanche Price Prediction: As AVAX ETF Rumors Swirl, Breakout To $58 Thaws appeared first on CoinGape.
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