Avalanche Price Prediction as Analysts Suggest AVAX Nearing Bottom – Bull Run on the Horizon?
Avalanche (AVAX) price predictions are turning more bullish in wake of the cryptocurrency recovering back above $30, with analysts increasingly betting that the Avalanche price is nearing a near-term bottom.
The Avalanche price was last around $30, having bounced more than 10% from earlier weekly lows around $27.
But the Avalanche price is still down a massive 40% from its December highs above $50.
Hence, dip buyers are increasingly attracted to the market.
X account @MTI_Trading bets that the Avalanche price would only need to fall a little more for a good entry point for the bull market.
$AVAX is already 45% down. A little bit more and you have a good entry for the bull run. If you want to be more safe just wait for the next buy signal!#Avalanche pic.twitter.com/eUW2GdMNQz
— Sam Mti (@MTI_Trading) January 23, 2024
@BlockVoyager, meanwhile, thinks that the Avalanche price is in a corrective pattern with bullish sentiments, and cites analysts betting on 10x returns.
Avalanche (AVAX) price analysis indicates potential bottom near as it rebounds from $27.21 low. Technicals suggest corrective pattern with bullish sentiments; analysts anticipate a 10x increase. Despite uncertainties, a breakout from the channel may lead to a 35% surge to $42…
— BlockVoyager (@BlockVoyagerAIO) January 25, 2024
The corrective pattern they are likely referring to is a short-term downtrend which some technicians might identify as a bullish flag pattern.
These often signal upside breakouts after a short price correction.
Avalanche Price Prediction – Bull Run on the Horizon?
Despite having pulled 40% lower from recent highs, at $30, the Avalanche price is still up around 3.5x from its late-2023 bear market lows.
So, arguably, the cryptocurrency remains very much in a bull run.
Assuming it can hold above key long-term support in the $22.70 and $24.70 areas, a fast rebound is possible.
Avalanche (AVAX) Price Chart / Source: TradingView
As per Avascan, various metrics of on-chain activity on the Avalanche network point to continued strength.
Alongside the likes of the Solana network, Avalanche remains one of the strongest alternative smart-contract-enabled layer-1 protocols in the space.
With the broader market expected to rally this year as new flows enter the space from spot Bitcoin ETFs, as BTC supply growth slows amid the upcoming issuance rate halving, as the Fed eases financial conditions and as various blockchains like Ethereum deliver important upgrades, the alt-layer-1 protocol narrative could continue to support Avalanche strongly.
A new bull run is certainly on the horizon.
Crypto Alternatives to Consider
Avalanche offers huge potential returns but also comes with a lot of risk.
For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
The post Avalanche Price Prediction as Analysts Suggest AVAX Nearing Bottom – Bull Run on the Horizon? appeared first on Cryptonews.
