Avalanche price predictions for January and February 2024 stay bullish and suggest buyers will dominate. It took support near the $50.00 level and reversed upward with a decent buying volume.
The chart structure of the AVAX indicates that the short-term correction is about to end. The buyers are getting active from the support and trying to regain the confidence of investors.
This coin is trading above the 50-day EMA and the 200-day EMA denotes uptrend. The recent move looks reliable and powerful. It seems like the bulls are strengthening their grip and more scope for the upside is open.
Since the beginning of January, the AVAX coin price has been attempting to break out of the $40.00 hurdle. However, sellers were active and kept rejecting the price. However, the price did not decline much and took support near the EMA.
The buyers came forward and gave a short-term bounce. It seems like buyers are preparing for another attempt at the breakout.
Currently, Avalanche coin price is trading at $39.06 with a one-day decrease of -0.59%. In the last 24 hours, the volume-to-market cap ratio stands at 0.0786.
Will Avalanche Price Hit $50 by February 2024?
Avalanche price is on the buyer’s radar and new participants seem to be building fresh long positions. If the bullish momentum continues and buyers are able to push the price above $40, a sharp rise of 10% to 14% might be visible.
Moreover, if the price sustains above the $40.00 level, the probability of hitting $50.00 will substantially increase. Till AVAX crypto trades above $30.00, investors may look for buying opportunities because it might be a good pick for the long term.
The analysis suggests that the crypto can rise further and reach the $50 mark by the mid of February 2024.
AVAX: Will History Get Repeated?
AVAX crypto performed well in 2023 and generated a nominal return for its investors. Hopefully, history will repeat and this coin may show outperformance in 2024.
At present, investors are slowly and steadily accumulating the coin at a cheaper price. If the $40.00 breakout happens, the next phase of the bull rally may trigger. Therefore, it’s better to play bullish bets in Avalanche and participate in the upcoming bull run.
Conclusion
Avalanche price prediction stays bullish for the coming few months. It might display a $40.00 breakout, which will fuel the rally. The analysis says that AVAX is trading at a cheaper price and is good for long-term investment.
Technical levels
- Resistance levels: $43.49 and $49.95
- Support levels: $30.99 and $24.29
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/12/avalanche-price-defends-30-will-avax-go-beyond-dec-2023-high/