Avalanche price has wavered this week after finding a strong resistance at $37.76, its highest level in November. Some crypto analysts believe that the rally is just getting started, with some expecting it to jump to $200 in this bull run.
Crypto Analyst Is Extremely Bullish On Avalanche Price
Analysts are optimistic that the AVAX price could surge, cross the year-to-date high of $65, and hit $130. If this prediction is correct, it means that the coin could rise by 271% from the current level.
In an X post, an analyst going by the name of Grronk, predicted that the coin would surge to $130. He also expects it to jump to $200 in the best-case scenario, implying a 417% surge. He cited its performance in the last cycle and its ongoing bullish momentum.
In another post, an analyst known as Beastlorion noted that the coin would jump to $300, citing its positive regression channel. He believes that the coin is bouncing above the lower side of the channel and that it will soar to $300, which is its upper side.
AVAX Price Has Formed A Golden Cross Pattern
The daily chart shows that the AVAX price has some solid technicals that could push its price significantly higher in the coming months.
It has formed an inverse head and shoulders pattern, which is a popular bullish reversal sign. This pattern is characterized by a head, in this case at $17.32, its lowest point in August, and two shoulders.
Avalanche has also formed a golden cross pattern as the 200-day and 50-day Exponential Moving Averages (EMA) have crossed each other. Historically, this crossover has often lead to major gains. For example, AVAX price formed the cross in November, leading to a 190% increase to the year-to-date high of $190.
Avalanche has also formed a bullish pennant pattern. Therefore, a clear break above the upper side of this pennant at $37.76 will boost the likelihood of the coin jumping to $41.88, its highest level on May 2022.
That move will be followed by the next resistance at $50, which is both a psychological level and its highest level in December last year.
On the flip side, a drop below the key support at $30.75, its highest swing in September this year will invalidate the bullish AVAX price forecast.
Frequently Asked Questions (FAQs)
Avalanche faces an uphill battle soaring to $200. While this is possible, it is reasonable to first watch out key resistance levels, including the year-to-date high of $65.30.
The rally will depend on the ongoing crypto bull run, especially now that Bitcoin is nearing the resistance at $100,000. There are signs that some traders will rotate from the expensive Solana to Avalanche and other cheaper layer 1 tokens.
The short-term invalidation point will be a drop below $30. In the long term, a move below $22.48 will point to more downside.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/crypto-analyst-predicts-avalanche-price-could-surge-to-200/
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