Tech

Avalanche is Shooting High! Will AVAX reach 50 $ soon?

05/29/2022
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The recent crypto crash wiped out more than $1 trillion in market capitalization since November 2021. Avalanche is one of those cryptocurrencies that lost more than 81% in valuation. Many analysts are advising to jump on the AVAX bandwagon since Avalanche is a great crypto project. Prices of AVAX are significantly cheap compared to a few months ago. What will happen to Avalanche price? Will AVAX reach 50 $ or will AVAX reach 10 $? Or will prices pick up higher? Let’s analyze in this Avalanche price prediction article.

What is Avalanche Crypto?

Avalanche is a blockchain system that tackles scalability, security, and decentralization. It was launched in September 2020. Its speed, adaptability, affordability, and accessibility have addressed three key concerns in the cryptocurrency industry. By deploying Avalanche, any smart contract-enabled Decentralized Application (DApp) may surpass its competitors. Avalanche works similarly to Ethereum in terms of functionality. It uses a Proof of Stake (PoS) consensus process, similar to what Ethereum is now migrating to.

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Avalanche price is on the RISE

In the past 2 days, AVAX prices have risen by more than 20%. This happened after prices reached the strong support area delimited by $21.5 and $22.5. after a brief consolidation, prices shot high towards the current price of $26. While the crypto market continues to consolidate, AVAX looks like it picked up higher, recovering previous losses. In fact, other cryptocurrencies also did pretty well this past week, such as TRX And ETC.

AVAX/USD 1-hour chart showing the reversal upwards of Avalanche price
Fig.1 AVAX/USD 1-hour chart showing the reversal upwards of AVAX – TradingView

Avalanche Price Prediction – Will AVAX reach 50 $ soon?

The first soft target of AVAX would definitely be the $30 price mark. From there, we might see a small consolidation before prices decide:

  1. Prices can go higher towards $50, an area where prices collapsed suddenly back in May 2022 (Fig.2)
Avalanche price prediction: AVAX/USD 1-day chart showing the potential uptrend of AVAX
Fig.2 AVAX/USD 1-day chart showing the potential uptrend of AVAX – TradingView

2. The price of $30 will act as a resistance, driving prices back lower towards the area of $21.5 (Fig.3)

AVAX/USD 1-hour chart showing the potential downside of AVAX
Fig.3 AVAX/USD 1-hour chart showing the potential downside of AVAX – TradingView


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Source: https://cryptoticker.io/en/avalanche-is-shooting-high-will-avax-reach-50-soon/