AVAX price retraced 1% in the last 24 hours after soaring 32% in the last 7 days. Trading at $31.2, the price of AVAX sits at a crucial resistance level, which, if broken, could catapult the asset to previous yearly highs. Meanwhile, the co-founder of Blockworks has officially called the euphoric phase of the market. Will Avalanche price soar 6,000% like it did in the 2021 bull market?
AVAX Price Soars As Market Enters Euphoria
The price of AVAX could be at the edge of repeating 2021’s 70X rally after Co-founder of Blockworks Jason Yanowitz officially called the euphoric phase of the market.
1/ There are 4 phases of a bull market.
Buckle up, we just entered the most fun phase.
Welcome to Stage 3 🧵
— Yano 🟪 (@JasonYanowitz) November 10, 2024
This phase, which he says began on November 5 after Trump won the presidential election, is characterized by green market days and only lasts for a short time.
He also noted that during this stage, the private market is preparing to enter the crypto space, starting with allocators, who ‘woke up’ on November 6 grossly underexposed to crypto.
Yanowitz predicts that these firms are calling the VCs and hedge funds to allocate and that they will announce big new funds soon.
In the 2021 bull run, the private market sector entered crypto towards the end of 2020, leading up to the peak of the bull run. The investment from the private market was also notably larger in 2021 than it was in 2017. Following this pattern, it is expected to soar even higher in 2025.
Avalanche Price Needs To Beat $32.50 for A Chance at $65
Avalanche price forecast shows the asset has broken above a key resistance that has kept the price subdued since the March mini bull run. AVAX is in a tight spot, between $32.50 resistance and $31 support. A significant move in either direction will likely have serious positive or negative implications for the asset
- If AVAX price surges higher, it will break $32.50, gaining clear headway to $50.50.
- If the Avalanche price breaks below $31, it will signal market weakness, lowering it to $23.50 and $19 support levels.
Technical Indicators Hint AVAX Rally’s Still On
A closer look at technical analysis indicators suggests that Avalanche is still poised to continue its rally. The average directional index (ADX), which shows volatility on an asset, is at 22.70 and is heading up. Since AVAX is generally bullish, increasing volatility suggests more buyers are entering the market, potentially driving the prices higher.
The relative strength index (RSI) is currently at 66.51, a slight retrace after hitting 69.63. AVAX price may still have some room to move and break the $32.50 resistance before hitting the overbought region.
Coingecko shows Avalanche volume soared 55% in the last 24 hours, signaling increasing interest among investors.
Will Avalanche Price Jump 6,000%?
Between the incoming investment from the private market and Avalanche’s 70X performance last bull run, the asset is expected to perform even better in 2025.
Avalanche Foundation launched the Avalanche9000 network upgrade that will allow the AVAX ecosystem to grow. Looking at Cardano’s recent growth, it came after the network underwent a series of upgrades, including the major Chang hardfork.
6,000% from the current price sets AVAX at $1,995 with a market cap of $840 billion. However, from its all-time high, it’s only a 1200% increase.
Frequently Asked Questions (FAQs)
AVAX surged 32% due to increased market optimism, positive technical signals, and rising trading volume, as well as a bullish phase declared by Blockworks’ Jason Yanowitz.
A repeat of AVAX’s 70X rally from the 2021 bull market could result in a 6,000% surge, potentially pushing its price to $1,995. However, this is a speculative forecast and depends on various market factors.
The ‘euphoric phase’ is a stage of the market cycle where prices rise rapidly and investor sentiment is extremely positive. Yanowitz believes this phase began after the recent U.S. presidential election.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
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/blockworks-yanowitz-calls-euphoric-phase-will-avax-price-soar-6000/
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