Avalanche (AVAX) has caught the attention of crypto analysts Whales_Crypto_Trading and Alan Santana. The market sentinels are rather optimistic regarding the price of AVAX, but it may face some consolidation periods and, therefore, possible declines in its price before skyrocketing. The cautious optimism is what makes AVAX very interesting to watch.
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Technical Analysis
Whales Crypto Trading has just published an analysis on Avalanche that is primarily optimistic in nature. By applying the Elliott Wave Theory, he hypothesized that AVAX may be starting a big bull run. According to his analysis, AVAX could be on the brink of a dramatic rise from $9 to $49.
$AVAX Macro chart. Bull Market Target
It was a very intense run up from $9 to $49. (1)
I do think we need to correct that growth (2) before we head towards a new ATH 📈🏁 Bull Market Top Target: $230-285
👇Crypto Traders-join Telegram👇 https://t.co/caOlZBzkdM
. pic.twitter.com/2lfaUiboRx— Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) August 12, 2024
The price, according to Whales Crypto, might slide a bit in a correction phase before proceeding to increase. The analysts’ guestimate this bull market could have AVAX reach as high as $230 to $285 — which is quite a huge appreciation from the current price of approximately $21.
However, some hurdles will be met on the way. As affirmed by the prognosis, a vital resistance hangs in the 0.618 Fibonacci retracement level. This could see AVAX touch the projected highs if it finally breaks out past this level. Until then, its future remains unclear regarding where the market would head.
AVAX Price Action
In the price action department, AVAX is shown losing 2.25% over the last day. In the last week, the altcoin could only muster a 0.9% gain. Given the 24-hour Long/Short ratio of 0.786, traders seem to be heading toward short holdings, which reflects bearishness.
Analyst Shares His Prognosis
Meanwhile, cryptocurrеncy аnаlyst Alаn Sаntаnа is spаrking optimism in thе Avаlаnchе (AVAX) community, outlining а bullish forеcаst thаt points to а surge in its price sooner rather than lаtеr. Sаntаnа’s аnаlysis wаs bаsеd on а kеy obsеrvаtion: AVAX mirrors historicаl consolidаtion pаttеrns еxhibitеd by mаrkеt lеаdеr Bitcoin bеforе substаntiаl pricе incrеаsеs.
✴️ Avalanche Pre-2025 Bull-Market…
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