Altcoins
AVAX Price Prediction – Identifying Altcoin Targets for 2024
- AVAX appears to be consolidating around $38, despite mixed market signals.
- Bullish sentiment on Binance and resistances at $50 and $55 could push the price to $100
While the cryptocurrency market is on fire following recent developments, Avalanche (AVAX) has attracted the attention of many investors. Historically, AVAX has demonstrated resilience, even when caught in the toughest bear markets.
At press time, AVAX was valued at $38.49 after appreciating 2.5% in just 24 hours. Although this does not represent significant gains, AVAX appears to be doing much better than most other altcoins on the market. What does this mean for AVAX price action for the rest of the year?
To begin with, the current state of the AVAX market is marked by neutral sentiment, with a rating of 42% on the Fear and Greed Index – a sign of balanced opinions among investors.
Source: CFGI
While social sentiment was very positive at the time of publication, other indicators such as volatility, volume and whale activity were negative – a sign of market uncertainty and reduced trading activity. Additionally, the dominance and research interest in AVAX was also quite negative, highlighting a lack of market control and less general interest.
In fact, Coinglass’ data revealed a massive drop in trading volume of 61.37%, with the same figures recorded at $341.19 million at the time of writing. On the trading side, the long/short ratio seems relatively balanced between the different platforms. This means traders are unsure what to do with AVAX at the moment.
Source: Coinglass
Interestingly, however, the long/short ratio on Binance appears to be considerably high at 2.8805. This could indicate more bullish sentiment among individual traders on this exchange.
It is also worth noting that the six-month Avalanche chart highlighted a volatile trading pattern with multiple ups and downs. Simply put, a market responsive to broader market trends and specific ecosystem developments.
Over the past few months, AVAX has noted numerous price increases followed by sharp corrections on the charts. Currently, the altcoin appears to be consolidating around the $38 level after a recent downtrend from higher levels seen in April.
Source: TradingView
If AVAX maintains its support around the $35 level, there could be potential for a northward move, especially when the bull run begins. The main resistance levels to watch would be around $50 and $55, levels that AVAX has tested several times over the past few months.
A prolonged breakout above these levels could signal strong bullish momentum, possibly pushing the price towards the $80 mark, or even $100, in the third quarter of the year.