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- Avalanche (AVAX) has been predicted to breach a crucial resistance level to record a 50% upsurge from the current level.
- Earlier, an Analyst predicted that AVAX could soon break multiple resistance levels at $43, $65, and $147.
As one of the top gainers in the current market cycle, Avalanche (AVAX) has recently been affected by a significant level of liquidation and profit-taking, leading to a 19% fall in the last 30 days and a 1.3% decline in the last 24 hours. According to our market data, the asset is currently trading at $36 after taking a nosedive from its monthly high of $55. However, its trading volume remains 49% high as $475 million changes hands at press time.
Subjecting the asset to technical analysis, analysts observed that AVAX could record a 50% upsurge once bulls successfully take over the market before the end of 2024. Currently, its price chart shows that the asset is almost losing its support at 0.5 FIB at $36.26. Analyzing this thesis with the MACD, we discovered that selling pressure has considerably declined. A fall below the current support level could see AVAX finding a resort at the 0.382 FIB at $32.2.
Earlier, an analyst identified as Grronk predicted that AVAX could return to $130 faster than “investors could ever imagine.” According to him, the asset made a staggering surge of 479% in October 2024 after declining by 27%. Supporting his position with more data, Grronk highlighted that AVAX is highly correlated with Ethereum (ETH). This implies that the price would rise whenever ETH makes an upsurge. According to IntoTheBlock’s data, AVAX has a 60-day correlation of 0.84 with Ethereum.
Avalanche (AVAX) and Ethereum (ETH) Correlation
Researching these correlation claims, we found that a similar movement by AVAX followed the recent breakout of ETH above an eighth-month falling channel. According to analysts, ETH could soon start its bull run as its spot ETF records a significant amount of net inflows. At the current price of $3,418, analysts have found the overhead resistance range of ETH at $3,550 and $4,000. A break above this level could send the asset to $8000. Fascinatingly, AVAX could follow suit.
Further analyzing the journey to the top, we have observed a crucial resistance at $43.76, where AVAX could face a significant test. A decisive move above this level could send the asset to $65. From this point, AVAX could target its all-time high price of $147.
In November, crypto analyst Kaleo also predicted that AVAX could soon breach the $50 psychological mark. According to him, the asset was trading within an ascending channel where its bullish momentum was expected to persist. Meanwhile, another analyst known as the House of Crypto has predicted that the asset could hit $60 and $72 before the end of December.
Avalanche recently announced the launch of the Avalanche9000 – one of the most important upgrades in its history. As we earlier reported, this initiative introduces important features to enhance the functionality and user experience of the ecosystem. Per our observation, this and several other initiatives launched could fuel the price of AVAX to a significant level in 2025.
