Avalanche (AVAX) is on a phenomenal uptrend thanks to overall market optimism. The token recently broke through key resistance levels, fueled by the Federal Reserve’s recent interest rate cuts and Donald Trump’s election victory.
These events seem to have reignited investor enthusiasm, thereby increasing interest in the altcoin and pushing its price higher.
There is currently AVAX listed at $33.33which represents an augment of 28% over the past week. Market observers predict that it may reach $50 in the near future.
Confidence reinforced by technical performance
Cryptocurrency analyst KALEO sent a post to X predicting a surge in AVAX prices to $50.
$50 $AVAX in the next two days.
Book it. pic.twitter.com/oufHApbn4U
— KALEO (@CryptoKaleo) November 11, 2024
According to the chart provided by KALEO, AVAX is currently trading in a rising channel, suggesting that momentum is expected to continue. Many investors are enthusiastic about this technical setup, with some expecting additional gains in the near future.
The next hurdle could be a break through $40 if the uptrend continues, which would lay the groundwork for a rally toward $50 by the end of the week.
Market sentiment and institutional support
Additionally, the recent price augment coincides with increased institutional interest in Avalanche. The renewed involvement of institutional investors after Trump’s election victory on November 5 was highlighted by Jason Yanowitz, co-founder of Blockworks.
He mentioned that hedge funds and venture capitalists have started to augment their investments, which indicates their confidence in AVAX’s future growth. The value of the token is expected to augment further as capital flows into the market as a result of this institutional activity.
Avalanche: Long-term outlook remains bullish
Analysts are bullish about Avalanche’s long-term prospects. House of Crypto forecasts that the token will reach its $90 target for 2024. Others predict a rise towards $60 and $72 by December, with a possible augment to $135 early next year.
Ps. This is not financial advice. These are just my thoughts! This time next year… My price predictions for the 24 most popular coins. Am I right?
$bitcoin – $175,000 $toncoin – $64 $salt – $920 $dog – $0.13 $icp – $150 ethereum – $8,400 $Kaspa – $1.60 $xrp – $6.20
$pepe -…— House Of Crypto (@HouseOfCrypto3) November 11, 2024
The medium and long-term scenario remains favorable for AVAX despite the short-term volatility and possible adjustments foreseen in some estimates. Over the next three months, the token is expected to grow by over 38% and is expected to Next year it will augment by 220%.. Thus, it becomes an opportunity that will attract many long-term investors.
The main focus will be Avalanche’s performance in the coming weeks as its momentum continues to gain momentum. AVAX could be on the verge of another significant rally given its favorable technical outlook and solid institutional support.
Featured image from DALL-E, chart from TradingView
