Avalanche Crypto AVAX Price Prediction: Trending Toward $100?

After trading within a range for the past 19 months, Avalanche (AVAX) has decisively chosen a bullish trajectory.

December emerges as a pivotal month for AVAX price dynamics, recording an impressive +153% gain.

This has raised bullish bets for our AVAX price prediction 2024.

This is because AVAX begins the New Year with a notable transformation in the technical outlook of its chart.

Before delving into the specifics of technical analysis, let’s first examine how the fundamentals are reflecting AVAX’s position in the market.

See related: Which Cryptos Will Explode in 2024?

AVAX Secures 3rd Place in Developer Activity Rankings

As per Santiment data, Avalanche achieved the 3rd position in the “Top Crypto Projects by Developer Activity” list for December.

The project recorded 315 Github events during the month. It slightly trailed behind Polkadot and Kusama, which secured the 2nd position with 345 events.

Cardano led the rankings with 529 events, claiming the first position.

This robust developer activity, as evidenced by the 315 Github events, underscores the active engagement within the AVAX project.

It reflects ongoing development efforts, contributing positively to its overall growth and ecosystem.

See related: Kusama Crypto Price Prediction 2024-2030

AVAX Leads the Way: Transforming Real-World Assets into Digital Tokens

Furthermore, Avalanche (AVAX) is now the top player in Market Cap for “Best Real World Asset Tokens.”

This means it’s a leading platform for turning real-world assets, like property or stocks, into digital tokens.

This recognition is a big deal because it makes people trust AVAX more.

It means more people are likely to start using it.

In simple terms, Avalanche is becoming a major player in making digital versions of real things.

This success is expected to make even more investors choose Avalanche for these types of endeavors.

The optimistic fundamentals underpin the positive AVAX price prediction depicted in the subsequent technical analysis.

AVAX price Prediction – Technical Indicators and Outlook Suggest a 71% Rise Ahead

The analysis of the weekly AVAX/USDT chart indicates a significant breakthrough above the consolidated range observed since May 2022.

Additionally, prices have surpassed the bearish trendline and 38% Fibonacci Retracement level ($45), signalling a potential reversal in the trend.

The pivotal role of this week’s candle in confirming the strength of the reversal is noteworthy. A close above the trendline would validate this reversal.

Meanwhile, the MACD histograms positioned above the zero line underscore the robustness of the ascending trend.

Concurrently, the Relative Strength Index (RSI) residing in the overbought territory also affirms bullish pressure.

However, it also suggests a likelihood of imminent price correction.

Given the thorough analysis of the weekly chart, AVAX is expected to undergo a corrective downturn toward the trendline before subsequently rising towards the initial resistance at the 50% Fibonacci Retracement level of $60.

The ultimate price target and significant resistance lie at the 61% Fibonacci Retracement level of $68.

This level represents a notable 71% increase from the current price level. It is anticipated that prices may encounter selling pressure at this level before ascending to surpass $100.

Bearish Scenario

On the contrary, initial support will be encountered at the trend line.

A breach, coupled with a close below it, would intensify the downside momentum.

This, in turn, would lead prices towards a key support level of $31.

This level represents the 23% Fibonacci retracement and is approximately 21% below the current price level.

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