Avalanche Nears Breakout – Top Analyst Sets $420 Target For AVAX This Cycle
10 Novembre 2024 - 3:00PM
NEWSBTC
Avalanche (AVAX) has surged over 40%, reaching a critical supply
level that, if broken, could trigger a substantial rally. The
recent surge has captured the attention of traders and investors
who recognize the potential of Layer-1 blockchains as AVAX
positions itself as a leading contender in the space. Related
Reading: Ethereum Analyst Sees Altseason Potential As BTS Is Still
Outpacing ETH – Time To Buy Altcoins? Among those following this
development closely is top analyst and investor Kaleo, who recently
shared a technical analysis with a bullish price target of $420 for
AVAX. Kaleo’s optimistic outlook aligns with broader market
sentiment as Bitcoin and Ethereum continue to rise, creating a
favorable environment for blue-chip altcoins like Avalanche to make
significant moves. The next few days will be critical in
determining whether AVAX can push through this supply level and
confirm its bullish trajectory. As more attention shifts toward
AVAX and other high-profile altcoins, an aggressive upward move
could soon follow, solidifying Avalanche’s status as a key player
in the Layer-1 blockchain sector. Avalanche Rising Above Key Levels
Avalanche recently surged above crucial supply levels, breaking
through resistance points that had constrained its price for weeks,
with the $30 mark emerging as particularly significant. This
breakout has bolstered optimism for AVAX’s long-term potential, as
it hints at a bullish shift in momentum. Top analyst and
investor Kaleo has taken to X to share his technical analysis,
displaying a detailed AVAX price chart with key levels highlighted.
According to Kaleo, Avalanche’s potential in this cycle could drive
its price to an ambitious target of $420, representing a remarkable
1,200% surge from current levels. For this bullish scenario to
unfold, AVAX must maintain its current momentum and break past
additional resistance. Specifically, the price needs to surpass the
last higher high around $33, which would strongly confirm a
sustained bullish structure. Clearing this level would likely
increase market confidence and attract new investors, as the
confirmed uptrend would signal a potential long-term rally. Related
Reading: Cardano Skyrockets Over 40% – Funding Rate Suggests
Further Upside As AVAX continues its upward trajectory, investor
interest in Layer-1 blockchain platforms like Avalanche grows,
underscoring the broader market’s belief in the value of
decentralized networks. If AVAX can successfully consolidate above
$30 and break $33, it may open doors for substantial gains in this
cycle. AVAX Technical Levels To Watch Avalanche is currently
trading at $31.4 after breaking above its 200-day moving average
(MA) at $28.1, marking a significant achievement in AVAX’s price
structure. This move has brought AVAX into a critical supply zone
that has restrained its growth since early June. For bulls aiming
to confirm a sustained bullish trend, AVAX needs to exceed the $33
mark and establish it as a reliable support level. Holding this
level could signal a stronger uptrend and attract additional
investor confidence. Related Reading: Bitcoin ETFs See Historic
Surge – Institutions Go Bullish On BTC With $1.38 Billion Record
Inflows However, a healthy consolidation phase could be beneficial
at this point. A pullback to test the $29 level as support would
reinforce market stability, allowing AVAX to gather momentum before
attempting the next major push upward. For now, AVAX’s price action
appears strong, and a breakout above $33 could set the stage for a
long-term bullish phase in the altcoin market. Featured image from
Dall-E, chart from TradingView
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