- An analyst forecasts AVAX surge to $30 based on bullish signals from EMA100 and a breakout.
- AVAX stabilizes near $20 and $21, eyeing potential support at $17 if dynamic support falters.
- Avalanche’s Ordinals spike transactions, driving AVAX demand amid a cheaper explorer shift.
Avalanche (AVAX) has shown significant resilience throughout the year, fluctuating between $9 and $24 before stabilizing around $20 and $21 after a correction. However, recent predictions from renowned crypto analyst Babenski suggest a potential upswing, aiming for the $30 mark.
Babenski’s optimistic forecast revolves around the EMA100 (Exponential Moving Average), identifying it as a crucial support level that AVAX has consistently upheld during market volatility. This trend commenced during the October surge, highlighting AVAX’s ability to maintain its position above the EMA100 despite intermittent market corrections.
The analyst’s examination of the four-hour chart reinforces this notion, emphasizing AVAX’s bounce-back from touching the EMA100. This reaffirms a strong support base for the coin at this particular threshold. Furthermore, Babenski notes the breakout of a bullish pennant, indicating a potential short-term bullish trajectory above $21, potentially propelling AVAX toward the coveted $30 price point.
However, despite the prevailing bullish sentiment, there remains a cautionary note. Babenski highlights the possibility of AVAX losing its dynamic support, which could lead to a price drop, with the next significant support estimated at around $17.
In addition to the technical analysis, the analysis touches upon the broader ecosystem of the Avalanche network, shedding light on its increasing adoption. Notably, the integration of Ordinals, following in the footsteps of Polygon, has triggered a surge in transaction numbers on the Avalanche network. Recent statistics reveal that Ordinals minting accounted for an overwhelming 96% of total transactions, coinciding with a surge in demand for AVAX as network fees rose.
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