Altcoins
AVAX Price Prediction – Identifying Altcoin Goals for 2024
- AVAX appeared to consolidate around $38, despite mixed signals from the market
- Bullish sentiment on Binance and resistances at $50 and $55 could push the price to $100
With the cryptocurrency market on fire due to recent developments, Avalanche (AVAX) has attracted the attention of many investors. Historically, AVAX has demonstrated resilience, even when found in the most difficult bear markets.
At the time of writing, AVAX was worth $38.49, having appreciated 2.5% in just 24 hours. While this did not result in significant gains, AVAX appeared to be doing much better than many other altcoins in the market. What does this mean for AVAX’s price performance over the rest of the year?
For starters, the current state of the AVAX market is characterized by neutral sentiment, with a rating of 42% on the Fear and Greed Index – a sign of balanced opinions among investors.
Source: CFGI
While social sentiment was very positive at the time of this writing, other indicators such as volatility, volume and whale activity were negative – a sign of market uncertainty and reduced trading activity. Furthermore, the dominance and research interest for AVAX it was also quite negative, highlighting a lack of market control and less general interest.
In fact, Coinglass’ data revealed a massive drop in trading volume of 61.37%, with the same recorded figures of $341.19 million at the time of writing this article. From a trading perspective, the long/short ratio seemed relatively balanced across platforms. This means that traders are not sure what to do with AVAX right now.
Source: Coinglass
Interestingly, however, the long/short ratio on Binance appeared to be considerably elevated at 2.8805. This could indicate more bullish sentiment among individual traders on this exchange.
It is also worth noting that the six-month Avalanche chart highlighted a volatile trading pattern with several highs and lows. Simply put, a market that is responsive to broader market trends and ecosystem-specific developments.
Over the past few months, AVAX has noticed many price spikes followed by sharp corrections on the charts. At this moment, the altcoin appears to be consolidating around the $38 level, following the recent downtrend from higher levels observed in April.
Source: TradingView
If AVAX holds support around the $35 level, there could be potential for a northward move, especially when the bull run begins. Key resistance levels to watch would be around $50 and $55, levels that AVAX has tested several times in recent months.
A sustained break above these levels could signal strong bullish momentum, possibly pushing the price towards $80 or even $100 in the third quarter of the year.