Avalanche Surges Over 40% as Analyst Sets $420 Price Target
Avalanche (AVAX) Overview
Avalanche (AVAX) has increased over 40%, reaching a critical supply level. A breakout above this level could trigger significant price movement, attracting attention from traders and investors interested in Layer-1 blockchains.
Top analyst Kaleo predicts a bullish target of $420 for AVAX, aligning with positive market sentiment as Bitcoin and Ethereum rise. The upcoming days will be pivotal for AVAX to confirm its bullish trajectory.
Avalanche Breaking Through Resistance
Avalanche has recently surpassed crucial supply levels, specifically breaking the $30 resistance. This shift indicates a potential long-term bullish momentum for AVAX.
Kaleo shared a technical analysis on X, suggesting that AVAX could reach $420, which represents a 1,200% increase from current levels.
For this scenario to materialize, AVAX must maintain momentum and surpass the previous high of $33. Achieving this would likely boost market confidence and attract new investors, indicating a potential long-term rally.
As investor interest in Layer-1 platforms grows, successfully consolidating above $30 and clearing $33 may lead to substantial gains for AVAX.
AVAX Technical Levels
Avalanche is trading at $31.4 after breaking above its 200-day moving average (MA) at $28.1. This marks a significant achievement and places AVAX in a critical supply zone that has limited its growth since early June.
To confirm a sustained bullish trend, AVAX needs to exceed the $33 mark and establish it as support. Holding this level may indicate a stronger uptrend and enhance investor confidence.
A consolidation phase could also be beneficial; a pullback to test the $29 support level would reinforce market stability. Currently, AVAX’s price action appears strong, and a breakout above $33 could initiate a long-term bullish phase in the altcoin market.
Featured image from Dall-E, chart from TradingView