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- 1 The Avalanche crypto has experienced significant growth, with a notable increase in whale activity and development projects.
- 2 The price is currently above key support levels, and technical indicators suggest a positive outlook.
The Avalanche chart from the Santiment website shows the contrast between the volatility and the AVAX crypto price movement. On examination, it shows that the Avalanche crypto has witnessed tremendous growth in earlier sessions.
However, the recent chart shows that the price failed to jump the hurdle at supply. It faced a short-term decline from approximately $63 to $53 within the last two weeks of trading sessions, and with that, volatility has declined. It exhibits that the volatility is much lower, and the price is at support, illustrating stability in the Avalanche price.
Moreover, the AVAX crypto seems comfortable at recent price support levels, which indicates that sellers tried vigorously to dominate the buyers. The buyers still improved their position, and the price failed to decline. Instead, it showed a spike in sustenance signs at the support level.
In the same way, observing the activity of whales in the Avalanche crypto over a period of time along with the price movement. The analysis shows that the whales have been continuously increasing their portfolio in the AVAX, and the price has also been rising continuously. It signifies that whales are interested in the Avalanche project.
Furthermore, Avalanche’s development activity reflects the activity level in the form of undergoing projects and developments in crypto. The developer’s activity shows that it was on the rise up to the second week of March but declined for some days. The recent sessions show that the development activity and count have started to increase, and bullish traits have been shown.
Is $70 the Next Target in the Avalanche Price
The Avalanche price shows that the price rose from $10 and hit the previous supply at the $50 price mark by last week, December 2024. The price thereafter lipped some points and formed a new support of $27 by the last week of January in the new year 2024.
However, the crypto showed a fabulous resurgence on this level, which took the price all the way up to $65 by jumping over the previous supply level.
The recent price action shows that the price is trying hard to sustain above the previous supply of $50 price level on the chart, which shows possible signs of accumulation of buying interest over the daily chart for more futuristic growth in the coming sessions.
The Avalanche asset is also exhibiting bullish potential, as the price is above the dynamic supports of 20-day and 50-day EMA bands, MACD is above the zero line at 3.31, and RSI is above the 50, these circumstances highlight that AVAX price is in the bullish zone and has not lost the steam yet, and could possibly jump more from the current price level support.
Therefore, if the price manages to successfully hold on to its current price level support, the next target could be $70, and beyond that, it will open a gate for new opportunities to come in the price levels.
On the other hand, there is an adverse possibility that if the price decreases beneath the previous supply, that is, a downtrend can begin at the $50 price mark, which will start to consume its earned gains over the daily chart.
Summary
The Avalanche crypto has experienced significant growth, with a notable increase in whale activity and development projects. Despite a recent price dip from around $63 to $53, the market shows signs of stability and potential for bullish trends. The price is currently above key support levels, and technical indicators suggest a positive outlook.
If AVAX maintains its support level, it could target a rise to $70. However, a downtrend could erase recent gains if the price falls below $50. Overall, the sentiment around Avalanche is cautiously optimistic, with a watchful eye on key support and resistance levels.
Technical Levels
Support Levels: $50
Resistance Levels: $70
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
