Avalanche Its price has fluctuated between $30 and $39 in recent weeks, failing to break an important resistance point. Currently, the price stands at $34.98 and the market cap is $13,366,945,544. Despite being among the top 15 cryptocurrencies, AVAX price is stuck in a loop, but the charts are finally showing a bullish signal towards $40.
A target to reach the all-time high of $146.22 altcoin Although reaching $40 may not seem like a big goal, AVAX has fallen to its current price due to the stagnation in the crypto market. When the market recovers, the Avalanche is expected to rise again like it did at the beginning of the year. The year 2024 brought profits to investors, as the AVAX price rose to $60.69 in March.
Will AVAX Price Reach $40?
Avalanche is determined to target $40 regardless of the market situation. cryptocurrency Although the market plays an important role in the growth of the coins, other factors are also effective in achieving this goal for AVAX. These factors include the latest developments and technical analysis, as well as community support.
Avalanche has stepped into the tokenization process, similar to Ethereum, to create a better image in the market. Recently, Avalanche joined the wave of creating a tokenized asset ecosystem by tokenizing the fine wine investment fund. This step will increase the demand of the Avalanche network through the tokenization of real-world assets (RWA). To meet this demand, Ethereum led the way by managing $381 million in tokenized US treasury bonds. Now, Avalanche will help Ethereum by doing the same.
Alongside this, the network has launched a liquidity mining incentive program called Memecoin Rush, which aims to increase memecoin activity by offering liquidity mining incentives of $1 million.
Technical Factors Supporting the Rise to $40
AVAX is entering bullish territory as investors gather to buy the token. The MACD, along with the 10- and 20-day simple and exponential moving averages, indicate a buying wave for the altcoin. A potential descending triangle formation is also visible on the charts with resistance at $39.02. This creates the possibility of AVAX price rising above $40 in the coming days. If Avalanche manages to break through the $39.02 resistance zone, there is a possibility of reaching a target of $54.82.
Crypto analysts also share the same opinion. Many analysts are talking about breaking the main trend line on Avalanche charts. “With a close above the trendline, I see a 40% upside in the short term,” crypto analyst Omar said in a recent X post.
Avalanche has risen from yesterday’s low of $31.4 to its current value of $34.98, and analysts predict this rise may continue. If the trend continues, AVAX could first reach $40 and then the next milestone of $54.82 weeks after the downtrend.
