While other tokens have fallen these days, AVAX, beloved by Turkish cryptocurrency investors, has risen. Analysts attribute this to its relatively low valuation as it forms new partnerships with JPMorgan and Citi. A crypto analyst says there is more on the horizon for the altcoin.
While the market is falling, this altcoin continues its flight!
cryptokoin.comAs you follow from , the Avalanche posted a spectacular 82% weekly gain while others were falling. Thus, it has emerged as one of the few major cryptocurrencies that has weathered the recent crypto decline. Some analysts believe this is due to recent partnership announcements, an increase in trading volumes and total locked value. Others claim that there is a shift in the way altcoins are valued. In yesterday’s decline, leading crypto Bitcoin and leading altcoin Ethereum lost more than 6% in value. However, AVAX gained 16.7% in value in the last 24 hours.
Ryan Mcmillin, chief investment officer of Merkle Tree Capital, says much of the excitement around AVAX may be due to traditional financial heavyweights JPMorgan and Citi partnering with the Avalanche Foundation for real-world asset (RWA) tokenization initiatives. In this context, Millin makes the following statement:
Recently, AVAX’s strength appears to be associated with a surge in daily trading, rising from around $200,000 to $4.5 million in the past few days. Meanwhile, daily active addresses also saw a solid upward trend.
AVAX was trading below its value!
According to DefiLlama data, the Avalanche network’s total value locked (TVL) has increased 82% in the three months since September 12, from $490 million to $894 million. During the same period, altcoin trading volume increased by a phenomenal 2,436%.
Apollo Crypto chief investment officer Henrik Andersson says broader market standards have previously undervalued AVAX. Andersson explains his views on this subject as follows:
A few weeks ago, Avalanche had more TVL than, say, Solana, who had a quarter of the market cap. TVL is still higher, but its market cap is now half that of Solana. We believe that in 2024 we will enter a market where some altcoins will outperform Bitcoin. Immutable (IMX) and Synethix (SNX) have been the tokens that have outperformed Bitcoin since 2022.
AVAX price prediction: Is $60 on the horizon for the altcoin?
Crypto analyst Valdrin Tahiri says there is room for improvement in AVAX’s technical picture. Technical analysts use Elliott Wave theory to determine the direction of a trend by examining recurring long-term price patterns and investor psychology. Based on the daily time frame, the likely scenario shows that the altcoin price is currently in the fifth and final phase of its upward move that began in October. The daily RSI, which is rising and above 50, supports this optimistic outlook. Additionally, it has diverged from the downtrend line (green). These factors are indicators of an upward trend.
If the upward momentum continues, the first target for the top of this movement is $44. This projection calls for the fifth wave to be 0.618 times the combined length of the first and third waves. This means a 10% increase in AVAX price. If the fifth wave extends further, there is a potential target of $58 for the altcoin. This target remains in line with the total length of the first and third waves. Meanwhile, this target of $58 is 40% above the current price.
Despite this bullish AVAX price prediction, failure to break out of the $44 resistance area would mean that the local top is within. This could lead to a 45% decline in the $22 horizontal support area.
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