AVAX Price Analysis: Avalanche Token Forms Golden Cross Pattern

TLDR

• AVAX price reached $37.20, marking a 105% increase from yearly lows
• Multiple analysts predict potential surge to $100 (185% increase)
• Blackrock/Securitize fund BUIDL selected Avalanche network
• DEX ecosystem handled over $2 billion in 7-day volume
• Technical analysis shows bullish golden cross pattern formation

The cryptocurrency Avalanche (AVAX) has demonstrated strong market performance, reaching $37.20 in recent trading sessions.

This price point represents the highest level observed since May 2024 and marks a 105% increase from its lowest point this year.

Market data shows increasing trading volume across major exchanges, with the token maintaining steady buying pressure throughout the past week. The uptick in price action comes as several technical indicators align with bullish market sentiment.

Multiple cryptocurrency analysts have shared price predictions for AVAX, with several pointing to potential higher valuations in the coming months.

Popular analyst Kaleo, who maintains a following of over 658,000 on X (formerly Twitter), has projected a price target of $100 for the token.

Technical analysis from ZAYK Charts highlights the formation of a falling wedge pattern on weekly timeframes. This chart formation typically suggests a bullish reversal could be forthcoming. The pattern emerges when price action creates two converging downward trendlines.

$AVAX is gearing up to hit $100+ in the coming months#AVAX #AAXUSDT #Crypto pic.twitter.com/SFGzSMR6rS

— ZAYK Charts (@ZAYKCharts) November 16, 2024

Another notable market observer, Polaris, has identified what they describe as an accumulation phase for Avalanche. According to their analysis, this period of accumulation could precede substantial price movement in upcoming months.

The recent selection of the Avalanche network by BUIDL, a substantial fund managing over $500 million in assets, has attracted market attention. The fund, operated jointly by Securitize and Blackrock, chose Avalanche for its operational capabilities.

AVAX Price on CoinGecko

Transaction data from the Avalanche network shows robust activity within its decentralized exchange (DEX) ecosystem. Over the past seven days, the network processed more than $2 billion in trading volume, indicating strong user engagement and liquidity.

Network metrics reveal that Avalanche continues to maintain competitive transaction speeds and low costs compared to other blockchain platforms. These technical advantages have contributed to increased adoption among developers and users.

$AVAX

June–October was the prime time to accumulate alts—exactly as we highlighted day after day during that period.

Now, it has left the accumulation zone and returned to its old range…

Just one step away from explosive green candles. pic.twitter.com/aoiy2vXJLE

— polaris_xbt (@polaris_xbt) November 17, 2024

The potential impact of the upcoming U.S. presidential election has entered market discussions, with Donald Trump’s stated positions on cryptocurrency regulation being viewed as potentially supportive of blockchain industry growth.

Chart analysis reveals the formation of a golden cross pattern, as the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA. Traders often interpret this technical indicator as a bullish signal.

Price action shows a break and retest pattern, with the token returning to test support at $30.80, a level that coincides with the September 26 high. This price point has demonstrated strength as a support level in recent trading sessions.

The token’s current price movement places it near the 38.2% Fibonacci retracement level, a technical indicator often used to identify potential price targets and support/resistance zones.

Trading volume data indicates sustained interest from both retail and institutional investors, with daily volume maintaining consistent levels above the 30-day average.

Recent market data suggests continued buying pressure, with the token maintaining price levels above key moving averages. Technical indicators point to $47 as the next notable price target, representing the 61.8% Fibonacci retracement level.

The most recent price data shows AVAX trading at $37.20, maintaining stability above the $35 support level with steady trading volume.

The post AVAX Price Analysis: Avalanche Token Forms Golden Cross Pattern appeared first on Blockonomi.