Altcoins View Non-AMP

Avalanche All Set Enter Top 5 Cryptos! AVAX Price Might Trade Below $75.50 Before Massive BreakOut

Written by: Nidhi Kolhapur

January 29, 2022

The crypto market has seen some significant losses, and tokens have lost their value, making them more appealing to purchasers. Fantom and Avalanche are two of the most bullish cryptocurrencies, and it appears that they intend to restart their upward trend as soon as market sentiment improves.

AVAX Price Analysis

Despite the market’s fall, this kept AVAX/USD bullish, as it continued to make new highs until late November. Although, for the previous three months, the adverse attitude in the crypto market has impacted on AVAX, which has broken below the first level at $100 and subsequently below the second support at $80.

At press time, AVAX’s price is trading at $67.88 with 4% gains. This suggests that bulls are buying on dips to this level. However, AVAX/USDT price may range between $75.50 and $51.04 for a few days.

Further, A break above $75.50 will be the indication that the correction is over. On the other hand, if the price drops below $47.66, a massive downtrend could begin.

Ignoring the fact that previous resistance at approximately $55 turned into support, the fall continued. The 200 daily SMA has also been helpful, so this could be another nice opportunity to go long. However, we must monitor the crypto market’s sentiment and purchase Avalanche only when it begins to improve.

Avalanche To Be in The Top 5!

AVAX might break into the top five crypto assets by market cap, according to the host of popular crypto channel Coin Bureau. Guy, a pseudonymous analyst, tells his YouTube fans in a new video that AVAX is poised to fight with larger crypto assets with higher market caps.

“It’s possible if not likely that Avalanche could crack the top five, especially since some of the cryptocurrencies in its way are of a lesser caliber, to put it mildly.”

Guy claims that AVAX’s price is still on the rise owing to rising consumer demand and the simplicity of use of its C-Chain, which is Avalanche’s default smart contract blockchain. According to the analyst, this is a positive indicator for AVAX.

Avalanche’s C-chain has roughly half a million monthly active users, according to DappRadar, which isn’t bad. On the C-chain, the number of daily transactions has been steadily increasing.

Its rapid popularity is likely due to Binance and Coinbase’s support for direct withdrawals and deposits from and to the C-chain, in addition to the C-EVM chain’s (Ethereum Virtual Machine) support. As a result, Avalanche is very accessible to the average cryptocurrency user.

Avalanche’s potential to grow large enough to threaten Ethereum, according to Guy, is not ruled out.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Recent Posts

The Terra Blockchain Gears Up For Terra 2.0 Launch on May 27, But Without UST Stablecoin

After the Terra blockchain faced one of the biggest cryptos crashes with LUNA & UST…

May 26, 2022

Terra Community litigation Fund To Be Released Soon!

The spectacular collapse of Terra's UST stablecoin lost its $1 price peg. which has also…

May 26, 2022

As LUNA 2.0 is been Criticized, Will Every Unlock of These Air-Drop Withness Heavy Price Plunge?

After the brutal collapse of the Terraform Labs, the LUNA token and the UST token,…

May 26, 2022

Top Reasons Why Bitcoin (BTC) Price Dropped Nearly 50% In 2022

Glenn Hutchins, Chairman of North Island, spoke to CNBC about one of the reasons why…

May 26, 2022

Ripple to Consider IPO Post-SEC Battle, Says CEO Brad Garlinghouse

According to CNBC, Ripple Labs CEO Brad Garlinghouse stated at the World Economic Forum in…

May 26, 2022

This is Why Tron(TRX) Will Emerge As a Clear Winner Amid Crypto Crash

Following the collapse of Terra (LUNA) and its algorithmic stablecoin Terra USD, a closely followed…

May 26, 2022