Avalanche (AVAX) has recently crossed the $25 mark, gaining momentum as it approaches the $30.34 resistance level. This upward trend reflects growing investor confidence and hints at the possibility of further price increases.
Prominent crypto analyst Captain Faibik is particularly optimistic about AVAX. He predicts the price could surge by over 200% in the coming months. With the current positive sentiment in the market, many are eager to see just how high AVAX can climb.
According to Captain Faibik, the 3D chart for AVAX/USDT indicates that the cryptocurrency is on the verge of a major breakout. Currently priced around $25, he anticipates a potential +200% increase, which could see AVAX climb to nearly $90.
Faibik points out that AVAX is currently forming a descending falling wedge pattern, typically a bullish signal in technical analysis. He expects this pattern could trigger a rally similar to the impressive gains experienced in November and December 2023.
As market dynamics evolve, Faibik highlights that August and September could be crucial for AVAX. With signs of recovery in the cryptocurrency market, AVAX could attract more investors and see its price rise even higher.
The Impact of Ethereum ETFs
The upcoming launch of Ethereum ETFs is building positive sentiment in the cryptocurrency market. Experts believe this could trigger a surge in the altcoin market, with many predicting that fresh capital from new investors could mirror the explosive growth seen during the 2021 bull run.
Avalanche (AVAX) recently tested its weekly support at $30 on July 1, leading to a 9% drop. It is currently trading slightly higher at $25.74, reflecting a 2.4% increase. Technical analysis shows bullish divergence signals from both the Relative Strength Index (RSI) and the Awesome Oscillator (AO), indicating a potential upward rally on the horizon.
Market analysts are closely monitoring this support level, predicting that a breakthrough could drive AVAX’s price to $36.15 and potentially higher in the coming days.
Also Read : Altcoin Season Soon: List of Altcoins To Stack For 20x Gains
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