Avalanche Price Prediction: Analyst Expects AVAX Price To Hit $200

Crypto markets are bracing for the next big surge. Avalanche (AVAX), alongside several other cryptos, is positioned as a strong contender. Recently, the AVAX price attempted a breakout towards $30, while Bitcoin (BTC) briefly approached the $70,000 mark.

However, BTC’s price returned after hitting a monthly high of $69,498. Similarly, AVAX retraced from $29.86. Over the past week, increased geopolitical tensions have triggered a notable market-wide decline.

That impacted significant cryptocurrencies. Bitcoin’s price fluctuations, given its market dominance, continued to influence other assets, and AVAX price is no exception. Despite this volatility, BTC’s ability to hold steady above $66,150 this month has kept bullish sentiment alive among investors. This set the stage for potential market shifts.

avax/usd 1.d. | source: TRadingView

AVAX crypto stabilized at around the $25 support level at the time of writing. However, it remained below key exponential moving averages, including the 200-day EMA. Read on to discover potential scenarios for the AVAX price in the upcoming sessions.

Big Developments For Avalanche Foundation This October

In the second week of October, the Avalanche Foundation reclaimed tokens to help streamline Terraform Labs’ bankruptcy process. It is the parent company behind Terra. This strategic action strengthened Avalanche’s asset reserves and supported ecosystem growth.

This move safeguarded them by reducing the risk of a major market sell-off and underscoring the importance of risk management. This buyback was executed at prices well below the market levels.

That led to an immediate surge in the AVAX crypto in the second week. Also, the price jumped from around $25 to nearly $29.50.

In October, the Avalanche ecosystem thrived, and notable developments occurred. A highlight was its expansion in the Web3 gaming sphere. It was mainly through the innovative @playoffthegrid initiative.

Avalanche also hosted the LATAM Summit, where industry advancements were showcased. On October 17th, a broadcast with Grayscale’s head of research drew significant attention. This further boosted market confidence.

Another major announcement on October 25th was the launch of “FCHAIN,” a new Layer 1 chain on Avalanche.

The month was full of optimistic activities and development. Despite this, the AVAX price remained range-bound between $25 and $29.

AVAX Price Retests Ascending Channel Pattern’s Lower Support Trendline

Since August, the AVAX price has followed a pattern of higher highs within an ascending wedge. It broke free from a previously dominant downtrend.

However, amid recent market volatility, AVAX has shown a persistent downtrend. The token faced a 3.10% drop in the past day and an 8.70% decline over the week. Over the last month, the token fell nearly 10%, bringing its year-to-date loss to 41.60%.

The AVAX price has found support near the $25 level and the lower edge of its ascending wedge. A break below these levels could lead to a significant downturn.

If market uncertainty intensifies, AVAX may retest its $24.30 trendline. A bear-driven Q4 could fall further to key lows around $20 and $17.

On the upside, a bullish reversal could see AVAX price retesting resistance at $33.06 this month. This will signal a successful Change of Character (ChoCh).

Suppose bullish momentum persists, AVAX could climb to higher resistance levels of $39 and $49 in the coming sessions.

Some analysts speculate that AVAX could surpass $200 in the next bull run. Whether this forecast holds remains to be seen, leaving investors and traders with time to watch how it unfolds. In the meantime, it’s essential to avoid FOMO and DYOR.