Key Insights:
- Analysts forecast AVAX price surging 271% to $130 or even 417% to $300 this cycle.
- Technical indicators show mixed momentum, with RSI at 61 and MACD hinting at caution.
- $3.12M AVAX outflows suggest accumulation as futures open interest remains strong at $366.2M.
Avalanche (AVAX) has shown mixed performance in November, encountering resistance at $37.76, its highest level for the month. AVAX was trading at $34.05 at press time, reflecting a 1.40% decline in the past 24 hours and a 2.25% drop over the last seven days.
With a circulating supply of 410 million tokens, Avalanche currently holds a market capitalization of $13.9 billion. Despite the recent decline, analysts and traders remain optimistic about its long-term performance, with some expecting the price to reach as high as $300.
This optimism comes after a strong bullish rally, which has placed the token near the top of its ascending regression channel. The channel, which has guided AVAX’s price movements for months, continues to indicate support at lower levels, such as $120, with resistance near $300.
Analysts Predict Substantial Gains for AVAX in This Cycle
Several crypto analysts have expressed confidence in AVAX’s potential to rise significantly in the current market cycle. Grronk, a crypto analyst stated in an X post that AVAX could climb to $130 in the coming months, with a best-case scenario target of $200. If these predictions materialize, AVAX could gain between 271% and 417% from its current price.
Source: X
Another analyst, Beastlorion, anticipates even higher price levels, citing the asset’s long-term ascending channel. According to his analysis, the coin is bouncing from the lower boundary of the channel and could potentially reach $300, aligning with the upper boundary of this trend. Beastlorion’s projections are rooted in historical patterns and the current bullish momentum within the broader cryptocurrency market.
Technical Indicators Show Mixed Signals
AVAX’s technical indicators present a blend of bullish and cautionary signals. The Bollinger Bands are widening, indicating increased price volatility, while the price remains close to the upper band.
This positioning suggests the asset may be overbought in the short term, which could lead to a potential correction. However, the 20-day moving average, currently serving as a dynamic support level, shows that the broader bullish trend is still intact.
Source: TradingView
The MACD (Moving Average Convergence Divergence) is beginning to display signs of weakening momentum. The histogram bars have started to shrink, and the MACD line appears to be curving toward the signal line. If a bearish crossover occurs, this could signal a potential reversal unless buying pressure increases.
Meanwhile, the RSI (Relative Strength Index) sits at 61, suggesting that while the asset remains in bullish territory, it is nearing overbought levels. A drop below 50 could indicate further weakening in demand.
Futures and Netflow Data Suggest Accumulation
According to Coinglass data, the open interest for AVAX futures stands at $366.20 million, reflecting a slight 1.29% decline in the past session. While this dip may indicate profit-taking or reduced trader participation, the overall high open interest underscores sustained engagement in the market.
Source: Coinglass
Moreover, the 24-hour trading volume has also increased by 9.64%, reaching $810.28 million, pointing to continued investor interest.
Spot netflow data reveals an outflow of $3.12 million in the last session, indicating more AVAX tokens are leaving exchanges than entering. Such outflows often suggest accumulation, as investors move assets to private wallets, potentially reducing immediate selling pressure. If outflows persist and demand continues to rise, this trend could provide further upward momentum for the AVAX price in the coming weeks.
Source: Coinglass
The price of Avalanche remains within a well-defined ascending channel, which has acted as a reliable framework for its movements. Support levels near $120 and resistance around $300 will likely play crucial roles in determining the asset’s next significant move.
While short-term technical indicators point to the possibility of a retracement, ongoing accumulation and strong engagement in futures markets may support the bullish case for AVAX.
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