1 December 2023
The Avalanche (AVAX) price has performed reasonably well this year, going from a low of around $9 to as high as $24 before correcting back downward. Since the correction, the altcoin has been trading in a tight range around $20 and $21. However, this might not continue for much longer following one crypto analyst’s prediction.
An AVAX Bullish Wave Is Rising
Crypto analyst Babenski has unveiled their bullish prediction for the AVAX price going forward. According to the analyst, the digital asset could be poised for an incredible run that could break multiple bearish resistances to bring its price to $30.
Babenski’s analysis hinges on the EMA100 (Exponential Moving Average) which they identify as providing dynamic support for the altcoin. This began during the October rally where prices started rising and AVAX did not lose the EMA100 despite multiple corrections.
Even on the 4-hour chart that the analyst presents, the altcoin’s price also touched down toward the EMA100. But once again, this dynamic support held as the price bounced off and continued on its merry way. This suggests a lot of support for the asset at this level.
Additionally, the crypto analyst reveals that the AVAX price has also broken out of a bullish pennant. This is shown in the chart as the price resumed its uptrend above $21. This breakout “Looks bullish in short term,” according to the analyst, and could send the price to $30.
However, the bullish trend is not the only one that is spinning for the AVAX price. While bulls remain firmly in control, there is still the possibility of the altcoin losing its dynamic support. If this happens and the price drops lower, then Babenski reveals that the next significant support is located just around the $17 price level.
Avalanche Ordinals Take Center Stage
The Avalanche network has also seen a surge in its network usage that could contribute to the price surge predicted for the AVAX price. Following the Polygon network, Ordinals have also made their way to the Avalanche network and their adoption caused a spike in transaction numbers
Last week, Ordinals minting accounted for around 96% of the total transaction numbers, and as the fees on the network increased, so did the demand for AVAX. Additionally, Avalanche has debuted its new explorer after cutting ties with Etherscan. The network has now moved to a new multichain explorer for considerably cheaper than what they used to get with Etherscan.