An AVAX Bullish Wave Is on the Horizon
The Avalanche (AVAX) price has shown a decent performance this year, reaching a high of $24 before experiencing a correction. Currently, the altcoin is trading within a narrow range between $20 and $21. However, a crypto analyst named Babenski has made a bullish prediction for the future price of AVAX.
According to Babenski, the altcoin could experience a significant surge that breaks multiple bearish resistances and drives its price to $30. This prediction is based on the analyst’s observation of the Exponential Moving Average (EMA100), which has provided consistent support for AVAX during previous rallies and corrections.
Bullish Breakout and Potential Support Levels
Babenski also notes that AVAX has broken out of a bullish pennant pattern, indicating a favorable short-term outlook. This breakout above $21 could further propel the price towards the $30 target.
However, there is still a possibility of AVAX losing its dynamic support. If this occurs and the price drops, the next significant support level is around $17.
Avalanche Network Usage and New Explorer
The surge in network usage on the Avalanche network may contribute to the predicted price increase for AVAX. The adoption of Ordinals on the network has led to a spike in transaction numbers, with Ordinals minting accounting for 96% of total transactions last week.
In addition, Avalanche has introduced a new explorer after parting ways with Etherscan. The network now utilizes a new multichain explorer that offers cheaper fees compared to its previous provider.
Hot Take: AVAX Poised for Bullish Momentum
The AVAX price has been consolidating within a tight range, but a bullish wave could be on the horizon. Crypto analyst Babenski predicts that AVAX may break multiple bearish resistances and surge to $30, supported by the EMA100 and a breakout from a bullish pennant pattern. However, there is a risk of losing dynamic support, with the next significant level of support at $17. The growing network usage on Avalanche, driven by Ordinals adoption, and the introduction of a new explorer also contribute to the positive outlook for AVAX.
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