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 priceattempted a breakout towards $30, while Bitcoin (BTC) briefly approached the $70,000 mark.

However, BTCs 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 priceis 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.

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avax/usd 1.d. | source: TRadingView

AVAX cryptostabilized 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 pricein 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 cryptoin 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.

@Forbes breaks down how @playoffthegrid took a new approach to bringing a Web3 game to market, with the focus entirely on showcasing just how awesome the game is. https://t.co/LPEQBVtVZQ

— Avalanche9000 ???? (@avax) October 12, 2024

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

Explore how Avalanche is working to scale blockchain technology with its high-performance network and customizable blockchains. Our Head of Product & Research, @Ray_scale, joins the @avax team to dive into $AVAX.

Tune in October 24 – 11:00 AM ET

— Grayscale (@Grayscale) October 17, 2024

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

Last week at Avalanche Summit, @farawaygg announced the launch of FCHAIN, a new Avalanche L1 combining original IP, a robust developer platform, creator and commerce tools, and a game portfolio spanning a wide audience of players and player-owned content. https://t.co/OyY7zBif8p

— Avalanche9000 ???? (@avax) October 25, 2024

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

AVAX Price Retests Ascending Channel Patterns Lower Support Trendline

Since August, the AVAX pricehas 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 priceretesting 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.

Hands up if you think $AVAX will break $200 in the next bull run!

— Sjuul | AltCryptoGems (@AltCryptoGems) October 25, 2024

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, its essential to avoid FOMO and DYOR.