Avalanche price forecast: AVAX, a layer one blockchain, has experienced a notable surge in value over the past 24 hours. This rise propelled the altcoin above the $40 mark, leading to a significant 12% growth. Currently, the Avalanche price is $40.59, with bullish mounting pressure on the chart.
The current market capitalization of AVAX has reached $15.55 billion, securing the 11th position on CoinMarketCap. The trading volume surged by 146%, reaching $859 million in just 24 hours. This impressive increase highlights strong investor interest and reflects the market’s positive outlook on Avalanche’s prospects.
Avalanche Price Forecast: Potential for $50 By End of Week
Avalanche price has seen a strong ascending trend over the past week, with bullish pressure driving it higher. This momentum has been fueled by increased investor interest and positive market sentiment, pushing the price to new local highs.
The Altcoin has rallied from the $35 level to surpass the $40 mark, reflecting a robust 23% increase over the past week. The AVAX price has surged more than 9%, trading in the range between $30 to $40 over the past month with slight fluctuations.
Most cryptocurrencies today have seen a green surge, indicating a positive market trend. Bitcoin, for instance, has experienced a significant rise rally above $71,000, boosting investor confidence. Similarly, top coins like Ethereum, XRP, and Litecoin have also shown upward movement, reflecting broader market optimism.
Avalanche’s Partnership with Gamestarter Enhances Prospects
Avalanche has partnered with Gamestarter to launch GameChain, a new Layer-1 platform for simplifying blockchain game development. GameChain, running on Avalanche, offers tools like GameID, GameSocial, and GameHub to enhance user experience and community engagement.
The partnership will provide developers with an intuitive SDK and cross-bridge functionality, making it easier to create blockchain-based games.
Following the announcement, Avalanche saw a significant rise, indicating strong market approval. This collaboration opens new possibilities for game creators and enthusiasts, highlighting the growing integration of blockchain technology in the gaming industry.
Market Sentiment and Technical Indicators
The Avalanche cryptocurrency shows strong upward momentum, suggesting a potential bullish phase. If this trend continues, AVAX could break the $41 resistance level and approach $50, potentially reaching $70 by month’s end.
Should market sentiment turn negative, AVAX might find support at $40. If the downturn persists, its price could drop to around $35, leading to a bearish trend.
The daily technical indicators for Avalanche signal positive momentum. The Moving Average Convergence Divergence (MACD) indicator reveals positive momentum. The MACD line has crossed above the signal line, suggesting a potential bullish trend. The histogram has also turned positive, further supporting the upward movement.
The Relative Strength Index (RSI) is currently at 61.43, moving above the neutral 60 level, which suggests a bullish momentum. Additionally, the Chaikin Money Flow (CMF) indicator is at 0.04, indicating a slight inflow of capital into the asset.
The post Avalanche Price Forecast With AVAX Signalling Sharp Breakout to $70 This Week appeared first on CoinGape.
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