Avalanche (AVAX) has recently crossed the $25 mark and is gaining momentum as it moves toward the $30.34 resistance level. However, this upward trend reflects growing confidence among investors and hints at the possibility of further price increases.
Prominent crypto analyst Captain Faibik is particularly optimistic about AVAX. He predicts that the price could surge by over 200% in the coming months. With the current positive sentiment in the market, many are eager to see how high AVAX can climb.
AVAX Poised For +200% Surge
According to Captain Faibik, the 3D chart for AVAX/USDT indicates that the cryptocurrency is on the verge of a major breakout. Currently priced around $25, Faibik expects a potential +200% price increase, that AVAX could climb to nearly $90.
Faibik points out that AVAX is currently forming a descending falling wedge pattern, which is typically a bullish signal in technical analysis. He expects this pattern could trigger a rally similar to the impressive gains experienced in November and December 2023.
As the market changes, Faibik highlights that August and September could be key months for AVAX. With the cryptocurrency market showing signs of recovery, AVAX could attract more investors and see its price rise higher.
Ethereum ETF To Drive Altcoin Rally
As positive sentiment builds in the cryptocurrency market around the upcoming launch of Ethereum ETFs, experts believe this could trigger a surge in the altcoin market.
Many predict that fresh investors will start pouring their capital into altcoins, similar to the explosive growth seen during the 2021 bull run.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) recently tested its weekly support at $30 on July 1, leading to a 9% drop. It is currently trading slightly higher at $25.74, reflecting a 2.4% increase. This technical analysis shows bullish divergence signals from both the Relative Strength Index (RSI) and the Awesome Oscillator (AO), indicating a potential upward rally on the horizon.
Meanwhile, market analysts are closely monitoring this support level, predicting that a breakthrough could drive AVAX’s price to $36.15 and potentially higher in the coming days.
Also Read : Altcoin Season Soon: List of Altcoins To Stack For 20x Gains
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