Avax price technic analyze ??

Answered at Oct 31, 2024

AVAX Price Technical Analysis

Current Market Overview

As of October 31, 2024, Avalanche (AVAX) is trading at $25.72 with a market capitalization of approximately $10.47 billion (source). The circulating supply is 407,102,116 AVAX, with a total supply of 447,105,273 AVAX. The all-time high for AVAX is $146.

Recent Price Movements

  • 24-hour high/low: $27 / $26
  • 7-day high/low: $27 / $25
  • 30-day high/low: $29 / $25
  • 90-day high/low: $30 / $19

Technical Patterns and Indicators

Rounding Bottom Pattern

The weekly chart for AVAX shows a rounding bottom pattern, which is a bullish reversal indicator. This pattern suggests that the downtrend might be ending, and a new uptrend could be starting as investors show renewed buying interest (source).

Support and Resistance Levels

  • Immediate Support: Around $25, which has been tested multiple times in the past 30 days.
  • Immediate Resistance: The next significant resistance is the all-time high of $146, which could be a long-term target if the bullish pattern holds.

Future Price Predictions

Short-term (Next 30 Days)

  • Bullish Scenario: If the rounding bottom pattern plays out, AVAX could challenge higher resistance levels, potentially moving towards $30.
  • Bearish Scenario: A failure to maintain the current support could see prices revisiting the $19 level, which was the 90-day low.

Long-term (2024-2050)

  • 2027 Prediction: AVAX could range from $25.44 to $34.87 as it integrates more into global finance (source).
  • 2033 Prediction: Prices might average around $659.57, with potential peaks at $775.16 due to increased adoption and market volatility.
  • 2040 Prediction: Analysts project a peak price of $10,037.03, with an average trading price of $9,137.26.
  • 2050 Prediction: AVAX could reach a record high of $21,741.83, reflecting its significant role in the decentralized world.

Conclusion

The technical analysis of AVAX suggests a potential bullish reversal with the rounding bottom pattern. However, traders should watch for key support and resistance levels to confirm this trend. Long-term predictions indicate substantial growth, driven by increased adoption and technological advancements. As always, investors should consider market volatility and conduct thorough research before making investment decisions.