Avalanche (AVAX) investors are preparing to rise over the next few months, driven by positive developments related to the project. After the price reversal in the last few days, AVAX was hit with a drop of almost 10%. Fortunately for investors, the token found support in the $ 37 price zone.
At the time of publication, AVAX is trading at $37.30 after rising 2% in the last 24 hours. With a market capitalisation of $13.7 billion, the token has successfully made Dogecoin (DOGE) one of the top ten cryptocurrencies on the market. This position is prioritised because it attracts new investors looking to accumulate funds or enter the cryptocurrency market. It is also expected that these coins will benefit from institutional interest and investment once cryptocurrency ETFs are approved.
AVAX bulls are confident of a bullish year based on network development, the broader bullish wave driven by Bitcoin, and the possibility of crypto ETFs being approved. On-chain data shows that 96,140 addresses bought 10.53 million AVAX at an average price of $39.61. Investors expect a rebound as the digital asset shows more support. However, the $40 resistance level may be difficult to break as some investors are looking for profit-taking. On the other hand, 515,630 investors bought 10.53 million AVAX at a high price of $34.43 and can hold them. While $40 and $45 targets are in sight, the long-term target is currently $50.
Currently, the price of AVAX has reached an all-time high of $ 144, which it reached about 2 years ago. At current prices, the token is down about 144%, but investors hope to reach and surpass the current ATH by the end of the year.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
