The Avalanche (AVAX) price has performed quite well this year, from a low of around $9 to as high as $24 before correcting back down. Since the correction, the altcoin has been trading in a tight range around $20 and $21. However, this might not last much longer according to one crypto analyst’s prediction.
An AVAX bullish wave is rising
Crypto analyst Babenski has done that revealed their bullish prediction for AVAX price in the future. According to the analyst, the digital asset could be poised for an incredible run that could break multiple bearish resistances to take the price to $30.
Babenski’s analysis is based on the EMA100 (Exponential Moving Average), which they say provides dynamic support for the altcoin. This started during the October rally where prices started to rise and AVAX did not lose the EMA100 despite multiple corrections.
Source: TradingView.com
Even on the 4-hour chart presented by the analyst, the price of the altcoin also fell towards the EMA100. But once again this dynamic support held as the price bounced back and continued on its cheerful path. This indicates strong support for the asset at this level.
Moreover, the crypto analyst reveals that AVAX price has also broken out of a bullish pennant. This is shown in the chart when the price resumed its uptrend above $21. This breakout “looks bullish in the near term,” the analyst said, and could send the price to $30.
However, the bullish trend is not the only one running for AVAX price. While the bulls remain firmly in control, there is still a possibility of the altcoin losing its dynamic support. If this happens and the price falls, Babenski reveals that the next major support is just around the $17 price level.
Token price reclaims $22 | Source: AVAXUSD on Tradingview.com
Avalanche ordinal numbers are key
The Avalanche Network has also seen an increase in its network usage which could contribute to the predicted price increase for the AVAX price. Following the Polygon network, Ordinals have also made their way into the Avalanche network and their adoption caused a spike in transaction numbers
Last week, Ordinals Minting accounted for approximately 96% of total transaction numbers, and as costs on the network rose, so did demand for AVAX. Additionally, Avalanche has introduced its new explorer after cutting ties with Etherscan. The network now has moved to a new multichain explorer for significantly cheaper than what they used to get at Etherscan.
