Avalanche Rumbles: AVAX Eyes To Reclaim $50 As Upgrade Fuels Optimism On Testnet

Share This Post

In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is causing a stir, riding the waves of a recovery rally that commenced last month. As the broader spectrum of alternative coins experiences a resurgence, AVAX stands at the forefront, ready to extend its ascent, with whispers in the market hinting at a potential surge towards the coveted $50 mark.

Avalanche Booms: Durango Upgrade Ushers Growth

Presently, the AVAX price confidently stands above the 50% retracement level at $39.91, signaling a robust support level within the market range spanning from $28.00 to $49. Technical indicators add to the positive sentiment, with the Simple Moving Averages (SMA) gracefully trending upwards. This suggests that the path of least resistance favors continued price appreciation, creating an optimistic atmosphere among market observers.

The buzz surrounding AVAX reaches a crescendo as the eagerly anticipated AVAX Durango upgrade gears up for implementation on the 13th of February. The community’s anticipation has been steadily building since the pre-release of the upgrade’s code on February 2.

This upgrade brings forth a suite of exciting features, including the Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize communication capabilities on-chain and across chains, promising a more interconnected and resilient network. This enhancement is set to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.

Market analysts, fueled by the palpable excitement, predict that the mounting buying pressure could propel a substantial 20% surge, potentially propelling AVAX to $49.95, effectively filling the current market range.

In a more bullish scenario, the gains might extend to $54.92, marking levels not witnessed since the bloom of May 2022 and showcasing an impressive 35% climb from current valuation.

AVAX: On-Chain Metrics Signal Sustained Growth

Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both social dominance and social volume metrics for AVAX have gracefully eased, painting a picture of serenity in the market. This tranquility often lays the foundation for sustained price growth, steering clear of premature topping out fueled by heightened volatility from mainstream attention.

As the imminent AVAX Durango upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential surge that might unfold. With technical indicators, on-chain metrics, and market sentiment aligning favorably for AVAX, the cryptocurrency seems poised to continue its upward trajectory, potentially scaling new heights in the unfolding weeks.

Featured image from Pixabay, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Price Prediction For November 22: $2 Target in Sight

The post XRP Price Prediction For November 22: $2 Target in Sight appeared first on Coinpedia Fintech News XRP’s price has skyrocketed over 24% in the last 24 hours, thanks to SEC Chair Gary

Russia’s Foreign Trade Defies Western Sanctions, Official Claims

Russia’s foreign trade is defying Western sanctions, with rising imports, resilient transaction systems, and projected economic growth outpacing stagnating Western economies Western Sanctions

Ethereum Price Survives Dip: Rallies 10% and Targets More Upside

Ethereum price started a fresh increase above the $3,220 zone ETH is rising and aiming for more gains above the $3,350 resistance Ethereum started a fresh increase above the $3,220 and $3,300 levels

Bitcoin Price Approaches $100K: The Countdown Is On

Bitcoin price is rising steadily above the $95,000 zone BTC is showing positive signs and might soon hit the $100,000 milestone level Bitcoin started a fresh increase above the $95,000 zone The price

US Bitcoin ETFs surpass $100 billion, pose challenge to largest Bitcoin holders

Spot Bitcoin exchange-traded funds (ETFs) have reached an impressive benchmark, crossing $100 billion in net assets According to SoSoValue data, this achievement represents 54% of Bitcoin’s

Bitcoin Price ATH Set To Cross $139,000 According To Previous Election Cycles

Crypto analyst TechDev has predicted that the Bitcoin price could rally to as high as $139,000 in this market cycle The analyst made this prediction based on previous election cycles, which were also