Crypto markets are juggling within a small range, unable to move past resistance while defending support during each bearish attack. Additionally, the volume of the token was significantly reduced, due to which cryptos like Avalanche became less volatile. At a time when more squeezes are expected, AVAX price is expected to trigger a strong breakout that could elevate levels beyond the current consolidation.
Avalanche is among the tokens that are expected to outperform the top 2 tokens in the next price action as they are considered highly undervalued at the current price. Mainly because no major change in the price was recorded even after the launch of Avalanche 9000, which is considered to be the biggest upgrade ever for the platform. However, the price was heading towards yearly highs before the launch, but the token followed the market trend and plunged more than 30%.
The token’s ineffectiveness in surpassing $40 over the past week could have raised concerns about the next price action. However, from a broader perspective, AVAX price remains poised for a 50% rise, but if the bulls manage to revive a 12% rise before the end of 2024.
The daily chart of AVAX price may suggest that the token could head towards the immediate lower support as it is on the verge of losing the 0.5 FIB at $36.26. The MACD indicates declining selling pressure, but it has not yet switched to a buying range. On the other hand, the bears continue to hold major dominance as shown by the bullish strength, indicating that another ~10% pullback could be in place, likely reaching intermediate support at .382 FIB at 32.2 $.
These levels previously provided significant support and hence a strong rebound at these levels could be expected. However, market sentiment has not yet turned bullish as traders remain neutral. Therefore, Avalanche price is expected to maintain a slow trend until the platform receives enough volume in favor of the bulls.
AVAX is generally referred to as a sleeping giant, as it is believed to have enormous potential and defends the support to a large extent. However, market volatility has declined sharply and until BTC dominance reaches new heights, altcoins like Avalanche are expected to maintain a slow trend. However, AVAX price still has the potential to break above $50 and head towards a higher target, but to break above and hold above $42 by the end of the year in the first days if 2025 is very important.
