Avalanche (AVAX) prices have shown significant volatility in recent months against the background of Federal Reserve rate changes and the general state of the cryptocurrency market. How has this affected the AVAX price forecast until the end of 2024?
Current Market Situation
During the 2021-2022 bear market, the price of Avalanche (AVAX) remained volatile, often testing resistance in the range of $22 to $25. After a sharp fall from $140 to single-digit figures, the price frequently tested the resistance between $22 and $25. With the beginning of a minor bull market, the price rose above $60, raising expectations for a new all-time high (ATH). However, a subsequent correction adjusted these expectations, which seems to have changed with the latest breakout.
Impact of Fed Rate Changes
Ever since the Federal Reserve cut rates, crypto bulls have become more optimistic. During the intensification of crypto winters, positive forecasts are turning bearish September into bullish as Bitcoin hits the crucial $64,000 resistance. This also influenced the rise in AVAX price, raising hopes of reaching new yearly highs.
AVAX Price Forecast Until End of 2024
Will the AVAX price reach $100 before the end of 2024? The price has just broken through the falling wedge and is rising. However, once the bulls weaken, a retracement may occur, the timeframe of which remains uncertain, which could delay achieving the $100 mark in 2024. The current breakout may push the price to the resistance level of $33.22 at the 200-day moving average (MA). If the price faces a pullback after this level, a significant drop to the $25-$26 level may follow, after which the bulls could again push the price to the $40 level, reviving hopes for further growth.
The volatility of the AVAX price makes investors closely monitor the current trends. Despite possible pullbacks, bullish sentiments indicate a possible continuation of growth, making AVAX an interesting asset to observe in the future.
Comments