The crypto market has seen some significant losses, and tokens have lost their value, making them more appealing to purchasers. Fantom and Avalanche are two of the most bullish cryptocurrencies, and it appears that they intend to restart their upward trend as soon as market sentiment improves.
AVAX Price Analysis
Despite the market’s fall, this kept AVAX/USD bullish, as it continued to make new highs until late November. Although, for the previous three months, the adverse attitude in the crypto market has impacted on AVAX, which has broken below the first level at $100 and subsequently below the second support at $80.
At press time, AVAX’s price is trading at $67.88 with 4% gains. This suggests that bulls are buying on dips to this level. However, AVAX/USDT price may range between $75.50 and $51.04 for a few days.
Further, A break above $75.50 will be the indication that the correction is over. On the other hand, if the price drops below $47.66, a massive downtrend could begin.
Ignoring the fact that previous resistance at approximately $55 turned into support, the fall continued. The 200 daily SMA has also been helpful, so this could be another nice opportunity to go long. However, we must monitor the crypto market’s sentiment and purchase Avalanche only when it begins to improve.
Avalanche To Be in The Top 5!
AVAX might break into the top five crypto assets by market cap, according to the host of popular crypto channel Coin Bureau. Guy, a pseudonymous analyst, tells his YouTube fans in a new video that AVAX is poised to fight with larger crypto assets with higher market caps.
“It’s possible if not likely that Avalanche could crack the top five, especially since some of the cryptocurrencies in its way are of a lesser caliber, to put it mildly.”
Guy claims that AVAX’s price is still on the rise owing to rising consumer demand and the simplicity of use of its C-Chain, which is Avalanche’s default smart contract blockchain. According to the analyst, this is a positive indicator for AVAX.
Avalanche’s C-chain has roughly half a million monthly active users, according to DappRadar, which isn’t bad. On the C-chain, the number of daily transactions has been steadily increasing.
Its rapid popularity is likely due to Binance and Coinbase’s support for direct withdrawals and deposits from and to the C-chain, in addition to the C-EVM chain’s (Ethereum Virtual Machine) support. As a result, Avalanche is very accessible to the average cryptocurrency user.
Avalanche’s potential to grow large enough to threaten Ethereum, according to Guy, is not ruled out.