Avalanche (AVAX) Price Prediction: Rise in Sights as Whales Attempt to Influence the Market
- 王林Original
- 2024-07-02 07:56:31245browse
Avalanche's (AVAX) price hit a multi-month low following bearish market conditions, but this did not last long. Increased bullish whale activity and
After hitting a multi-month low due to bearish market conditions, Avalanche’s (CRYPTO: AVAX) price appears to be recovering thanks to increased bullish whale activity and improving market conditions.
Avalanche Whales Step In
Avalanche’s price is largely influenced by the activity of whales, and over the last two weeks, these large wallet holders have been showing bullish signs.
Specifically, on one day, the whale addresses acquired $139 million in AVAX.
This buying spree indicates a strong interest and confidence among large investors in the altcoin’s potential.
Bitcoin Correlation
In other related news, AVAX’s correlation to Bitcoin (CRYPTO: BTC) is also quite strong, with a correlation coefficient of 0.88 at the moment.
A high correlation usually suggests that AVAX’s price movements will closely follow those of BTC.
Considering that Bitcoin has been recovering recently, this strong correlation bodes well for AVAX’s own recovery prospects.
As Bitcoin continues to rise, it is likely that the altcoin will experience similar upward momentum.
AVAX Price Gearing Up
Currently, AVAX is trading at $29.61, closing in on the critical resistance level at $31.15.
This price served as a crucial support level that was tested multiple times in the past, and the aim now is to flip it into support again.
Given that AVAX has already bounced back from a seven-month low of $24.40, there is a good chance it could breach $31 as well.
However, the market’s volatility cannot be ruled out, which keeps this recovery vulnerable.
If the support at $24.40 is lost, the bullish thesis could be invalidated completely, leading to Avalanche’s price dropping to $20.
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