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For weeks now, Avalanche has been struggling to break through, with the price fluctuating between $30 to $39. At the time of writing, Avalanche price is trading at $34.98 with a market cap of $13,366,945,544. Despite being among the top 15 cryptocurrencies, AVAX is stuck in a price loop, but finally, the charts indicate a surge to $40.
For an altcoin with the ATH target of $146.22, reaching $40 isn’t a big shot, but with the crypto market crunch, AVAX has slipped to the current price. Once the market recovers, the Avalanche is supposed to rise the way it did at the beginning of the year. From starting, 2024 has brought profits to the investors, as AVAX price rose to as high as $60.69 in March.
Will Avalanche Price Surge To $40 Next?
Avalanche has already set its sights on targeting the $40 mark regardless of the market situation. Though the crypto market plays a significant role in stabilizing cryptocurrency growth, Avalanche has other factors backing a surge to the set target. The factors include its recent developments and the technical aspects backed by community support.
Introducing New Facilities on Avalanche
Avalanche has stepped into the tokenization similar to Ethereum to create an improved image in the market. Just recently, Avalanche has tokenized the fine wine investment fund in an attempt to ride the tokenization wave and create a tokenized asset ecosystem. This step will aid in increasing the Avalanche network demand as the onboarding of real-world assets (RWA) is rising. To complete this demand, Ethereum is the stepping stone as alone it managed $381 million of tokenized United States treasuries. Now, Avalanche will be assisting Ethereum by doing the same.
Moreover, the network has also launched a liquidity mining incentive program called Memecoin Rush in an attempt to increase the meme coin activity on the network by providing $1M liquidity mining incentives.
Technical Factors Backing The $40 Surge
AVAX is entering a bullish zone as the investors are bundling up to buy the token. The MACD with Simple and exponential moving averages for 10 and 20 sites indicates a buying spree for the altcoin. A descending triangle potential pattern is also visible in the charts, marking the resistance at $39.02. This creates the possibility of AVAX price surging above $40 in the upcoming days. If Avalanche succeeds in crossing the resistance zone of $39,02, a target of $54.82 stands achievable.
The Crypto analysts are also speaking of the same, where many talked about breaking the major trendline in the AVAX charts. “On closing above the trendline, I can see a 40% rally in the short-term,” said Omar, a crypto analyst in his recent X post.
Final Thoughts
Avalanche has already lifted its price from yesterday’s low of $31.4 to the current value of $34.98, which might continue to surge based on the analyst’s predictions. If the trend continues, AVAX will achieve $40 before targeting the next milestone of $54.82 after weeks of downtrend.
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