The price performance of Avalanche (AVAX) has been notable this year, rising from a low of about $9 to a peak of $24 before a corrective pullback. After this adjustment, the altcoin has been trading within a narrow range between $20 and $21. Yet, this stability might not persist for long, as per a crypto analyst’s foresight.
A Potential Bullish Momentum for AVAX
Analyst Babenski has presented a bullish outlook for AVAX’s future price trajectory. They anticipate a substantial surge that could surpass multiple bearish barriers, propelling the price to reach $30.
Babenski’s analysis rests on the EMA100 (Exponential Moving Average), identified as a dynamic support for the altcoin. This support began during the October rally, where AVAX maintained above the EMA100 despite several corrections.
Even on the 4-hour chart provided by the analyst, the altcoin’s price touched the EMA100. However, the dynamic support held firm as the price rebounded, signifying significant backing at this level.
Furthermore, the analyst notes a breakout of a bullish pennant in the AVAX price chart, with the price resuming an upward trend beyond $21. This breakout appears “bullish in the short term,” potentially driving the price to $30.
Nonetheless, while the bullish momentum dominates, there’s a possibility of the altcoin losing this dynamic support. Babenski mentions the next substantial support around the $17 price mark if the price experiences a decline.
