Avalanche (AVAX) price has performed reasonably well this year, rising from a low of around $9 to a high of $24 before being revised back down. Since the correction, the altcoin has been trading in a narrow range around $20-$21. However, this may not last much longer, as predicted by one cryptocurrency analyst.
AVAX bullish wave is rising
Crypto analyst Babenski has revealed his optimistic forecast for AVAX price in the future. According to analysts, the digital asset could see a surprising rally that could break several bearish resistances and push the price towards $30.
Babenski’s analysis hinges on the Exponential Moving Average (EMA100), which has been found to provide dynamic support for altcoins. This started with the October rally when the price started to rise and AVAX did not lose its EMA100 despite several corrections.
Source: TradingView.com
Even on the 4-hour chart presented by analysts, the altcoin price fell toward EMA100. However, once again this dynamic support was maintained as the price rebounded and continued on its merry way. This suggests a lot of support for the asset at this level.
Additionally, the cryptocurrency analyst noted that AVAX price has also broken out of the bullish pennant. This is visible on the chart as the price resumes its upward trend above $21. According to the analyst, the breakout “looks bullish in the near term” and could push the price to $30.
However, the bullish trend is not the only trend affecting the AVAX price. While the uptrend is firmly under control, there is still a chance that the altcoin may lose dynamic support. If this happens and the price moves lower, Babenski reveals that the next important support lies near the $17 price level.
Token price reclaims $22 | Source: AVAXUSD on Tradingview.com
Avalanche Ordinal Takes Center Stage
The Avalanche network has also seen a surge in network usage that could be contributing to the expected price surge for AVAX prices. Following the Polygon network, Ordinals also moved into the Avalanche network and its adoption saw a surge in transaction numbers.
Last week, Ordinals mining accounted for approximately 96% of the total number of transactions, and as network fees increased, demand for AVAX also increased. Avalanche also introduced new explorers after cutting ties with the Etherscans. Now the network has moved to a new multichain explorer at a much cheaper price than what was achieved through Etherscan.