Avalanche Price Prediction: AVAX Bucks The Downtrend With 15% Pump On Cash Inflows And JPMorgan Endorsement As This Bitcoin Derivative Wows Investors

Avalanche price is up 15% in the last 24 hours to trade for $41.01 as of 2:00 a.m. EST time as trading volume surged 35%.

It comes as investors show great interest in the Avalanche network with capital inflows into AVAX-based crypto investment funds of $2 million last week, according to CoinShares.

Among the big players that have taken an interest in the AVAX network is JPMorgan, which revealed using the Avalanche blockchain for portfolio tokenization in November.

➤ Milestone in blockchain tech: RWA

Partnerships with @jpmorgan, @citi, @republicnote have enabled a broader audience to discover Avalanche.

This has the potential to attract more and more people not only to $AVAX but to crypto in total. pic.twitter.com/6CmSwWPaG5

— AlΞx Wacy 🌐 (@wacy_time1) December 10, 2023

The CoinShares report also details that investors pumped $20 million into Bitcoin investment products last week, to bring year-to-date-inflows to $1.7 billion. The interest comes ahead of spot exchange-traded funds (ETFs) approvals that are expected between January 5 and 10.

💥BREAKING: According to Bloomberg ETF analyst James Seyffart.

The window for potential #Bitcoin Spot ETF approval is from January 5 to January 10, 2024.

Most likely the ETF will be accepted on any of these days:

– Monday Jan 8
– Tuesday Jan 9
– Wednesday Jan 10

— Crypto Rover (@rovercrc) December 1, 2023

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Avalanche Price Outlook As AVAX Restores Balance In The Market

Since the market turned bullish on October 18, Avalanche price is up 375%, a bold move that saw the price of the decentralized open-source proof of stake blockchain’s token flip a supply zone into a bullish breaker ranging from $26.56 to $29.34. It all happened after the altcoin actualized the falling wedge pattern with a bullish reversal.

Drawn by the “magnetic pull” of the fair value gap (FVG) extending from $38.12 to $41.07, Avalanche price has filled the inefficiency in the market, which means AVAX market value could be due for a correction unless the price records a candlestick close above the consequential encroachment (midline) of the FVG order block at $39.74 on the three-day timeframe.

Such a move could set the tone for Avalanche price to target the $50.00 psychological level next. Such a move would denote a 20% climb above current levels. In highly ambitious cases, the price could extend past the $55.00 level to tag the $60.00 threshold.

The Relative Strength Index (RSI) remains northbound, suggesting momentum is still rising, which accentuates the bullish thesis. In addition, the Awesome Oscillator (AO) remains in the positive territory with green histogram bars in the positive territory to show the bulls have established a strong presence in the AVAX market.

Nevertheless, investors should remain aware that after filling the inefficiency, AVAX is massively overbought with the RSI at 93. This often precedes a correction or pullback.

Converse Case

On the other hand, a rejection from the consequential encroachment of the FVG could see Avalanche price retract, potentially losing the $32.08 support level.

Further south, the fall could send AVAX price back into the fold of the supply zone between $26.56 and 29.34. A three-day candlestick close below the mean threshold (midline) of this order block at $28.03 would confirm the continuation of the downtrend.

Such a move could see Avalanche price slip below the $20.00 psychological level, or in the dire case, extend a leg lower below the $15.84 support. Such a move would invalidate the bullish outlook.

On-chain Metrics To Support Avalanche Price Bullish Outlook

On-chain aggregator IntoTheBlock’s Global IN/Out of the Money (GIOM) metric shows that while Avalanche price sits between two congestion levels of somewhat equal size, there is one support level that will prevent Avalanche price from succumbing to selling pressure.

Based on this on-chain metric, this major area of interest extends between $18.89 and $30.68 that is filled by a high number of investors that had previously purchased AVAX tokens at an average price of $22.26. Here, roughly 822,002 addresses are holding nearly 19.62 million AVAX tokens.

Any efforts to send Avalanche price south would be countered by these addresses.

While AVAX confronts the critical roadblock presented by the consequential encroachment, buy BTCMTX not only for your portfolio diversification strategy but also for an easy entry into the BTC market.

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— Bitcoinminetrix (@bitcoinminetrix) December 11, 2023

Promising Alternative To Avalanche

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Also Read:

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