Avalanche (AVAX) Can Break the $100 Mark if THIS Happens!

Avalanche coin fared extremely well in the market last year, not just because the market was optimistic but also because of the strength of the project. Avalanche is still the quickest smart contract in the crypto business today. 2022 looks excellent for the team despite the first week of January as Avalanche is still one of the coins projected to do extremely well in 2022.

The Avalanche team is focusing on enhancing the contract to make it more effective. The purpose is to make the platform quicker, cheaper, and user-friendly for the developers. These are crucial qualities that most developers would be searching for in 2022, thereby making Avalanche a popular pick. Therefore, Avalanche has a tremendous potential to be one of the highest performing cryptocurrencies of 2022.

Key Takeaways (AVAXUSD)

• “Avalanche’s transaction finality time is nearly instant. This means that transactions are finalized/settled on the blockchain in under a second. People using apps on Avalanche don’t have to wait. To put this into perspective, TradFi settles transactions in 2 days (T+2).” Says VP of Marketing Jay Kurahashi-Sofue.
• Sub-second tx settlement is achieved while keeping tx costs low. Nov 2021, a recent upgrade, Apricot Phase Five, was deployed optimizing gas fees. Gas fees are dynamic based on demand. A swap costs approx $0.40––and devs are still doing something!

Stats of AVAXUSD

Fear & Greed Index: 21, Fear

All-time High: $146.22

ROI: 18912.85%

24h change: 0.25%

7d change: 1.08%           

Market Cap: $22,915,533,769

Circulation Supply: 244,353,849 AVAX

Total Supply: 395,891,290 AVAX

Daily Chart Breakdown of AVAXUSD

Source: TradingView

AVAX made its all-time high last month and has been tanking since then. By making $80 a strong support, the market has bounced from this level multiple times. On a daily timeframe, AVAX price is in a descending triangle. At this time, the market has a bullish sentiment. However, $100 is an important horizontal level with the confluence of the falling trendline. A break and a close above $100 will push the market towards $125. On the other hand, the market could get rejected from $100 and fall towards $80.

4h Chart Breakdown of AVAXUSD

Source: TradingView

$100-$103 is the supply zone on the 4h timeframe. At this time, the market sentiment is bullish, and the supply zone of $100-$103 will show where AVAX is going next. For bears, a touch of the falling trendline, the supply zone, and an RSI bearish divergence will be a signal to short.

1 Hour Chart Breakdown of AVAXUSD

Source: TradingView

On a 1h timeframe, AVAX’s price is moving in a bullish flag or falling channel pattern. If the price keeps following this bullish flag, we might see a bounce around $90 and a continuation rally from that point onwards.

Final Thoughts

$100 is the next psychological level for AVAX. In our case, the descending triangle pattern on a daily timeframe might be a chance for a strong rally towards an all-time high of $146.22.