Avalanche Price Prediction: AVAX Bucks Decline on 15% Pump and JPMorgan Approval for Cash Inflows as Bitcoin Derivatives Surprise Investors.

adminDecember 12, 2023

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Avalanche prices are up 15% over the past 24 hours, trading at $41.01 as of 2 a.m. ET, driven by a 35% surge in trading volume.

It comes as investors have shown significant interest in the Avalanche network, with $2 million in capital flowing into the AVAX-based cryptocurrency investment fund last week, according to CoinShares.

Among the major companies that have shown interest in the AVAX network is JPMorgan, which announced in November that it would use the Avalanche blockchain for portfolio tokenization.

➤ A milestone in blockchain technology: RWA
partnership with @jpmorgan, @citi, @republicnote Avalanche can now be discovered by a wider audience.
This not only can attract the attention of more and more people. $AVAX But to cryptocurrency as a whole. pic.twitter.com/6CmSwWPaG5
— AlΞx Wacy 🌐 (@wacy_time1) December 10, 2023

The CoinShares report also details that investors poured $20 million into Bitcoin investment products last week, bringing annual inflows to $1.7 billion. This interest comes ahead of the approval of the spot exchange-traded fund (ETF), which is expected to take place between January 5th and 10th.

Item: According to Bloomberg ETF analyst James Seyffart.
window of potential #Bitcoin The spot ETF approval period is from January 5 to January 10, 2024.
The ETF is likely to be approved when:
– Monday, January 8th
– Tuesday, January 9th
– Wednesday, January 10th
— Crypto Rover (@rovercrc) December 1, 2023

With this, BTC derivative BTCMTX is surprising investors with its innovative stake-to-mining approach. The token powers a cloud mining platform that allows ordinary people to mine Bitcoin in a decentralized manner.

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Avalanche Price Outlook As AVAX Restores Market Balance

Since the market’s strong start on October 18, Avalanche prices have risen 375%. This is a bold move that will see the price of the decentralized open-source proof-of-stake blockchain’s token shift its supply zone into a bullish breaker ranging from $26.56 to $29.34. All of this happened after the altcoin realized a descending wedge pattern with a bullish reversal.

Avalanche prices made up for market inefficiencies due to the “magnetic pull” of the fair value gap (FVG), which expanded from $38.12 to $41.07. This means that the AVAX market value may be adjusted unless the price records the candlestick above. The resulting breach (middle line) of the FVG order block for 3 days is $39.74.

This move could set the tone for the Avalanche price to target the next psychological level of $50.00. This move represents a 20% increase from current levels. In a very ambitious case, the price could exceed the $55.00 level and reach the $60.00 threshold.

The Relative Strength Index (RSI) is still on the rise, suggesting that momentum is still rising, underscoring the bullish thesis. Additionally, the Awesome Oscillator (AO) remains in positive territory with a green histogram bar in the positive zone, showing that bulls have established a strong presence in the AVAX market.

Nonetheless, investors should keep in mind that AVAX is massively overbought with an RSI of 93 after covering inefficiencies. This often occurs before a correction or decline.

Avex — TradingView: AVAX/USDT 3-day chart

converse case

On the other hand, if FVG’s resulting breach is rejected, Avalanche price could pull back and potentially lose the $32.08 support level.

Further south, AVAX price could return to the supply zone between $26.56 and $29.34. A continuation of the downtrend is confirmed if the 3-day candlestick closes below the average threshold (middle line) of this order block at $28.03.

Such a move could push the Avalanche price below the $20.00 psychological level and, in severe cases, below the $15.84 support. Such a move would invalidate the optimistic outlook.

On-Chain Indicators Supporting Avalanche Price Bullish Outlook

The Global IN/Out of the Money (GIOM) indicator from on-chain aggregator IntoTheBlock shows that Avalanche price is between two congestion levels of somewhat equal magnitude, while there is one support level that prevents Avalanche price from succumbing to selling pressure. give.

Based on this on-chain indicator, this key area of interest is between $18.89 and $30.68 and has been filled by a large number of investors who previously purchased AVAX tokens at an average price of $22.26. Here, approximately 19.62 million AVAX tokens are held in approximately 822,002 addresses.

Any efforts to send Avalanche prices south will be countered by this address.

Buy BTCMTX for easy entry into the BTC market as well as a portfolio diversification strategy while AVAX is facing significant hurdles due to the resulting breach.

The project represents an innovative cloud mining solution where Bitcoin mining is decentralized and enjoys autonomy over mining activities while eliminating the risks associated with fraudulent intermediaries.

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— Bitcoin Minetrix (@bitcoinminetrix) December 11, 2023

A promising alternative to Avalanche

BTCMTX is a powerful token for the Bitcoin Minetrix ecosystem with tokens selling for just $0.0121. Prices will increase within 5 days, so anyone looking to join the BTCMTX community should hurry to take advantage of the early entry discount.

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To date, the pre-sale target has reached $5.22 million out of $5.828 million. Visit Bitcoin Minetrix to buy BTCMTX in the pre-sale here.