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Avalanche Price Spikes 35% In Two Days Breaking $50 — Will AVAX Continue Rising?

Last Updated March 13, 2024 2:46 PM
Nikola Lazic
Last Updated March 13, 2024 2:46 PM
By Nikola Lazic
Verified by Peter Henn

V Key Takeaways

  • AVAX hit a new high of $57.50, surpassing December’s $49 peak.
  • MapleStory’s blockchain expansion on Avalanche drives investor interest.
  • Current AVAX uptrend potentially part of a larger bull cycle.

On March 13, Avalanche reached $57.50, surpassing its previous high on December 24 of $49. This move was part of an uptrend which started on January 24, when it fell to a low of $28. It gained traction slowly but picked up the pace in the last two days, spiking by 35%. 

What were the fundamental factors that drove the price, and will AVAX continue to strive further?

What Drove The Rise of Avalanche (AVAX)?  

Multiple factors have brought attention to Avalanche lately and caused investors to buy the token. 

MapleStory  is a MMORPG by Nexon, and is expanding into blockchain gaming on the Avalanche platform via MapleStoryU on a Subnet. 

 

MapleStory is now focusing on user-generated content, enabling players to own the content they create. This allows players to craft worlds and items, with a significant portion of the game’s items expected to be player-created.

This was announced on March 11, which correlates with the price rise.

Looking at the on-chain data, we can see a notable increase in large transactions from March 10, meaning whales have bought up the AVAX token. This metric jumped from a low of 346 ts to a high of 1200 txs today. 

Avalanche (AVAX) Price Analysis 

Following its breakout on November 1, AVAX experienced a 470% increase in value, climbing from $9 on October 19 to $51 on December 24.

Daily chart
AVAX could go to $90 next.

Despite this upward trend, our projections indicated a likely retracement as part of a correction phase. On January 23, it fell to its 0.618 Fibonacci retracement level at $26.60 and found support there, making a bounce. 

A new uptrend started, with the price of AVAX gaining over 100% since the January low. The crypto is still in an upward trajectory. As it peaked above the horizontal resistance of $53, we expect further uptrend continuation. 

The preceding uptrend ended in December, followed by a 0.618 Fibonacci retracement. This was, most likely, its first two sub-waves of a larger five-wave cycle. This makes the current rise its third wave, which typically ends at the 1.618 Fibonacci extension. 

Our target is $89, but if AVAX is in a major bull cycle after another correction, we could see higher values by the end of 2024. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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