Well-known cryptocurrency analyst and trader Michael van de Poppe recently took to Twitter to share his insights on Avalanche (AVAX) and its potential price movements in the near future. In his tweet, van de Poppe discussed the consequences of AVAX’s price staying above $16.85, a critical support level for the cryptocurrency.
At the time of the tweet, AVAX was around $17.17, with van de Poppe stating that if the price could remain above $16.85, AVAX would likely target higher prices. He believes that the cryptocurrency’s price could increase to as high as $18.50 or even $19.50 if it successfully stays above the stated level.
Since van de Poppe’s tweet, AVAX has managed to stay above $16.85 despite a slight price decrease. At the time of writing, AVAX is trading at $17.40, following a 0.88% price drop over the last 24 hours. During this period, the altcoin recorded a daily high of $17.72 and a daily low of $17.30.
This drop in price also caused AVAX to weaken against Bitcoin (BTC) by about 0.61% and Ethereum (ETH) by 0.94%. The 24-hour trading volume for AVAX has decreased by 28.77%, standing at $91,861,378 at the time of writing.
According to CoinMarketCap, AVAX is still in the green by 1.20% over the last week, despite the recent price decline. Furthermore, the cryptocurrency experienced a 0.19% gain over the last hour of trading.
Avalanche (AVAX) is a scalable and decentralized platform for launching decentralized applications (dApps). As cryptocurrencies continue to gain mainstream adoption, platforms such as Avalanche, Ethereum, and Cardano have become increasingly significant. In particular, Avalanche is known for offering fast transactions and low fees, making it an attractive choice for dApp developers and users.
It is important to note that the cryptocurrency market is notoriously volatile, and sudden price swings can be expected. While van de Poppe’s analysis provides valuable insights into AVAX’s potential price movements, readers should be cautious and conduct their research and due diligence before making investment decisions.
Michael van de Poppe’s analysis is not the only one providing insights into Avalanche’s (AVAX) future performance. The trading community is full of traders, analysts, and investors who regularly analyze the cryptocurrency market and share their views on different platforms. Thus, it is essential to consider various opinions and strategies to make informed decisions related to cryptocurrency investments.
In conclusion, AVAX’s ability to stay above the critical $16.85 support level can impact its price positively, according to Michael van de Poppe. However, one should remember that the cryptocurrency market is unpredictable and can witness unforeseen changes. Therefore, it is advisable to exercise caution and conduct thorough research before dealing in cryptocurrencies.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
