In the dynamic space of cryptocurrencies, Avalanche (AVAX) is making waves, riding the waves of a recovery rally that started last month. While the broader spectrum of alternative coins is enjoying a resurgence, AVAX is at the forefront, ready to extend its rise, with market rumors pointing to a potential surge towards the coveted $50 mark.
Avalanche Grows: Durango Upgrade Heralds Growth
Currently the AVAX Award is confidently above the 50% retracement level at $39.91, indicating a robust support level within the market range of $28.00 to $49. Technical indicators are contributing to the positive sentiment, with the Simple Moving Averages (SMA) rising gracefully. This suggests that the path of least resistance favors sustained price appreciation, creating an optimistic atmosphere among market observers.
This is a great opportunity for Avalanche builders and validators to learn all the ins and outs of Durango ????
Go live here on X or on YouTube next Wednesday. at 12pm ET ???? https://t.co/811uVwOIg9
— Avalanche ???? (@avax) February 12, 2024
The buzz around AVAX is reaching a crescendo as the highly anticipated AVAX Durango upgrade gears up for deployment on February 13. Community expectations have been steadily increasing since the pre-release of the upgrade code on February 2.
This upgrade brings with it a range of exciting features, including Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize on-chain and cross-chain communications capabilities, promising a more interconnected and resilient network. This enhancement is intended to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.
AVAX currently trading at $41.31 on the daily chart: TradingView.com
Market analysts, fueled by the palpable excitement, predict that the increasing buying pressure could trigger a substantial 20% increase, potentially pushing AVAX to $49.95, effectively filling the current market range.
In a more bullish scenario, gains could reach $54.92, a level not seen since the May 2022 boom and showing an impressive 35% upside from the current valuation.
AVAX social dominance volume. Source: Santiment
AVAX: On-Chain metrics point to continued growth
Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both the social dominance and social volume metrics for AVAX have been gracefully relaxed, creating a picture of serenity in the market. This calm often lays the foundation for continued price growth, avoiding a premature high fueled by increased volatility from mainstream attention.
As AVAX Durango’s upcoming upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential upside that could unfold. With technical indicators, on-chain metrics, and market sentiment favoring AVAX, the cryptocurrency appears poised to continue its upward trajectory and possibly reach new highs in the coming weeks.
Featured image from Pixabay, chart from TradingView
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