Crypto Whales Buy 52 million Avalanche (AVAX): Price Impact

Analysis2mos agoUpdate 6086cf...
71 0

In Brief

  • Avalanche price is poised to observe a potential 23% rally to reclaim March highs.
  • Whales have added nearly 52 million AVAX to their wallets in the last three days.
  • AVAX maintains a low correlation with Bitcoin, which hints at avoiding market cues.

The price of Avalanche (AVAX) has seen a notable decline on the daily chart recently, dropping below $50.

Despite this downturn, there is a wave of optimism from a significant group of investors that could catalyze a recovery.

Avalanche Attracts Crypto Whales

The outlook for Avalanche is becoming increasingly positive, thanks to substantial interest from crypto whales — investors with holdings ranging from $1 million to $10 million worth of AVAX. These whales have collectively added nearly 52 million AVAX, valued at over $2.1 billion, in just three days since the start of April.

Their substantial investment strongly indicates their confidence in the asset’s potential for price appreciation.

Crypto Whales Buy 52 million Avalanche (AVAX): Price Impact
AVAX Whales Holdings. Source: IntoTheBlock

Moreover, Avalanche is distinguishing itself from the broader crypto market. Its correlation with Bitcoin stands at a low 0.17, suggesting that while it may still follow the broader market trends, its price movements won’t be as closely tied to Bitcoin’s fluctuations.

This independence could set the stage for significant gains. Indeed, a high correlation suggests that an altcoin will mirror Bitcoin’s price movements, while a low or negative correlation indicates a more independent price movement.

Crypto Whales Buy 52 million Avalanche (AVAX): Price Impact
AVAX Correlation with BTC. Source: IntoTheBlock

AVAX Price Prediction: Another Rally

Given these factors, Avalanche’s price could see a 23.5% rise from its current trading price of $47.32, potentially reaching $60. This level is just above the year-to-date high of $65.

However, reaching this target depends on AVAX’s ability to overcome several resistance levels at $50, $53, and $58. The $53 mark, in particular, is a critical barrier that has been tested multiple times.

Read More: How To Buy Avalanche (AVAX) and Everything You Need To Know

Crypto Whales Buy 52 million Avalanche (AVAX): Price Impact
AVAX Price Chart. Source: TradingView

Should Avalanche struggle to surpass these resistance levels, particularly the $53 mark, it could lose its bullish momentum and see a reversal in its upward trend. This scenario would negate the optimistic forecast and could result in the price falling back below $50.

Best crypto platforms in Europe | April 2024

This article is sourced from the internet: Crypto Whales Buy 52 million Avalanche (AVAX): Price Impact

Related: The Biggest Crypto Predictions for April 2024

In Brief Bitcoin price is expected to mark a new all-time high with the halving around the corner. Solana price could make a run to $250 given the rising institutional interest and performance of its DEX Jupiter. Fantom is projected to dive by 20% in the coming month, owing to the first bearish signal in two months. April is expected to be a big one for the crypto market as a major event in the Bitcoin (BTC) halving is scheduled. This will also have an impact on other assets, such as Solana (SOL) and Fantom (FTM). BeInCrypto looks at the ongoing market movements and where you can expect these assets to land. Bitcoin Will Likely Climb to $77,000 Bitcoin price marked a fresh all-time high of $73,750 earlier this month,…

 

© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...