- $AVAX’s support at $19.41 could trigger a breakout targeting $21.15 and $24.14 resistance levels.
- Avalanche network block production doubled, reflecting strong demand and healthy growth.
- $AVAX targets $100 in the long-term with a bullish Elliott Wave pattern set to unfold.
AVAX is showing significant signs of potential long-term growth. Sheldon The Sniper, a prominent trader, suggests that $AVAX could be on the verge of a breakout.
The current chart displayed on TradingView reveals that $AVAX is reversing its downward trend and approaching key support at $19.41.
Traders are advised to monitor the price as it could be poised for a movement that tests resistance levels at $21.15 and $24.14. With these levels holding, $AVAX may experience a substantial rise in the near future.
Avalanche Network’s Growth and Block Production Surge
Avalanche has recently reported a remarkable surge in daily block production. The network’s block production rate has more than doubled over the past year, reaching over 578,611 blocks per day, according to data sourced from routescan.io.
This notable increase is a clear indication of the growing health and scalability of the Avalanche network. As the network continues to expand, the rising block production suggests an increase in demand for its services, strengthening Avalanche’s position as a robust blockchain platform.
Long-Term Bullish Wave for $AVAX
Pascal, a well-known crypto analyst, also points to strong long-term potential for $AVAX, using an Elliott Wave analysis. According to Pascal’s chart, $AVAX is in the early stages of a major bullish wave, with a target of $100 in the coming years.
The analysis indicates that $AVAX is currently in wave III, suggesting strong upward momentum. If the pattern plays out as expected, $AVAX could see substantial gains in the future, aligning with the bullish outlook for the network.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
