AVAX price adjusted heavily recently as part of the crypto crash. Prices did fall from a high of around $135 and crashed all the way to a low of $60. Prices tried to recover afterwards, but the Ukraine war took a heavy toll on crypto prices. Recently. Avalanche price managed to break out of an important trendline. Could this signal an upcoming boom? More specifically, can AVAX reach $200? In this AVAX price prediction article, we’ll analyze Avalanche and see how an AVAX price $200 is in sight.
What is Avalanche Crypto?
Avalanche entered the crypto sector as a haven that houses smart contracts as far back as 2020. After its creation, it allowed developers to create decentralized applications and custom blockchains, among other things. Its developers, Ava Labs, created the smart contract platform to use a proof of stake protocol. In the last few years, the platform has provided a massive rival to Ethereum. This is solely down to its claims about being faster, more secure, and with massive compatibility with Ethereum and other chains as a plus. Besides these benefits, developers who aim to make their tokens can do so using the Avalanche platform. The platform will provide subnets to massive amounts of tokens during its design.
AVAX Price $200 – Will Avalanche reach such Valuation?
Avalanche price broke out of the descending triangle two weeks ago, breaking the trendline. A break of a falling trendline usually indicates a new uptrend. Since price has broken out of a pattern, we also have a formation target. The target of the triangle is around $192. Thus, the price could make a new all-time high with this uptrend. This would then be around $192, or even the psychological price of $200. There could be a brief correction during the rise. However, such corrections are healthy for price and are bullish rather than bearish when they occur.
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When to Invest in Avalanche – Buy AVAX Today?
The Avalanche price could correct in the daily chart for the time being. The past few days have been consistently positive, however, the bulls appear to be lagging, leading us to expect a short-term correction. The Avalanche price has already found support on the trend line, which is why we do not expect any correction to the trend line. Instead, we expect a correction to the GoldenPocket, which sits at around $90. If you want to invest in Avalanche, you could start there, as this is a good entry point.
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