New ATH For AVAX: Can Avalanche Gain 350% During This Bullrun?

Core Insights - AVAX is emerging as a strong competitor in the cryptocurrency market, showing resilience during recent sell-offs and potentially outperforming established players like Solana, Ethereum, and Bitcoin [1] - AgriForce, a Bitcoin mining company focused on clean energy, is planning to raise $500 million to accumulate Avalanche coins, which could serve as a significant catalyst for AVAX [1] Technical Analysis - On the weekly timeframe, key price levels for AVAX are identified: the all-time high (ATH) at $147 and a support level at $55, which is currently acting as resistance [3] - The price has attempted to break above $55 multiple times, with the moving averages indicating a potential uptrend if the MA50 is above the MA100 and MA200 [3] - On the daily timeframe, AVAX has shown an upward trend after a 7-month consolidation within a range of $15 to $26, with a decisive breakout occurring on September 10 [4] - The moving averages are aligned in an uptrend, suggesting continued upward momentum towards the $55 target and potentially the 2021 ATH [4] Entry Strategy - For entering long positions, it is recommended to analyze higher timeframes first, followed by lower timeframes, with a focus on identifying retraces during an uptrend [5] - The ideal entry point is during price retraces, with stops placed below the previous higher low based on the timeframe used [6] - Recent price action indicates a potential entry around $30, with a stop at $25, allowing for significant upside potential towards $55 [6]