Avalanche (AVAX) Price Estimate March 2024 – Rise or Fall?

Like many other cryptocurrencies, Avalanche (AVAX) remains supported after Bitcoin’s price managed to climb above $73,000, buoyed by flows into new U.S. spot bitcoin exchange-traded products.

Bitcoin’s continued uptrend echoes investors’ positivity and it is important to say that analysts predict further gains moving forward.

SkyBridge hedge fund anticipates a value of $170,000 by April 2025, whereas Fundstrat forecasts Bitcoin to fluctuate between $116,000 and $137,000 by year-end. VanEck, an investment management firm, upholds its medium-term objective of $350,000.

Avalanche (AVAX) has advanced more than 60% since February 01, 2024, rising from $32.33 to a high of $57.51. The current price of AVAX stands at $54, and for now, bulls continue to control the price movement. But where is the price of Avalanche (AVAX) going next, and what can we expect from the rest of March 2024?

Today, Crypto Lists will discuss AVAX price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Avalanche’s popularity is on the rise

Avalanche is a blockchain platform that allows you to build decentralized applications, and it was designed to address some of the limitations and challenges faced by earlier blockchain platforms like Bitcoin and Ethereum, particularly in terms of transaction speed, scalability, and consensus mechanisms. Avalanche boasts a capability to handle over 4,000 transactions per second, positioning itself as one of the fastest smart contract platforms within the blockchain industry.

The platform supports the creation of custom blockchain networks, known as subnets, which can have their own rules, parameters, and virtual machines. This allows developers to tailor their DApps to specific use cases while still benefiting from Avalanche’s consensus and security features. Avalanche’s popularity is on the rise, and its adaptability is establishing it as the top choice for institutions, enterprises, and governments alike.

In 2024, the Avalanche network has continued to garner momentum, in part due to collaborations between traditional financial giants like JPMorgan and Citi with the Avalanche Foundation. These partnerships focus on real-world asset tokenization initiatives and the implementation of new technologies on the Avalanche blockchain.

A positive fact is that Cointelegraph highlighted on January 15 that Avalanche tokens attracted unprecedented user attention during a surge in interest surrounding Bitcoin BRC-20 tokens. Since their inception in 2023, over 100 million Avalanche tokens have been minted.

Rating: 9.33/10
Supply: 243,190,000 / 395,344,000
Release date: April 22, 2020

Description: Discover Avalanche and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

›› Read Avalanche review›› Buy or Sell AVAX here

---

MapleStory will expand its gaming experience

According to the latest news,  MapleStory, a massively multiplayer online role-playing game (MMORPG) developed by South Korean video game publisher Nexon with over 400,000 daily active users, will expand its gaming experience to the Avalanche blockchain. As per a March 11 announcement named “MapleStory N,” the game will leverage an Avalanche subnet on the blockchain’s cloud network, eliminating the need for a separate implementation partner.

This move promises enhanced convenience, increased support options, and faster time to market. Additionally, it will present users with fresh opportunities to generate content. It is important to say that MapleStory enjoys significant popularity in the Asia-Pacific region, boasting over 180 million registered players and its Web3 endeavor, MapleStory Universe, incorporates a variety of non-fungible tokens (NFTs) to enrich the in-game experiences. Angela Son, MapleStory Universe’s partnership lead, said:

“Our partnership with Ava Labs will allow us to build a stable and complete blockchain ecosystem, enabling us to securely service various dApps along with MapleStory N to amplify our competitiveness.”

Similar to numerous other cryptocurrencies, Avalanche (AVAX) continues to be supported following Bitcoin’s price surge above $73,000 and many crypto analysts expect further gains in the days ahead. The surge reflects the growing demand for spot Bitcoin exchange-traded funds (ETFs) available in the United States, which recorded a remarkable $1 billion in net inflows on March 12. Traders are questioning whether Bitcoin can reach $80,000, and if this happens, the price of Avalanche (AVAX) will probably be above the current levels.

Technical analysis for Avalanche (AVAX)

Avalanche (AVAX) has advanced from $32.33 to $57.51 since February 01, 2024, and the current price stands at $54. Despite the minor correction, bulls continue to control the price movement and as long the price of AVAX is above $50, this crypto remains in the BUY-ZONE.

Important support & resistance levels for Avalanche (AVAX)

On this chart (the period from July 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of AVAX for now, and if the price advances above $60, the next target could be resistance that stands at $70. The important support level is $50, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $45. If the price drops below $40, which also represents important support, the next target could be located around $35.

What speaks for the rise in the Avalanche (AVAX) price

The growth of Bitcoin, just like the rest of the cryptocurrency market is an important factor that has a positive influence on the price of AVAX and many crypto analysts expect further gains in the days ahead. Traders are questioning whether Bitcoin can reach $80,000, and if this happens, the price of Avalanche (AVAX) will probably be above the current levels. At the same time,  the growing network engagement due to new partnerships stands as essential catalysts that also propel the current AVAX price rally. With these indicators continuing their upward trajectory, it positions AVAX’s price favorably for additional gains.

What indicates the downfall of Avalanche (AVAX)

The decline of AVAX can be affected by numerous factors such as market sentiment, regulatory changes, technological progress, macroeconomic shifts, and various others. The recent heightened activity among AVAX whales indicates a renewed sense of interest and trust in AVAX. However, investors must acknowledge the inherent volatility of cryptocurrency markets. While positive advancements can lead to significant price surges, they also entail potential risks. AVAX is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The important support level for AVAX stands at $50, and if the price falls below this level, the next target could be $45 or even strong support at $40.

What do analysts and experts say?

Like many other cryptocurrencies, Avalanche (AVAX) remains buoyant following Bitcoin’s climb above $73,000, with numerous crypto analysts anticipating further gains in the coming days. This surge is indicative of the increasing demand for spot Bitcoin exchange-traded funds (ETFs) in the United States, which witnessed an impressive $1 billion in net inflows on March 12th. Traders are now looking at whether Bitcoin can attain $80,000; should this occur, the price of Avalanche (AVAX) will likely surpass current levels. Avalanche’s popularity is on the rise in 2024 due to collaborations between traditional financial giants like JPMorgan and Citi but it is also important to say that MapleStory will expand its gaming experience to the Avalanche blockchain. MapleStory is a massively multiplayer online role-playing game with over 400,000 daily active users and according to analysts, this is certainly positive for Avalanche (AVAX).

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.