Michael van de Poppe, a prominent crypto analyst and trader, took to Twitter on April 29 to share his thoughts on the future of Avalanche (AVAX). In his tweet, van de Poppe explored what could happen if the cryptocurrency’s price could stay above $16.85.
At the time of van de Poppe’s tweet, AVAX’s support level was around $17.17. According to the analyst, if AVAX could stay above $16.85, the price of the cryptocurrency could target higher prices. Van de Poppe predicts that AVAX’s price could rise as high as $18.50 or even $19.50 if the crypto can stay above the aforementioned level.
Van de Poppe’s bullish prediction for AVAX is based on his technical analysis of the cryptocurrency. He notes that AVAX has been in a consolidation phase for the past few weeks, with its price moving in a range between $15 and $22. During this time, AVAX has formed a bullish pennant pattern, which is a continuation pattern that often results in an upward price movement.
Van de Poppe’s analysis of AVAX is in line with the cryptocurrency’s recent performance. Over the past month, AVAX’s price has increased by over 80%, from a low of $14.70 on April 1 to a high of $26.80 on April 22. While the price has since pulled back, it is still up by over 30% from the beginning of the month.
What is Avalanche (AVAX)?
Avalanche (AVAX) is a blockchain platform that aims to provide fast and secure transactions. It uses a consensus mechanism called Avalanche, which allows for near-instant finality and high throughput. AVAX can also support the creation of custom blockchain networks, which can be used to power decentralized applications (dapps).
AVAX is the native cryptocurrency of the Avalanche network. It is used to pay for transaction fees, staking rewards, and governance on the network. AVAX can also be used as collateral for creating new blockchain networks on the Avalanche platform.
Conclusion
Michael van de Poppe’s analysis of Avalanche (AVAX) suggests a bullish future for the cryptocurrency, with the potential for its price to rise as high as $19.50. This is based on AVAX’s current support level and its formation of a bullish pennant pattern. AVAX has already seen significant gains over the past month, and if van de Poppe’s predictions hold true, it could continue to rise in value.
