The AVAX price has reached a high of $10.12 in the past 24 hours, with its climb beyond $10 making the altcoin the 20th-biggest cryptocurrency in the market by capitalization.
However, the past hour as seen the market fall as a whole, with AVAX now standing at $9.92, which represents a 1% decline in a week and a 21% drop in the last 30 days.
The coin has also declined by 8% since the beginning of the year, in contrast to many other major tokens (BTC, ETH, XRP).
Yet with Avalanche remaining a strong platform and with AVAX still being highly oversold, the latter could make a big recovery very soon.
Avalanche Price Prediction as AVAX Becomes Top 20 Crypto in the World – Time to Buy?
AVAX’s chart illustrates just how much the altcoin has been oversold in recent weeks, with both its price and 30-day average (yellow) some way below its 200-day average (blue).
This is highly indicative of overselling and undervaluation, as is the fact that the coin’s relative strength index (purple) has remained close to 30 since the middle of August.
In other words, technicals alone would indicate that AVAX has to rebound strongly in the not-too distant future, since the coin is selling at a substantially discounted price, one which may eventually prove too tempting for buyers.
Having said that, AVAX’s support level (green) has fallen steadily over the past few weeks, implying that it could still fall a little further before picking up again.
As for the coins fundamentals, Avalanche remains the fourth-biggest layer-one blockchain network in terms of total value locked in, behind only BNB Chain, Tron and Ethereum.
This highlights just how popular Avalanche remains among users and dapps as a high-performance chain, with the platform welcoming a number of important new partnershps in recent months.
Most notably, this includes a link-up with Alibaba Cloud, with the latter using the Avalanche blockchain to developer and offer its own metaverse experiences to customers.
Based on all this, AVAX’s fundamentals continue to look very sound, with the coin likely to recover back up to $10 in one or two weeks.
It could then reach $15 by the final weeks of the year, with a potential bull market in 2024 likely to push it as high as $30 or $40.
New Presale Token With High-Potential
Traders looking to diversify their portfolios beyond AVAX and other established tokens may want to consider looking at newer altcoins, and in particular at presale tokens.
The latter can often rally big when they list on exchanges and trading platforms for the first time, with one of the most interesting presale coins at the moment being Bitcoin BSC (BTCBSC).
BTCBSC is a BNB Chain-based cryptocurrency that offers holders the opportunity to own a form of BTC that provides them with passive staking income.
Bitcoin BSC commenced its presale earlier this week, and it has already raised more than $200,000, a figure which offers a strong indication of the market’s interest in its design and tokenomics.
In particular, Bitcoin BSC is proving popular because it offers investors the chance to compensate themselves for having missed out on the original Bitcoin back when it was extremely cheap.
Accordingly, 1 BTCBSC will be selling for the entirety of the presale at a price of $0.99, which is a price BTC itself reached in 2011.
Another parallel is that Bitcoin BSC will have the same 21 million hard cap as Bitcoin, with 6.125 million being on offer during the altcoin’s sale.
Yet one interesting area in which Bitcoin BSC differs is that, as a BNB Chain-based token, it will be open to staking, enabling its holders to earn a steady passive income.
It’s possible to join the presale by heading over the official Bitcoin BSC website and connecting your software wallet, such as MetaMask or WalletConnect.
Once the sale is over, the altcoin will then list on BNB Smart Chain DEX, where it could end up making its early investors a very nice profit.
Visiting Bitcoin BSC Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here