As Avalanche Price Explodes, These 3 Altcoins Might 20x in 2023
AVAX, the cryptocurrency that powers Avalanche’s high-performance smart-contract-enabled layer-1 blockchain protocol, has been surging in 2023. The cryptocurrency is already up nearly 100% since the turn of the year, with AVAX last changing hands to the north of $21 per token, having ended 2022 under $11.
Avalanche has been benefitting from a broader uptick in crypto market risk appetite that has seen the likes of Bitcoin and Ethereum post 35-40% gains on the year. Traders have been betting that 2023 is going to be a much more favorable year on the macro front, as US inflation falls back rapidly, allowing the US Federal Reserve to ease up on its monetary policy tightening later in the year.
In mid-January, AVAX crashed to the north of its 200-Day Simple Moving Average (SMA) for the first time since April 2022 and has continually found support at its 21-Day SMA in recent weeks. If Avalanche can muster a sustained break to the north of resistance in the $21.80 area, this can open the door to a further push higher towards the August highs just above $30 per token, a further 45% rally from current levels.
Investors should consider investing in AVAX if they think the continued recovery in the cryptocurrency market's appetite for risk has legs. If a new bull market is here and AVAX does recover back to prior all-time highs, that would mark a 5-6x rally from current levels – impressive stuff.
But in a cryptocurrency bull market, investors may be able to secure even more impressive gains, perhaps in the region of 20x, if they invest in the right crypto presales. Here is a list of crypto presales reviewed by the team at Cryptonews.com.
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