CoinGecko reported:
AVAX experienced a healthy rebound over the weekend. The asset rose by 1.8% on the daily chart, 5.8% on the 14-day chart, and 3.6% compared to last month. Since October 2023, it has risen by 203.4%. Despite the increase, the asset still fell by 2.6% on the weekly chart.
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Source:
CoinGecko
Why is cryptocurrency rebounding?
The recent rebound may be due to Bitcoin (BTC) briefly surpassing the $69,000 mark, as well as the result of BlackRock’s $1.17 billion acquisition.
Another possible reason for the increase in AVAX price is the upcoming US presidential election. Market analysts predict that if Donald Trump remains in the Oval Office, the entire market will experience a rebound.
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October has historically been a bullish month for the cryptocurrency market. It seems that 2024 is following the same trend, with a healthy rebound after a decline earlier this month.
AVAX is expected to rebound by over 100%
Analysts at CoinCodex suggest that AVAX will rebound in the coming days. The platform predicts that AVAX will reach $57.97 on October 30, 2024. Reaching $57.97 from the current price level would represent a rebound of 103.5%. However, the platform expects the price of the asset to not remain stable, with a predicted pullback to $36.38 on November 17, 2024.
Source:
CoinCodex
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Some analysts have a slightly bearish outlook on AVAX. The platform predicts a potential high price of $46.72 for AVAX this month. Reaching $46.72 from the current price would result in a rebound of approximately 66.86%. The variable forecast suggests that the highest trading cost for the asset in November will be $48.83.
Source:
Changelly
AVAX also has the potential to continue rising without facing a pullback. If Donald Trump wins the upcoming US presidential election, the asset could soar to new heights. AVAX is currently down over 80% from its all-time high of $144.96 set in November 2021.
