Tech

Things to know if you are looking to Buy Avax Stock

Important Points

  • With a 34X return over the previous 12 months, Avalanche has already made much money for early investors.
  • Avalanche’s triple-blockchain design is the secret to its success.
  • With growing platform usage, Avalanche may maintain its successful ways.

Making a lot of money from purchasers

There’s no denying that early Avalanche purchasers are now significantly wealthier. A $1,000 investment made at the start of 2021 is worth over $34,000.

But this isn’t a case where the early birds get the worm. Even if you waited until the middle of the year to buy Avalanche tokens, you’d be doing pretty well. Since early July, Bitcoin has returned approximately 11X.

What if you still missed out and didn’t purchase Avalanche till a month ago? Don’t be concerned. Your profit would still be approximately 90%.

Sure, Avalanche appears to have stabilized for the time being. However, this is also true for many other cryptocurrencies. Based on its track record, it may only be a matter of time until Avalanche goes on another tear.

The secret of Avalanche’s success

There are dozens of different types of cryptocurrencies. Why did Avalanche spread when others did not? Its blockchain architecture is the greatest option.

Avalanche’s platform, like Ethereum’s (CRYPTO: ETH), allows smart contracts. However, the distinctions with Ethereum have made Avalanche so popular. Avalanche, in an instance, is quicker and has much cheaper costs. Avalanche’s three interoperable blockchains enable these benefits:

  • The Exchange Chain (X-Chain) facilitates the generation and trade of native AVAX tokens.
  • Contract Chain (C-Chain): enables the development of decentralized apps based on smart contracts.
  • Platform Chain (P-Chain): organizes validators that check transactions and allows for the development of dynamic groups of these validators known as subnets.

Do you see fortune in your future?

Let’s get back to the main point. Can you earn a fortune by purchasing Avalanche? Yes, we believe the answer will be a yes.

But allow to temper that response. We don’t anticipate Avalanche to generate a 34X gain over the coming year, as it did in the prior year. If it did, it would be larger than every other cryptocurrency on the market now accept Bitcoin. That is feasible, but not likely.

It’s also worth noting that Avalanche’s future success is inextricably linked to the increased adoption of cryptocurrencies in general. While we fully anticipate cryptocurrencies to maintain their momentum, there is always the risk that conditions may change.

However, Avalanche has the potential to deliver significant profits in the future.

AVAX’s current pricing-

AVAX had reached an all-time high of over $80 as early as November 2021.

After spending much of the summer of 2021 in the teens, the currency, which is currently the 13th-largest according to CoinGecko, began to climb in mid-August and proceeded to ride pretty much straight up, or parabolic as experts would describe it. AVAX has gained more than 2,000% in the 12 months ending November 4, 2021. AVAX might go as low as $2.80 by late December 2020.

AVAX pricing is aiming for lower lows

The price of AVAX reached two swing highs of $127.69 on November 30 and December 22, forming a double top reversal pattern. The negative forecast will drive Avalanche down to the immediate support level of $101.49. This correction will result in a 17 percent drop, but it will not be the end of AVAX.

If this barrier is breached and selling pressure increases, the cryptocurrency will fall to the 62 percent and 70.5 percent retracement levels of $95.23 and $90.79, respectively. This downturn will result in a 25% loss overall.

Furthermore, if circumstances deteriorate, the AVAX price will continue to fall through important levels and approach the range bottom of $75.40. If the price falls below this level, market makers will collect the sell-stop liquidity.

It’s also worth noting that Avalanche’s future success is inextricably linked to the increased adoption of cryptocurrencies in general. While we fully anticipate cryptocurrencies to maintain their momentum, there is always the potential that conditions may change.

On the other hand, the negative view might be postponed if AVAX price decides to go for the buy-stop liquidity lying above the double top formation at $127.69.

These are a few things to look after before anyone buy avax stock.

Techbizidea

Tech Biz Ideas is a platform for providing business ideas full of techy thoughts which helps the audience to get benefit from this.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button