Those who had an Avax bullish price prediction going to August could not have imagined the degree to which both this Avalanche token and Benqi could have attained.
The remarkable surge in the Avax token price comes as it enters into a crypto mining project with Benqi. More than $1billion in crypto assets have been listed on Benqi since its launch last Thursday (Aug19). As part of initiatives to promote the usage of Avax on the Benqi decentralised platform, $3m in incentives will be distributed to users who use ETH, LINK and DAI to lend and borrow DAX.
AVAX Price Prediction
The daily chart shows price action has retraced intraday after hitting a high of 53.62. Today’s move is the 10th day of gains in 11, following the integration of AVAX and BENQI. If this retracement continues, it could target the 23.6% Fibonacci retracement level at 43.255. A breakdown of this level opens the door for a move towards the 38.2% Fibonacci retracement level at 36.764. 31.518 (50% Fibonacci retracement price point) becomes a new target for bears if the correction continues.
On the flip side, a bounce at any support level mentioned above could provide bulls dip-buying opportunities, ultimately targeting a break of the 53.623 price mark that presently constitutes a 6-month high for the asset. A bullish AVAX price prediction move towards 60.00 can only be fulfilled in bulls take out this 12 February high.