Greed

2024

Cryptocurrency

Avalanche

<div class="finbold"> 
 <p class="paragraph">Last year was fairly dynamic for Avalanche (AVAX) as It was marked by a string of major partnerships including the ones with the gaming company BLRD and a key provider of cloud computing infrastructure – Amazon’s (NASDAQ: AMZN) AWS.</p> 
 <p class="paragraph">In the final months of 2023, AVAX was also making interesting moves on the crypto market – both in terms of <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> and volume, which briefly surged in early October after Stars Arena was launched and before it suffered from a major hack.</p> 
 <p class="paragraph">On the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> side, the cryptocurrency was one of the major winners of the fourth quarter rally and is up more than 187% compared to January 2023.&nbsp;</p> 
 <p class="paragraph">Still, it underwent a major decline, much like other major players on the market, following a <em>Matrixport </em>report stating that the SEC will, in fact, not approve a spot Bitcoin exchange-traded fund (ETF) before the second quarter of 2024.</p> 
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 <p class="paragraph">Despite the decline and downward momentum, and – unlike Bitcoin (BTC) – failing to reclaim its recent highs, Avalanche is still substantially above its price at the start of December.&nbsp;</p> 
 <p class="paragraph">The uncertainty stemming from the tumultuous and mixed events of late 2023 and early 2024 prompted Finbold to consult the predictive AI-driven machine-learning <a rel="dofollow" title="algorithm" href="https://thebittimes.com/tag/algorithm.html">algorithm</a>s of<em> CoinCodex </em>to try and figure out whether AVAX will continue declining in January or regain a more bullish momentum.</p> 
 <h2 class="wp-block-heading" id="h-predictive-algorithm-maps-avax-performance-in-january">Predictive algorithm maps AVAX performance in January</h2> 
 <p class="paragraph">The algorithms of <em>CoinCodex </em>predict a slightly upward trajectory for Avalanche – albeit with significant volatility – and estimate that AVAX will land at $32.98 on Jnaury 31, 2024.</p> 
 <figure class="wp-block-image aligncenter">
  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/0x5FywazZv0ZcsmTmy_zH8U-WcKSzPbpAbVJ44W_Ejz58x38r1vlo58q8Ej2d-LHdruBJdDD1zdsYkcQGMNBMDsd5_CDYlGonWNZeXO9wPZctPk31K6uPI_kdGFWS23kPKiVMsexlhFJEJC_HdSoO4I" alt>
  <figcaption class="wp-element-caption">
   AVAX 1-month forecast. Source: CoinCodex
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 </figure> 
 <p class="paragraph">While this is below its <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> at the time of publication – $34.44 – it is more indicative of the forecast volatility than overall <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> expectations. Upon extending the view toward early February, <em>CoinCodex </em>foresees that Avalanche will find itself slightly above $37 in one month’s time.</p> 
 <p class="paragraph">This slightly bullish trajectory is also reflected in Avalanche’s designation of “greed” on the “Fear and Greed Index” – an index that tracks investor attitude – and reflective of a generally neutral sentiment toward the cryptocurrency prevailing at press time.</p> 
 <figure class="wp-block-image aligncenter">
  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/V6eN112-NN8EOmKJGgrIjUwR7IEjYRZhoZh_t9AQHe3PHfZ9WUgh_pdiCKUGD-JPDzqWziRccrh7cFPT6zighuzLHjZmOzcZ5FawqbxQApgOMqR9yHYasxY3JjD78mRJkYBsvfm1rwJ269F-rCS0CH4" alt>
  <figcaption class="wp-element-caption">
   Sentiment and statistics on AVAX. Source: CoinCodex
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 </figure> 
 <h2 class="wp-block-heading" id="h-avax-price-analysis">AVAX price analysis</h2> 
 <p class="paragraph">While Avalanche has been losing ground since Christmas Day, the downward trend became particularly evident on January 3 when it, along with many other cryptocurrencies, rapidly fell by approximately 13%.</p> 
 <p class="paragraph">Generally, this downtrend continued in the first week of 2024, and in the last 7 days, AVAX is 14.74% in the red. The decline is also evident on January 8, as the cryptocurrency is down to $34.44 – by 0.85% – in the last 24 hours by the time of publication.</p> 
 <figure class="wp-block-image aligncenter size-large">
  <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/08/39734ae26c34bf2518b37bdff0dbb746.webp" alt class="wp-image-148006" srcset="https://cdn.thebittimes.com/images/2024/01/08/39734ae26c34bf2518b37bdff0dbb746.webp 1024w, https://cdn.thebittimes.com/images/2024/01/08/39734ae26c34bf2518b37bdff0dbb746.webp 300w, https://cdn.thebittimes.com/images/2024/01/08/39734ae26c34bf2518b37bdff0dbb746.webp 768w, https://cdn.thebittimes.com/images/2024/01/08/39734ae26c34bf2518b37bdff0dbb746.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   AVAX 1-week price chart. Source: Finbold
  </figcaption>
 </figure> 
 <p class="paragraph">Zooming out, however, paints a different picture. In the last 30 days, Avalanche is, in total, still up 22.68%. Additionally, it is significantly above its January 2023 <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s and has climbed 186.84% in the last 52 weeks.</p> 
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
 <p class="paragraph"> </p>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/machine-learning-algorithm-sets-avalanche-price-for-january-31-2024-tbt75930.html">https://thebittimes.com/machine-learning-algorithm-sets-avalanche-price-for-january-31-2024-tbt75930.html</a></p>

Machine learning algorithm sets Avalanche price for January 31, 2024

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