- AVAX price has the potential to jump to $40.00 if it maintains its position above $28.00.
- Avalanche will soon roll out the Avalanche9000 upgrade, which aims to provide near-instant finality for transactions on the blockchain.
- If the Avalanche price fails to remain above $28.00, there is a risk of it slipping to $19.40.
The Avalanche Summit in LATAM has commenced in Argentina, representing a pivotal moment for the blockchain community in this area. Taking place in Buenos Aires, the event kicked off with a keynote that featured Avalanche9000, a significant network upgrade designed to transform the Avalanche ecosystem.
AVAX Price Set to Gain from Near Instant Finality
The Avalanche9000 upgrade is the most significant network update since the launch of Avalanche’s mainnet. It introduces a range of enhancements aimed at boosting the platform’s scalability, security, and user-friendliness.
A standout feature of Avalanche9000 is the Avalanche Consensus Protocol (ACP-77), which enables near-instant transaction finality. This means that transactions are virtually confirmed immediately, decreasing both the time and costs linked to blockchain transactions.
Avalanche9000 also strives to make the initiation of new blockchain projects not only more cost-effective but also simpler to customize.
The upgrade features a live testnet environment where developers can create and test their projects prior to launching them on the mainnet.
Currently, Avalanche price has dropped by 1.6% in the past 24 hours, trading at $27.38. Nevertheless, technical analysis suggests that the asset may experience a 40% rally as the team gears up for the Avalanche9000 launch.
Avalanche Price Analysis: All Focus on $40
The price chart for Avalanche reveals a rising channel pattern, which usually indicates a continuation of bullish momentum. The price is positioned at the lower end of the channel, supported by the 50-day and 21-day exponential moving averages (EMA).
The current price stands at approximately $27.27. With strong support at this level, an upward movement towards the target of $38.00 appears likely, representing a 40% increase from the present rate. Should this positive momentum persist, AVAX could breach the rising channel and climb towards the next resistance at $61.00.
Conversely, if the bearish sentiment prevails, AVAX could decline into a downward trend, falling below the channel, with $24.00 serving as the immediate support level. This would negate the bullish outlook, leading Avalanche price towards lower support levels at around $21.00 and $19.50.
