Javon Marks Projects Potential Avalanche (AVAX) Gain of More Than 1,100%

Avalanche (AVAX) traded at $8.53 on Nov. 11, above its 50-day average but below its 200-day average, leaving the token between two closely watched technical levels.

Analyst Javon Marks projected a potential gain of more than 1,100% toward AVAX’s previous all-time high. The projection contrasts with the token’s pullback from about $11.90, its September peak.

AVAX fell from about $9.80 to $6 during late May and June, then traded between $6 and $6.60 before recovering in late August. It reached about $11.90 around Sept. 17, then declined through Nov. 11.

The technical setup places nearer resistance at $8.90 and support at $8.39, the 50-day average. The $9.20 200-day average is another resistance level; a sustained move above it could put $10 in view. A fall below $8.39 could bring $8 and then $7.30 into focus.

Analyst Michaël van de Poppe called the current price area a possible accumulation zone but said the bounce lacked follow-through. “Great bounce upward, but no continuation yet,” van de Poppe wrote Nov. 10. He also said positive developments had not produced a strong rally in AVAX.

AVAX’s brief move above $9 on Nov. 9 was covered in an earlier market update.