Avalanche price could rise 20% on gaming narrative ahead of GDC conference
|- Avalanche price has outperformed crypto markets with upwards of 12% in gains.
- AVAX could tag the $78.13 threshold with gaming-related tailwinds from GDC conference.
- A break and close below $32.10 would invalidate the bullish thesis.
Avalanche (AVAX) price is an outlier on Monday, rallying while the broader market is crashing. It has outperformed Bitcoin price, as well as meme coins and AI crypto coins, sectors that have been thriving of late. AVAX’s good fortune comes ahead of the Game Developers Conference (GDC), which kicked off on Monday.
Also Read: Avalanche Price Prediction: AVAX rally could reach $60
Avalanche to reap excitement from Gaming Developer Conference
After successfully nicking the $60 threshold, Avalanche price shows no signs of stopping, steered by proper tailwinds from the GDC. On March 20, the AVAX ecosystem will have representation at the conference in San Francisco. The network will be flanked by partners such as Merit Circle, Shrapnel and Blood Loop, according to Edward Chang, Gaming Director at Avalanche, in an interview with CoinMarketCap.
Chang sees the GDC as a pivotal moment to prove that blockchain games are ready for mainstream adoption. Here is why:
- Avalanche has positioned itself as a leading blockchain for Web3 gaming after launching Maple Story, a popular game built atop one of Avalanche’s subnet.
- Avalanche’s subnet structure provides scalability and customizability, which are attractive to traditional game publishers.
- Avalanche network boasts a "Teleporter" technology, an “internet of subnets,” where assets such as game items can move from one subnet to another seamlessly
Leveraging the power of infrastructure, partners, and a strong developer focus, the AVAX network is poised to become a go-to platform for Web3 gaming. These tenets could catalyze mass adoption and Web3's gaming revolution while steering the Avalanche price upward.
Avalanche price outlook ahead of Wednesday’s GDC conference
Avalanche price is trading within the lower segment of the market range measured from $9.13 to $147.13. Standing almost 90% higher after defending the $32.10 support, AVAX price looks poised for more gains.
Several technical indicators flash bullish, starting with the Relative Strength Index (RSI) that is climbing to show rising buying momentum. Bulls are also in the driver’s seat of AVAX price, which can be deciphered due to green histogram bars on both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in positive territory.
With the classic ‘buy the rumor, sell the news’ situation in play, Avalanche price could extend its gains, likely reaching the 50% Fibonacci placeholder at $78.13. In a highly bullish case, the Layer 1 (L1) blockchain token’s market value could extend a neck high to tag the $100 psychological level, nearly 60% above current levels.
AVAX/USDT 1-weekchart
On the flip side, early profit taking could interrupt the rally, causing Avalanche price to write off all the gains made since January 30. The ensuing seller momentum could see AVAX price drop to $40, or in a dire case, flip the $32.10 support into resistance, thereby invalidating the bullish thesis.
Also Read: Avalanche Foundation’s meme coin investments are underwater, AVAX price sees 36% weekly gains
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.