Avalanche (AVAX) price is soaring amidst a market downturn, outshining other cryptocurrencies with impressive gains exceeding 12%. With the Game Developers Conference (GDC) around the corner, AVAX could see further momentum, potentially surging by 20%.
The upcoming GDC conference, set to commence on March 20, holds promise for Avalanche. With representation from the AVAX ecosystem, including partners like Merit Circle, Shrapnel, and Blood Loop, the event presents an opportunity to showcase blockchain gaming’s readiness for mainstream adoption. Edward Chang, Gaming Director at Avalanche, believes that the conference will demonstrate Avalanche’s potential as a leading blockchain for Web3 gaming.
Key factors contributing to Avalanche’s appeal in the gaming sector include its subnet structure’s scalability and customizability and innovative “Teleporter” technology, which facilitates seamless asset transfer between subnets. These features position Avalanche as an attractive platform for traditional game publishers, potentially driving mass adoption and fueling the AVAX price rally.
From a technical standpoint, Avalanche’s price is trading near the lower end of its market range, but several bullish indicators suggest further upside potential. The Relative Strength Index (RSI) indicates rising buying momentum, while positive signals from the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) support bullish sentiment.
In anticipation of the GDC conference, AVAX price could target the $78.13 level, with an optimistic scenario pushing it towards the $100 psychological mark. However, profit-taking may temporarily interrupt the rally, potentially leading to a pullback to $40 or, in a worst-case scenario, a reversal below the $32.10 support level, negating the bullish outlook.
