Avalanche Price Prediction: AVAX Price To Hit $100 This Weekend As Terra Buys $100m AVAX Tokens

The post Avalanche Price Prediction: AVAX Price To Hit $100 This Weekend As Terra Buys $100m AVAX Tokens appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Recently, the Luna Foundation Guard (LFG) and Terra Labs (TFL), acquired 35,767 Bitcoins to back its UST stable coin reserves has now decided to expand their portfolio by purchasing $100 million worth of Avalanche (AVAX) tokens.

Earlier in the year, the Terraform Labs CEO, Do Kwon, announced that it is planning to build a reserve for its Stablecoin Terra (UST) by purchasing up to $10 billion in Bitcoin. After a series of Bitcoin purchases, the LFG has now jumped to make its first AVAX purchase.

AVAX, Terra’s Top Choice 

Do Kwon inform his Twitter followers that Avalanche is one of the most heavily trafficked Layer-1 with hundreds of applications bridging the gap between Defi and gaming? Hence, Terra’s top choice for scaling through Web3 chains on subnets is Avalanche.

2/ Today, none can deny that @avalancheavax is one of the most exciting ecosystems in web3.

It is currently one of the most heavily trafficked L1s with hundreds of apps spanning DeFi and gaming.

The numbers are great: https://t.co/94wrwADfhH

— Do Kwon (@stablekwon) April 8, 2022

As per LFG, the $100 million Avalanche purchase marks the start of a diverse pool of layer one crypto assets that will back $UST peg. Defi Token’s rapid growth and vast fan base is the reason that LFG chose to add AVAX.

3AC co-founder and a crypto investor, Su Zhu, has a bullish stance on Avalanche, Solana, and Polkadot, as he believes that purchasing Avalanche through the dip, was an ideal choice, and also this will have a bullish impact on the altcoin.

Avalanche Price Targets $100

After evaluation, analysts have set Avalanche’s target at $100. As per analysts at Trend Rider, there is a nice bounce in the AVAX price target after a potential reversal signal confirmation.

At the press time, AVAX Price is trading at $87.65 with an increase of 4.12% in the last 24hrs. The immediate resistance barrier lies at $89. If bulls manage to surpass this immediate resistance the next target lies at $95 and $100