AVAX Price Prediction: Is the Downtrend In Avalanche Over Now?

• AVAX price (AVAX) surged 0.58% in the last 24 hours and is currently trading at $12.64.
• Avalanche (AVAX) derivatives data states that a total of $293.41 open interest contracts have been created over the past 24 hours.

Avalanche (AVAX) is a blockchain platform that competes with Ethereum for the smart contract market. It claims to have faster and more scalable transactions than Ethereum, up to 6,500 per second.

Avalanche achieves this by having a different architecture than Bitcoin and Ethereum. Instead of having one blockchain, Avalanche has three: the X-Chain, C-Chain, and P-Chain. Each chain has a specific function and does not require all nodes to validate all transactions.

The AVAX price is currently trading at $12.64 with an incline of 0.58% in the past 24 hours. Avalanche holds a total market cap of $4.37 Billion and ranks 18th in the crypto market. 

Avalanche token has a trading volume of $93.8 Million with an incline of 10.54% over the past 24 hours. It has over 433.06 Million tokens in circulating supply. The volume-to-market cap ratio of the Avalanche token is 2.14% indicating low volatility in the market.

AVAX Price Prediction Using Price Action Strategy

AVAX price analysis reveals that the token has been in a correction phase after a hike of nearly 30% in June 2023 from the lower demand zone. Since July 2023 the price has declined suffering multiple rejections from a trendline resistance. However, the price is forming several neutral candles indicating a loss of momentum in the correction and indecisive trend for now.

The price slid by more than 3% in the past week and over 18% in the last three months showing the continuation of the correction phase. Also, the low volume of the coin further adds confirmation of the weakness in the stock.

Currently, the price is nearing a lower demand zone from where it may get the buyers’ support followed by a hike in the price which may push the price near the upper trendline. 

Thereafter, if the price sustains and makes a breakout of the trendline resistance then it may surge for higher targets.

Avalanche Price Forecast from Indicators’ point of view

As per the EMA analysis, the Avalanche price suffered rejection from the 200 EMA Showing the presence of sellers at the upper levels. Also, the price could not sustain above the 50 EAM which indicates short-term domination of sellers in the market.

At the time of publishing, the RSI value of the Avalanche token is 41.59 and that of the SMA line is 42.29. RSI is declining suffering rejection from the SMA line which signals a bearishness in the market.

MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with increasing height indicating the seller’s presence in the market.

Conclusion

AVAX price prediction concludes that the token has been corrected after a price hike of nearly 30% in June 2023. The price has been falling and facing resistance from a trendline, but it is showing signs of slowing down. The price may bounce back from a lower demand zone and break out of the resistance, leading to higher targets. 

Technical Levels

• Support levels: $14.87 and $16.52.
• Resistance levels: $0.1.16 and $1.35.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.