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Avalanche Shines With A 31% Rally – Can AVAX Bulls Maintain Push To $22?

Avalanche (AVAX) has had a relatively quiet second half of 2023 regarding price performance and ecosystem advancements. However, the token experienced a mesmerized turnaround towards the end of October, which has seen its value rise almost vertically in the past few weeks.

Avalanche’s positive run coincides with an optimistic climate in the general crypto market, as investors appear to be more interested in various digital assets. While Bitcoin, the premier cryptocurrency, continues to hold its own above the $37,000 mark, most altcoins seem ready to take advantage of changing market sentiment.

Avalanche Displays Strength With 31% Rally – Price Overview

The Avalanche price reached a yearly low of $8.78 in late September, forming the bottom for a trend reversal. The cryptocurrency’s price has been on a bullish run since then while looking to reclaim the highs achieved at the beginning of 2023.

As of this writing, the AVAX token is valued at $18.58, reflecting a massive 31% price increase in the past 24 hours. Meanwhile, the price of the altcoin has swelled by more than 48% in the weekly timeframe.

A broader look at the Avalanche price chart further highlights the token’s strength and attractiveness over the past few weeks. According to CoinGecko data, the value of AVAX has more than doubled in the past month.

Avalanche’s positive price action – in such a short timeframe – further emphasizes the favorable sentiment currently brewing in the general crypto market. Investors have also seen other altcoins, like Solana, Ethereum, and Chainlink, go on an upward trajectory in the past weeks.

Based on data from CoinMarketCap, AVAX has witnessed more than an 85% increase in its daily trading volume. Meanwhile, the token’s current market cap of roughly $6.68 billion reflects a 31% jump in the past day. 

Can AVAX Maintain Bullish Momentum To $22?

Many investors would be watching to see how far the Avalanche token can keep up with its red-hot momentum. And this makes sense, considering that the cryptocurrency was one of the best performers in the last bull market, rallying to a peak of $145.

In the short term, price action data suggests AVAX might be able to break above the psychological $20 level without much resistance. Nevertheless, investors should watch out for the $22 threshold, as it has proven to be a significant resistance zone in the past.

If Avalanche manages to breach and close above the $22 price mark, the token’s price could experience a parabolic run to $60. On the flip side, if the resistance level holds strong, the AVAX price could fall to find support at around $15. 

Avalanche

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Hashkey Enables AVAX Trading For Hong Kong Users – But There’s A Catch

Hong Kong-based cryptocurrency exchange Hashkey will now support trading the Avalanche (AVAX) token on its platform. However, traders must meet an interesting requirement before interacting with this cryptocurrency on the exchange.

Traders Must Meet $1 Million Portfolio Requirement: SFC

On Wednesday, September 27, Hashkey announced the listing of the AVAX token on its platform, with trading expected to commence on Thursday, September 28. However, only professional investors or individuals with an investment portfolio worth at least 8 million Hong Kong dollars (equivalent to $1 million), according to Hong Kong’s Securities & Futures Commission (SFC).

Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the only cryptocurrencies approved by the SFC for retail trading as of this writing. Meanwhile, other altcoins like AVAX are restricted to professional investors or individuals with a $1 million portfolio.

Since Hong Kong authorized retail crypto trading in August, the Securities & Futures Commission has placed significant restrictions on the operations of exchanges, including Hashkey. For instance, SFC requires users to deposit at least 10,000 Hong Kong dollars (or $1,500) during the Know Your Customer (KYC) verification process.

According to CoinGecko data, Hashkey, the first to receive a retail crypto license in Hong Kong, has a daily trading volume of roughly $4.93 million, which pales compared to its global counterparts. For context, Binance, the world’s largest crypto exchange, boasts a 24-hour trading volume of nearly $4.9 billion.

AVAX Price Continues Decline In September

Although the listing of AVAX on the Hashkey exchange poses a potential opportunity for increased adoption, it is worth noting that the cryptocurrency’s price has been struggling in recent months. And September wasn’t different for AVAX, as the token lost nearly 14% of its value in the past 30 days.

This continuous decline underscores Avalanche’s overall performance in 2023, which reflects the uncertain condition of the general market. The cryptocurrency has been on an estimated 58% plunge since notching a high of $21 in April.

According to data from CoinGecko, the Avalanche token changed hands for $8.91, with a 0.31% dip in the last 24 hours. As of this writing, the cryptocurrency has a daily trading volume of $117,251,082, reflecting an 18.4% rise in the past day. Avalanche ranks as the 24th-largest cryptocurrency, with a market cap of over $3.1 billion.

AVAX

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AVAX Network Activity Down – Will The Planned Token Unlock Bring Back The Energy?

Avalanche (AVAX)  is gearing up for a significant unlock event that has sparked speculation among investors. The past month has witnessed a prevailing bearish sentiment, with volume indicators suggesting that the buying pressure might not be robust enough to counter the crypto’s prevailing losses. 

Despite this recent decline, all eyes are on the impending unlock event, pondering the potential impact it might have on AVAX’s price trajectory.

Scheduled to occur later this week, the unlock event is based on data sourced from Token Unlocks. This data indicates that an impressive 9.54 million AVAX tokens, valued at over $100 million, are set to be unlocked on August 26. Such an event has historically brought about substantial market movements, prompting analysts to closely scrutinize the upcoming developments.

AVAX Price Impact: A Waiting Game

However, experts caution against expecting an immediate or substantial price reaction to this unlocking event. Previous instances of similar events have been accompanied by downtrends in AVAX’s price. In the wake of such trends, there is a possibility that AVAX might breach the psychological support level at $10. 

A closer examination of the current market data reveals that AVAX is currently priced at $10.24, exhibiting a slight decline of 0.7% according to CoinGecko. Over the span of the past week, the cryptocurrency has undergone a notable seven-day slump of 12.4%, further accentuating the challenges it faces.

A deeper analysis of AVAX’s price trajectory unveils that the downtrend in its valuation began in July, with the most substantial drop occurring during the course of August. This suggests a cumulative effect of market forces that have impacted the coin’s value.

The looming unlock event introduces an additional layer of complexity to the current market landscape, leaving investors to ponder the potential ramifications.

A Future Uncertain

As market participants await the unlock event, the crypto community is divided in its outlook. Some view it as a potential catalyst that could amplify the ongoing bearish trends, while others hold onto the hope that the event might signal a turning point for AVAX’s fortunes.

Such uncertainty is emblematic of the broader volatility that characterizes the cryptocurrency realm, where events can trigger both rapid appreciation and sudden depreciation.

AVAX finds itself in the midst of a challenging period marked by bearish trends and a potential unlocking event. The upcoming release of a substantial number of AVAX tokens introduces an element of suspense as investors wait to see if history will repeat itself with a further dip in price. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Toad World Blog

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99.5% Of AVAX Holders In Loss, As Avalanche Bears Thirst For More Blood

The Avalanche token (AVAX), like most other altcoins, felt the bearish impact of the general market downturn, which resulted in a billion-dollar liquidation in the crypto market. Historical price data, however, shows that AVAX has been experiencing selling pressure long before this recent market crash.

As expected, the struggling price of the Avalanche token has also been reflected in the portfolio of the cryptocurrency’s investors, who seem to be drowning in losses at the moment.

AVAX Holders In Profit Reach All-Time Low: IntoTheBlock

On Tuesday, August 22, market intelligence platform IntoTheBlock revealed – via a post on X (formerly Twitter) – that the number of AVAX holders in profit is at an all-time low. 

According to IntoTheBlock data, approximately 99.5% of AVAX holders are at a loss. This metric implies that nearly all investors in this cryptocurrency bought at a higher price and are currently holding at a loss due to the sustained bearish trend.

From a historical perspective, AVAX holders have witnessed similar levels of loss in the past, albeit not to this extent. The on-chain tracker reported that the number of AVAX holders in profit was almost as low in June and December 2022.

It is worth noting that these losses are unrealized, and they only become real when the Avalanche tokens – being held – are traded off. Although a high number of crypto holders in loss is not exactly a positive signal, it can be an indication that investors are yet to lose faith in a token and may even be banking on a recovery.

Avalanche Price Dips 17% In A Single Week

As mentioned earlier, the AVAX price has been struggling long before the recent market downturn, down by 52% from its yearly high of 21.37%. Unfortunately, the Avalanche market has been in a steep decline since notching a swing high in April.

In the past week, which coincided with the $1-billion market liquidation, AVAX has lost more than 17% of its value. Furthermore, a broader look at the market data shows that the token is on a nearly 25% decline in the last 30 days.

The future doesn’t look particularly bright for AVAX, especially with its upcoming token unlock event. A total of 9.54 million tokens is set to be unlocked on August 26, with a large portion of the unlocked tokens expected to hit the open market, potentially exacerbating the struggles of the Avalanche price.

According to CoinGecko data, AVAX is currently valued at $10.20, registering a 3.5% price decline in the past 24 hours. With a market cap of roughly $3.52 billion, the Avalanche token ranks as the 22nd-largest cryptocurrency in the market.

AVAX

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AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock

While most altcoins are looking toward a recovery from the recent market crash, the AVAX price seems to be gearing up for the opposite. The reason behind this is the massive token unlock that is set to occur this week, which will undoubtedly place more sell pressure on the already struggling price of the digital asset.

$102 Million In AVAX Set To Be Unlocked

The Avalanche network, like a lot of others, has locked a portion of its total token supply to be released into circulation on a periodic basis. Given that these unlock events can put bearish pressure on a token, they can often be a signal to exit.

For AVAX, the next token unlock event is set to take place on August 26, five days from now. But the most interesting thing about this event is the number of tokens set to be brought into circulation. According to the token tracking website Token Unlocks, a total of 9.54 million tokens are set to be unlocked on Saturday. This accounts for 2.77% of the total circulating supply of the asset, worth $102.29 million at current prices.

AVAX token unlock

The website also shows that the unlocked tokens are being distributed in four allocations. These include 1.13 million tokens ($12.06 million) for airdrop, 1.67 million tokens (17.87 million) for Foundation, 2.25 million tokens ($24.12 million) for strategic partners, and 4.5 million tokens ($48.24 million) for the team.

With this unlock, over 55% of the total token supply will be unlocked, leaving less than 45% of the supply locked. And as these 9.54 million tokens make their way to the market, it could be very bad for investors.

Will AVAX Price Be Impacted?

Given the allocation of the $102 million in tokens set to be unlocked, it is likely that a large chunk of it is going to hit the open market. As a result of such a large amount of selling, the AVAX price will certainly be impacted, making an already bad situation worse.

This will likely see the price of the digital asset fall below $10 for the first time since July 2021. Trading in the single-digit will see AVAX holders plunged further into losses, even though the vast majority are already sitting in the red, according to data from IntoTheBlock.

AVAX’s indicators are also incredibly bearish at this point with the price sitting below the 100-day and 200-day simple moving averages. This rules out a recovery for the digital asset in the short term, especially with the unlock event coming up.

At the time of writing, the AVAX price is sitting tentatively at $10.56, down 13.15% in the last week.

AVAX price chart from Tradingview.com

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Turbulent AVAX Price Trends And Fading Trading Activity – What To Expect

Avalanche (AVAX) has found itself ensnared within a critical price zone, grappling with a lackluster trading volume that has hindered its price action. The coin’s journey has been fraught with challenges as market sentiment takes a bearish stance, casting shadows over its potential upward trajectory.

The recent attempt at a bullish surge, stemming from the $11 support level, encountered a formidable obstacle at the $15.8 resistance level. This pivotal juncture proved to be an insurmountable barrier, leading to an abrupt price rejection. 

The consequence of this rejection has been instrumental in preserving AVAX’s bearish market structure, leaving traders and investors grappling with uncertainty.

AVAX Long/Short Ratio Signals Predominance Of Sellers

On closer examination of the trading landscape, the long/short ratio in the four-hour timeframe reveals a striking imbalance in favor of sellers. Data sourced from Coinglass paints a telling picture, with a staggering 56.5% of open contracts adopting short positions.

 

This lopsided ratio serves as a clear indication that a significant cohort of market participants anticipates AVAX’s downward trajectory to persist, amplifying the prevailing bearish sentiment.

The culmination of these factors has translated into AVAX’s current price of $12.46, as reported by CoinGecko. Over the past 24 hours, the cryptocurrency has experienced a modest decline of 0.6%, reflective of the prevailing market volatility.

Furthermore, the seven-day trend highlights a marginal contraction of 0.2%, further underscoring the turbulent nature of AVAX’s recent price movements.

Uncertainty Looms As Sellers Maintain Grip

As AVAX navigates this challenging phase, uncertainty looms large over its immediate future. The lack of trading volume has left the cryptocurrency vulnerable to sudden and sharp price fluctuations, while the prevailing bearish sentiment continues to deter potential investors from entering the market.

In this climate of uncertainty, all eyes remain fixated on the interplay between support and resistance levels., According to a recent price analysis, the token’s ability to transcend the $15.8 resistance level will likely dictate its trajectory moving forward.

Should this barrier be breached, it could instill newfound confidence among traders, potentially mitigating the bearish grip that currently envelopes the market sentiment.

AVAX finds itself at a critical crossroads, grappling with a lack of trading volume and a prevailing bearish sentiment. The recent price rejection has sustained the cryptocurrency’s bearish market structure, with the long/short ratio skewing significantly towards sellers.

As AVAX treads cautiously through this uncertain terrain, the cryptocurrency community watches, eager to discern whether the current challenges will pave the way for a resurgence or further deepen its bearish trajectory.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Token Gamer

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AVAX Smart Contracts Hit 6-Month High – What This Means For Its Price

AVAX has been expanding its reach in various areas over the past few months, but one aspect that has seen tremendous growth is its smart contract deployment. 

With this significant milestone, many investors and traders alike are speculating whether this development could be the catalyst that propels the Avalanche Network native token’s price to new heights. 

Will this newfound growth in smart contracts lead to a surge in AVAX’s value?

Contract Deployment Spike Could Boost AVAX Adoption 

According to the latest CoinMarketCap data, Avalanche (AVAX) has experienced a minor 2.04% dip in its price over the last 24 hours, but still remains relatively steady at $17.04. 

Despite this slight setback, data from Artemis reveals that the network has witnessed a significant spike in contract deployment, which can be a positive indicator for the protocol’s usage and adoption.

The increase in the number of smart contracts deployed on the Avalanche network suggests that more developers are building dApps and exploring the potential of the platform. 

As the number of dApps on the network grows, it can lead to a wider range of use cases for the protocol, attracting more users and projects. This increased adoption and usage can ultimately drive up demand for AVAX.

If the trend of contract deployment continues to rise, it could be a sign of a healthy and growing ecosystem on Avalanche. This, in turn, can further boost the token’s value.

Avalanche’s DeFi Performance Disappoints

Despite a significant increase in smart contract deployment on the Avalanche network, the platform’s performance in the decentralized finance (DeFi) sector has been less than stellar. 

Recent data shows a sharp decline in the platform’s decentralized exchange (DEX) volume, falling from 311 million to 13.74 million in just a few months. This has had a direct impact on Avalanche’s total value locked (TVL), which has also seen a decline.

One of the contributing factors to the decline in Avalanche’s DeFi performance has been the decreasing interest in BTC.b, a wrapped Bitcoin token on the network used for DeFi purposes.

According to data from Dune Analytics, all DEXes on the Avalanche network have witnessed a decline in BTC.b usage, indicating a lack of interest in the platform’s DeFi offerings.

Outlook For AVAX

Despite the disappointing DeFi performance, the increase in smart contract deployment on the Avalanche network remains a positive indicator for the platform’s future prospects.

As more developers build dApps and explore the network’s potential, it can lead to a wider range of use cases and attract more users and projects.

-Featured image from Analytics Insight

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Will AVAX Price Get A Lift From Avalanche NFTs? Let’s Examine The Metrics

AVAX, the native token of Avalanche blockchain, has been making headlines lately as the Avalanche NFT transfers soared to record figures in the month of April alone. 

As the blockchain world continues to expand, the surge in NFT transfers on the Avalanche network raises a burning question – Will this help AVAX price go up?

Let’s explore the possibilities.

AVAX NFT Collections, dApps Gain Traction On Avalanche Network

The AVAX token is set to benefit from the latest surge in NFT transfers on the Avalanche network, which has seen over 2 million NFT transfers in April alone, five times greater than March. 

This trend can be attributed to the blockchain’s fast and low-cost transactions and scalable platform, which has made it a preferred choice for NFT creators and collectors.

The surge in Avalanche NFTs can also be traced to the popularity of blue-chip AVAX NFT collections such as Chikn and Doggerinos, which have experienced significant volume spikes in recent months, according to AVAX NFT Stats.

The growing interest in the Avalanche network has also translated into a rise in activity on dApps such as Trader Joe, a leading DEX on the network.

As a result, the Avalanche network has seen a substantial increase in transaction volume and quantity, suggesting that AVAX is poised to gain further traction in the blockchain and crypto space. 

In the past month, Trader Joe has seen a 184% surge in the number of unique active wallets on its platform, reflecting the increasing demand for decentralized trading on the network.

The future appears promising for the AVAX token, as more users explore the platform’s potential for NFTs and dApps.

So-So Performance By AVAX

The AVAX token’s performance has been somewhat lackluster in recent days. Over the past week, the price of AVAX has experienced a substantial decline of 20.65% according to CoinMarketCap.

Despite this, it has managed to gain 1.17% over the past 24 hours and is currently trading at $16.97.

The mixed results on the Avalanche network suggest that while there is growing interest in NFTs and dApps, there are still challenges to overcome.

The decline in active addresses may be a reflection of users exploring other platforms or simply taking a break from trading on the network.

Related Reading: Floki Inu Joins Binance.US And Surges By 50% As Investors Pile In

AVAX Network Sees Mixed Results Despite NFT And dApp Activity

Meanwhile, the Avalanche network has witnessed a surge in NFT transfers and increased activity on its dApps, the overall number of daily active addresses on the network has declined in recent weeks. 

According to data provided by Artemis, and reported by AMBCrypto, the number of active addresses on AVAX fell from 79,740 to 75,000 in the last 30 days, resulting in a decrease in the number of transactions being made on the network.

-Featured image from BuyNFT.com

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Avalanche Bulls Handle The Wheels As Avax Could Break $18.5 Resistance

  • AVAX’s price shows strength as it bounces from a downtrend range price rallied to a high of $18 with eyes set on $20. 
  • AVAX could rally more as the price creates more bullish bias breaking out of its descending triangle with good volume as the price could rally to $20. 
  • AVAX’s price remains strong on the daily timeframe as the price attempts to break above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

Avalanche (AVAX) has had a difficult year as the price has remained in a downward trend, but the price of AVAX may be about to change as it broke out of its daily descending triangle with good volume. The crypto market has looked more promising recently, with Bitcoin (BTC) and Ethereum (ETH) showing impressive price movement. AVAX’s price has risen from $15 to $18 as it attempts to grab the market by its horns. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart

Avalanche (AVAX) has struggled to regain its bullish momentum in recent times as the price has had a more quiet time, ranging in a weekly low of $15; despite the uncertainty that has befallen the crypto space, the price of AVAX held its ground as price defended its key support area of $15.

Before it could continue to trend higher, AVAX’s price needed to replicate the rally that took it to an all-time high of $150.

After trading in a range for weeks as the price appeared difficult to trade due to little to no volume to push the price higher as the price appeared stagnated, the price of AVAX finally showed some movement after being rejuvenated strength as a result of the current market and as a result of the crypto market looking more encouraging in recent times.

Weekly resistance for the price of AVAX – $20-$22.

Weekly support for the price of AVAX – $15.

Price Analysis Of AVAX On The Daily (1D) Chart

Daily AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the daily timeframe, the price of AVAX remains bullish, having rallied to a high of $18 after breaking out of its descending triangle with good volume. However, the price of AVAX may face resistance to the trend to the $25 region.

AVAX must break and hold above $20.5 to trend higher to the $25 region, a key supply zone for most traders.

The Fibonacci retracement (Fib) value of 23.6% indicates that AVAX’s price was rejected as it attempted to break above this key value. The $18.3 price corresponds to a Fib value of 23.6%. If AVAX closes above this level, the price could rise to $21 and possibly $25.

Daily resistance for the AVAX price – $22-$25.

Daily support for the AVAX price – $16.2.

Featured Image From zipmex, Charts From Tradingview

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Avalanche Fires Back to $17; Can The Bulls Push More To $20 Instead?

  • AVAX’s price shows strength as it bounces from a downtrend with high volume, aiming for a rally to $20.
  • AVAX faces a rejection to trend higher above $17 after the price fell sharply below key resistance.
  • AVAX’s price remains strong below the 50 Exponential Moving Average (EMA) as it attempts to rally past a key area.

The price of Avalanche (AVAX) has remained strong as it approaches the $17 region, facing resistance to rising to the $20 region. The crypto market has appeared more stable this week, with Bitcoin (BTC) and Ethereum (ETH) experiencing significant price movement. This new relief rally in the crypto market has benefited smaller coins such as Avalanche (AVAX), which has rallied from its downtrend movement to a high of $17 as price attempts to break through key resistance. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart

Weekly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

Although many altcoins have struggled to trend in a range market, the price of AVAX has seen more of a downtrend move as the price of AVAX dropped from a high of $150 to $15, seeing more than an 80% decline in its price.

AVAX’s price recently declined from an all-time high of more than $150 to a region of $75 before rallying to a high of $100; the price of AVAX faced further rejection to its price to a range low of $60. 

The price of AVAX bounced immediately, forming pin bar candlesticks as the price rallied to $96 with what seemed to be a relief for more rally to the upside.

AVAX’s price faced a much bigger rejection at $96 as the price has continuously declined from this high to a weekly low of $15, where the price attempted to rally high but with less volume accompanying this rally.

Despite AVAX rallying from its weekly low, the price failed to break past the resistance at $35.3, corresponding to Fibonacci’s retracement value of 23.6%. The price to break the resistance at $35.3 for more relief.

Weekly resistance for the price of AVAX – $35.

Weekly Support for the price of AVAX – $15.

Price Analysis Of AVAX On The Daily (1D) Chart

Daily AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the daily timeframe, the price of AVAX remains strong and trades above the key Support formed at $15 after the price rallied from its daily low, with the current market looking favorable for most crypto assets.

The price of AVAX needs to break and hold above 50 EMA, acting as a strong resistance to the price of AVAX. The price of $17.50 corresponds to the value of 50 EMA, acting as resistance for the price to break higher to a region of $20. 

Daily resistance for the AVAX price – $17.50.

Daily Support for the AVAX price – $15.

Featured Image From zipmex, Charts From Tradingview 

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Avalanche Sits On A Time Bomb As Price Eyes $10, Will Price Escape This?

  • AVAX price continues to trend downwards as price remains bearish with price trading on key support. 
  • AVAX trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs. 
  • The price of AVAX needs to break and hold above the key resistance of $30 to resume bullish price movement. 

The price of Avalanche (AVAX) continues to struggle to discover its bullish trend as the price fails to break the key resistance of $30 against tether (USDT). The previous weeks saw the crypto market cap as good as Bitcoin (BTC) prices and other crypto assets. Still, the price of Avalanche (AVAX) continues to struggle to join the green party as the price continues in its downtrend movement. (Data from Binance) 

Avalanche (AVAX) Price Analysis On The Weekly Chart.

Despite showing some great price movement in recent weeks with so many traders and investors becoming interested in the different projects being built on the Avalanche ecosystem, which could have been a huge boost for the price to trend higher but that wasn’t the case the price has struggled to trend higher than $30. 

After the price of AVAX dropped to a weekly low of $15, the price rallied from this low to a high of $30, where the price faced resistance to breaking above this region to a height of $50 as the price was rejected and has since maintained a bearish price movement.

The price of AVAX bounced from $18 haven faced rejection from $22, but the price could not trend higher as the price continued to trend in a downtrend. If the price of AVAX continues in this trend, we could see the price retesting support area at $10.

Weekly resistance for the price of AVAX – $21.

Weekly support for the price of AVAX – $15.

Price Analysis Of AVAX On The Daily (1D) Chart
Daily AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the daily timeframe, the price of AVAX continues to trade above key support formed in recent weeks when the price dropped from a region of $45 to a daily low of $15. 

The price of AVAX continued in its downtrend, moving in a range as the price has formed a descending triangle with what looks like a break out to the upside could be imminent.

The price of AVAX needs to rally away from key support to avoid price dropping to a low of $10 if the price breaks to the downside of the descending triangle. 

The relative strength index for the price of AVAX on the daily chart shows the price being dominated by sell orders as the mark is below 50.

Daily resistance for the AVAX price – $18.

Daily support for the AVAX price – $15.

Featured Image From The Coin Republic, Charts From Tradingview

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Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

  • AVAX price ranges below 50 and 200 EMA on the daily timeframe. 
  • Price continues to maintain a downtrend as it aims to break out to the $20 range.
  • AVAX price closes attempting to break out of its downtrend on low timeframe. 

Avalanche (AVAX) price has failed to sustain its head high above the blood bath of the bear market against tether (USDT). With what proved to be a major run for the price of Avalanche (AVAX) from a low of $10 to a high of $145, many predicted the AVAX project causing a major upset for many crypto projects. The statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have affected the market negatively, with AVAX prices not exempted. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart 

The price of AVAX has continued to decline as there seems to be no hope of a major bounce after losing its weekly support of $25 as the price looks to reclaim its $10 support on the weekly chart.

The price of AVAX continues to hold above a key support area of $10; the price of AVAX needs to break its downtrend that has been maintained for weeks. A break would see the price retesting $20-$25. 

For the price of AVAX to restore its relief, the price needs to break and hold above the $20 resistance preventing the price of AVAX from trending higher. If the price of AVAX keeps rejecting $20, we could see the price going lower. 

Weekly resistance for the price of AVAX – $25.

Weekly support for the price of AVAX – $15-$10.

Price Analysis Of AVAX On The Four-hourly (4H) Chart
Four-Hourly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the 4H timeframe, the price of AVAX continues to range in a downtrend line as the price attempts to break out. This could signal a relief bounce on a low timeframe.

The price of AVAX trades at $17.4 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for AVAX price. The price of $17.7 and $20 corresponds to the resistance at 50 and 200 EMA for the price of AVAX. The price of AVAX needs to reclaim 200 EMA for a chance to trend to $25-$30. 

Four-Hourly resistance for the AVAX price – $20-$25.

Four-Hourly support for the AVAX price – $17-$15.

Onchain Analysis Of AVAX
AVAX On-chain Analysis | Source: AVAXUSD On Messari.io

Although many investors and projects are building on the Avalanche network, it has experienced a difficult time in terms of price during the bear season. The price of AVAX, based on the on-chain data, is beginning to see a little relief over the last 24 hours compared to previous weeks.

Featured Image From Daily Hodl, Charts From Tradingview and Messari

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AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data

AVAX had time to recoup from June to July and then in August, the token slipped and formed a bullish cup and handle pattern.

  • AVAX intraday trading volume indicates a 38.7% plunge
  • Avalanche sellers successfully reclaimes the 20-day EMA slope
  • Trading volume skyrockets to 487 million

Now, the pattern which can be spotted at the market bottom will serve as a feasible launchpad for the crypto’s recovery but in order to complete the pattern, the coin price should barrel past the $30.6 key resistance.

With the reversal of the V-top formation seen at the key resistance level of $30.6, the AVAX coin price dropped to $18.4 of the Fibonacci retracement level. It is however beneficial for buyers who were able to position right at this level prompting a 25% spike to $22.53.

On the other hand, the massive selloff happening in the crypto market hinders the recovery of AVAX price and threatens a further downtrend.

The selloff that happened on September 13 has sloughed off the possibility of completing the pattern. Evidently, the downtrend that took place yesterday was triggered by the high CPI or Consumer Price Index data.

AVAX Low Volume Hints At Bulls’ Weakness

According to CoinMarketCap, AVAX’s price is down by 1.51% or trading at $18.84 as of this writing. The low volume seen with AVAX implies the bull’s waning commitment or weakness.

In the event that the selling pressure intensifies, AVAX could suffer a slump to $18.3 and then try to breach under that level which can further extend the decline to match the $13.6 low support seen in June.

Now, if the buyers are able to defend the support zone at $18.3, then the bullish movement may persist and the AVAX coin price will spike to $31.4.

Avalanche’s EMAs show all indicators going down with the exception of the 50-day EMA which proves to be a hurdle to AVAX price.

AVAX RSI shows a downtrend that heads under the midline hinting at a negative market sentiment.

CEO Announces KKR $417-Billion Merger

In other news, Emin Gün Sirer, Avalance (AVAX) Labs CEO announced on September 14 that KKR has made a $417-billion merger with Avalanche.

With Securitize, a FinTech company, Avalanche can proceed with tokenization and accessibility to a wider range of markets. The partnership announcement has amplified social media metrics in the past few months.

More so, AVAX social engagements escalated by 148.7%, plus also a surge of social mentions at 257.3%, as seen in the past three months.

Further, the AVAX market cap has also spiked by 4.31% as seen in the past week with trading volume skyrocketing from 324.2 million on September 12 to 487 million to date.

BTC total market cap at $384 billion on the daily chart | Source: TradingView.com

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Avalanche Outmatches Top Cryptos As AVAX Posts 11% Rally In Last 7 Days

Avalanche (AVAX) has recently spiked by as much as 11% in the past seven days, surpassing other leading cryptocurrencies.

  •         August shows a whopping 46 million transactions made on the Avalanche network
  •         Avalanche network busy with major developments and integrations
  •         4-hour chart for AVAX shows bullish movement

It is presumed that the recent developments on the Avalanche network helped immensely with the gains of AVAX.

August registers roughly 46 million transactions made on the Avalanche network which is a relatively high number to begin with.

Avalanche Price Looking Optimistic

The daily chart for AVAX looks optimistic. On the other hand, some on-chain metrics also reveal the potential for the altcoin to swerve down.

According to CoinMarketCap, AVAX price is up by 0.33% or trading at $20.39 as of this writing.

Over the past couple of days, the Daily Gas Usage of AVAX was able to touch the ATH of 462,891,881,113 which is a great sign that shows an increase of users supporting Avalanche.

More so, the DFK Chain was found out to contribute greatly to the increase in gas usage.

Additionally, the Avalanche network is also busy with major developments and partnerships going on as announced at the network’s TVL Weekly Dashboard.

Some of the major integrations include FTX Japan listing AVAX on their website and also Avalanche’s partnership with Bubblemap designed to pave way towards a faster and optimized Web3 user experience.

AVAX Price, Volume Up After Network Update

With these updates happening, AVAX went north and the pump in price came by default. Apart from the increase in price, AVAX also skyrocketed in terms of volume which hints a further upswing.

With AVAX price climbing on the charts, developments on the Avalanche network has also subsided which is not a good sign at all.

Apart from developments dwindling down, AVAX social volume has also nosedived which demonstrates the waning interest of the community in Avalanche.

Chart from TradingView.com

Although a couple of metrics suggest a decline, the four-hour chart of AVAX suggests that the token could be offshooting targets with several metrics going green for AVAX.

Evidently, RSI is showing an uptick which hints a price increase that could happen in the next couple of days. More so, the 20-day EMA touching the 55-day EMA shows a bullish crossover.

On the other hand, the CMF has plunged which hints a bearish movements. While the MACD data shows some bullish streaks, this could flip soon to go bearish with the red lines outpacing the blue lines, hindering any chance of a price rally.

AVAX total market cap at $5.7 billion on the daily chart | Source: TradingView.com

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Avalanche Plays A Game Of Bounce Or Die, Can Bulls Win This Fight?

Avalanche (AVAX) price continues to hold key support against tether (USDT) as price finds itself amid death or survival. The crypto market has become promising as most altcoins appear bullish coming out of their shells, but the likes of Avalanche (AVAX) price continue in their struggle to survive. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart 

The price of AVAX has had a tough time replicating the move from a weekly low of $16 to a high of $30 as the price continues to remain dormant with little price action. In recent weeks, the price of AVAX showed so much strength rallying to $30 before being rejected, and the price has failed to hold above $22, acting as an area of interest. 

AVAX price was not able to break out of the downtrend channel, forming a strong bullish bias as the crypto market could be set for a minor rally. 

The price of AVAX saw a rejection from $25 and has struggled to reclaim this region; for AVAX to have a chance of trending higher, the price needs to reclaim $25 and flip it into a support for the price to trend higher.

If the AVAX price maintains this bearish structure, we could see the price of AVAX retesting the weekly low of $17, serving as good support for buy orders.

Weekly resistance for the price of AVAX – $25.

Weekly support for the price of AVAX – $17.

Price Analysis Of AVAX On The Daily (1D) Chart
Daily AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

After retesting the daily low, AVAX’s price bounced but was unable to trend higher due to more bearish signs indicating exhaustion. The price of AVAX must hold its key support at $14; if the price of AVAX fails to hold this support, the price may fall to its daily low.

AVAX’s price has continued to fall, indicating that more sell orders have been placed.

On a daily basis, AVAX is trading at $18.4 below its 50 and 200 Exponential Moving Averages (EMA). AVAX price is being held back by prices at $22 and $38, which correspond to the 50 and 200 EMAs.

Daily (1D) resistance for the AVAX price – $22, $30.

Daily (1D) support for the AVAX price – $14.

AVAX Price Analysis On The One Four-Hourly (4H) Chart
Four-Hourly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

The price of AVAX in the 4H timeframe remains bearish, with the price forming a more bearish continuation pattern while trading below the 50 and 200 EMAs, which act as support.

The price of AVAX trades below the 50 and 200 EMA, and if it fails to hold the support at $16, we could see the price trend lower; if the price of AVAX bounces from its current value, we could see the price retest the $20 mark.

On the 4H chart, the Relative Strength Index (RSI) for AVAX is below 40, indicating more sell order volume for the AVAX price.

Four-Hourly (1H) resistance for the AVAX price – $20.

Four-Hourly (1H) support for the AVAX price – $16.

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AVAX Holds Steady And Sets Sights On $50 Barrier Breach

Avalanche (AVAX) price may be a point of interest for many analysts especially since the gaming token is exhibiting formidable strength amid a bear market.

  • AVAX price reveals a consistent ramping activity combined with a rise in price.
  • Avalanche RSI reveals a breach on the overbought zone.
  • High probability of breach can occur at the $50 barrier.

AVAX Shows Solid Traction At $29.50

According to CoinMarketCap, AVAX price is currently swinging it at $29.50 and is showing immense bullish traction with an increase of 5.45% as of this writing.

In the right market conditions, traders can anticipate high volatility. The token’s price may be ideal for scalping this month. Technical indicators on AVAX price are showing signs of a bull run. More so, the token’s RSI was able to breach the overbought zone. In addition, Avalanche’s Volume Profile Indicator shows a ramping pattern.

With these technical patterns, it’s wise to conclude that AVAX price is on the calm phase awaiting the storm surge. A breach at $30.50 could be compelling enough to push the coin to new heights. The token’s first target is set at $40 and next will be at $50.

If the technical patterns are truly bullish, then AVAX will not drop and breach liquidity levels that sit right under the swing low of $22. If this bearish trajectory happens, then this can impede the uptrend of AVAX price as the token can dip to $14 or even $10.

AVAX Suggests Rounding Bottom Pattern

Judging by the Avalanche on a daily chart, the rounding bottom pattern is quite prominent. With this pattern, AVAX had no problem breaking the resistance zone of $28.8, and aiming to go higher. But, the trades will have to ignore the supply pressure to provide a candle closing seen hovering above the barrier.

The long-tail rejection spotted on August 8 implies that the sellers fought hard to defend the barrier set at $28.8.  In addition, the daily chart also indicates Avalanche’s bullish crossover sliced in the middle of the 20-and-50-day EMA. AVAX intraday trading volume showed a pump in price of 6.68% or $891.6 million.

The AVAX/USDT pair displayed a remarkable reversal in price movement after it slumped at $14.94 seen in June 2022. With this bullish action, the price also increased by 118% as seen in the past two months peaking at $30.

The immediate price reversal formed a rounding bottom pattern with the neckline spotted at the $37 mark. The engulfing candle is extremely bullish and breached the $28.44 zone showing intensified buying activity.

In spite of the bullish reversal, a candle spotted nearing the $28.75 level will be a pivotal sign that validates the formation of the rounding bottom pattern.

AVAX total market cap at $8.4 billion on the daily chart | Source: TradingView.com

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