- Avalanche price prediction focuses on the moderate recovery of the AVAX token.
- AVAX crypto price delivered a year-to-date profit of 27.52%
- AVAX price is attempting to break a key resistance level of $15
Avalanche (AVAX) price prediction focuses on the moderate recovery of the AVAX token amidst the selling pressure. The market started slipping with the rejection at the resistance level of $21.87. The weakness began to follow after the price created a double top at the resistance, forcing the price to fall 52% to its critical support level before the recent recovery.
At the time of writing, the current market price of AVAX Coin is $13.91. The 24-hour trading volume plunged 33.73%. The market is up 0.57% in the last 24 hours. The overall market cap of AVAX is $4,812,574,129.
Can AVAX Break and Sustain above the Resistance?
Avalanche’s (AVAX) price prediction indicates that the AVAX price has been in recovery mode after the market plunged to its critical support. The bulls managed to pull the AVAX coin from bearish grips and demonstrated a swift recovery of 58% before a minor correction. The resistance level is $14.00.
The Avalanche coin is getting resisted by the 200 EMA, suggesting that the bears still maintain a stronghold at this level. The price is riding the waves of the 9 and 15 EMAs to the upside, representing the efforts of the bulls. The volume is hinting at aggressive buying near the resistance level. It reveals that the bulls are attempting a powerful breakout.
The Short term Chart Highlights The Fresh Buying
The 4-hour chart highlights the development of an uptrend in the short term. The price travels in an ascending channel on its way up. The AVAX price flipped the 200 EMA to the upside, signifying the buying pressure in the present market. The price corrected 12.81% after peaking at $15.95.
As of now, the AVAX crypto price is trying to retest the 200 EMA. The bulls must buy the dip and push the price up to maintain its bullish momentum. The ascending channel can be taken for a bear flag, common in a downtrend. If the bears breach the channel, it may trigger panic selling, which may flush the price down to lower levels
RSI
The RSI indicator is currently at 46.28 It represents bearish to sideways conditions where the price may continue to fall until RSI crosses above 50. Aggressive selling may happen only if RSI goes below 30
MACD
MACD made a bullish crossover below the 0 line. This indicates that the market may move to the upside in the short term. The price can rise until the MACD makes a bearish crossover.
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it exceeds the 200 EMA.
Conclusion
Avalanche (AVAX) price prediction focuses on the moderate recovery of the AVAX token amidst the selling pressure. The market has been trading in green since June 2023. However, the bulls must ensure that the AVAX price breaks the resistance and continues up. A breakdown of the ascending channel can shift the momentum to the bearish side. It’s important to manage potions with proper risk management to avoid losses.
Technical Levels
- Support level: $15
- Resistance level: $10.70
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 assets comes with a risk of financial loss.