AVAX Coin Forecast: Can AVAX Soar With Gaming Giant Alliance?

• The AVAX coin has been working on WEB3 gaming and has welcomed South Korea’s gaming developer NEOWIZ.
• The current trading price of the crypto is $10.0806, trading with an advance of +1.2%.

AVAX has witnessed an advance of +1.06% in market cap in the last 24 hours. It resulted in a $3.5 Billion but the volume has declined by -4.43% in the last 24 hours, following a volume/market cap ratio of 2.45%. The current market cap rank of the crypto as per Coinmarketcap is #19.

The total supply of the AVAX coin is 431.1 Million AVAX and its circulating supply is 353.7 Million AVAX. The diluted market cap of the cryptocurrency is $7.2 Billion.

The coin was launched on 23 September 2020 and uses POS consensus mechanisms. It has the maximum volume in USDT currency following a rate of 65.26% and the highest volume of AVAX is traded in the HuobiPro exchange.

The derivative trading volume of the crypto has declined by -12.49% in the last 24 hours, resulting in $97.56 Million trading with a long/short ratio of 1.0517. It resulted in a short liquidation of $30.26K, which is a positive sign for the crypto.

Avalanche Price Technical Analysis in a Weekly Time Frame

The Avalanche token has been consistently declining from higher levels, leading to a consistent downtrend in the market. There are no signs of change in the character of the market to the bullish side.

Due to a consistent decline in price, the market has been trading in a downtrend for a very long time. The 50-day and the 200-day EMAs are trading in a death cross because of that downtrend. It indicates a negative trend in the price for the longer term.

The RSI of the crypto has been consistently declining. It has not been able to cross above the level of 50, which indicates a weakness in the momentum of the market. Therefore, the price of the crypto can remain bearish unless the RSI breaks above the 50 level and hits the overbought zone levels once.

Avalanche Volume Analysis

The open interest in this crypto has been declining for a very long time. There has been no significant change in the OI in recent times, which indicates traders’ lack of interest in the crypto. 

Conclusion

The AVAX coin has been consistently declining from the higher levels, following a negative market structure. There is no sign of a change of trend or buyers in the derivatives data. The RSI and the EMA’s are also bearish following the current charts.

So, if the price breaks above the level of $15.11, it will lead to a change in the character of the market. It can lead to higher levels.

Technical Levels: 

• Support levels: $10.00 and $5.00
• Resistance levels: $21.40 and $30.00

Disclaimer

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