Will AVAX Price Reach the Level of $50 Mark in FEB 2024?

AVAX crypto price forecast implies the weakness in the momentum in the recent trading sessions. However, the overall trend is looking bullish as the price is trading above the key moving averages and the buyers are accumulating the crypto from the level of $34.

Technical is giving an unclear outlook as the price is not showing a good movement on the chart. At first, the price halted near the value of $50 reached the level of $31, and took support on the 50 EMA level.  

The buyers and the sellers are fighting over the price but need to get a proper grasp on the price. The trend is looking indecisive at the movement. 

Moreover, if the price breaks down the key EMAs, it may fall further and might touch the level of $31 and then $24. However, if the price successfully sustains at the current levels, it might reach the upper threshold of $50.

At the time of writing the AVAX is trading at the level of $35.4706386 with a loss of 1.65%. The 24-hour trading volume is 513.1 million with a market cap of 12.995 Billion.

The performance of the coin has been volatile throughout the year as it gave a negative return of 8.06% year to date. It gave a positive return of $153.46% in the last 6 months and a remarkable return of 290.75% in the past 3 months. In recent times, the coin has shown weakness as it is down by 13.86%, and last week it was down by 8.06%.

As per the trading view indicator summary out of 26 indicators 10 are on the sell side, 9 are on the neutral side and 7 are on the buying side. However, the overall weightage is on the selling side.

Technical Analysis of the AVAX Crypto Price 

AVAX price is trading above the 50, 100, and 200-day EMAs, which shows support for the price and buyers are still active at the lower levels. The Key indicator RSI is trading close to the middle line showcasing neutrality. The MACD is also giving a neutral signal on the charts demonstrating the unclear outlook for the price.

Summary

AVAX’s price is trading above the key moving averages despite experiencing weakness in the price. Key indicators like MACD, RSI, and EMAs are demonstrating the neutral signal. The direction of the price and the trend is looking unclear as of now. The trader and investors should wait for the proper setup before taking any further action and avoid FOMO.

Technical Levels

Support Level: The nearest support level for the AVAX crypto price is $31.281.

Resistance levels: The nearest resistance level for the AVAX crypto price is $42.030.

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.