- Avalanche team has recently announced AWM Banff 5 which lets developers use high performance interoperable blockchain network
- Technical indicators of AVAX suggests a downside trend in price. It is trading near $11.6 with a loss of 0.17% in the intraday session.
Avalanche is a decentralized finance platform and protocol that aims to provide fast and secure transaction processing for digital assets. It was developed by Ava Labs, a company that was founded by Cornell University computer science professor Emin Gün Sirer.The main features of Avalanche is its high transaction throughput, which allows it to process thousands of transactions per second. It is made possible through the use of a novel consensus algorithm called the “Avalanche protocol,” which was designed to be highly efficient and scalable. In addition to its high transaction speed,they also aim to be more secure than other blockchain platforms. It uses a “proof-of-stake” (PoS) consensus mechanism, which means that users must hold a certain amount of the platform’s native token (AVAX) in order to participate in the network and validate transactions.
AVALANCHE crypto is currently ranked 18th in cryptoverse and has a market cap of $3 Billion. Volume to market cap ratio of AVAX crypto suggests a consolidated trend in price.
Bears Are Ready To Push AVAX Down
Avalanche is in a downside trend and has seen a fall of more than 90% from its all time high. The weekly technical chart of AVALANCHE suggests a consolidated trend in price. On the daily chart the asset price is trading near $11.67 with a loss of 1.19%. The upside trend of the asset price can see a halt near $15. The downside trend can see a bounceback from $8. It is currently trading below the 50 and 100 DMA which can push the price down to a new low.
Conclusion
AVAX has recently announced a upgrade which can help the developers. AVAX coin price is currently in a consolidated range and can see a new low in the future.
Technical Levels
Major Support:$10
Major Resistance:$15
Source: https://www.thecoinrepublic.com/2022/12/25/avalanche-price-prediction-is-avax-ready-to-hit-below-10-in-2023/