Avalanche Price Prediction: Will AVAX breakout of its Range-Bound?

• Avalanche is currently trading at $17.21 (press time) with a decrease of 1.31% during the intraday trading session.
• The 24-hour low of AVAX was $16.38 and the 24-hour high of AVAX was $17.92.
• The current Avalanche price is between the 20- and 200-Day EMAs.

The pair of AVAX/BTC was trading at 0.0006217 BTC with a rise of 0.77% over the intraday trading session.

Avalanche price prediction suggests that it is currently in an uptrend after testing its primary support of 14.431 over the daily time frame chart. After experiencing a volatile trading phase in 2022 the AVAX token was trying to seek stability from the start of 2023. Near the end of 2022, the AVAX token started gathering the buyer’s support for its incline in 2023. 

After the start of 2023, the AVAX price started moving upward with help of the active buyers in the market breaking its primary support and resistance on its way up. But after testing its secondary resistance of $21.280 the AVAX price began consolidating between its primary and secondary resistances. 

The AVAX price tried many times to break its secondary resistance but ended up daily which indicates that the zone above the secondary resistance is acting as a distribution phase for the AVAX price. The formation of the evening star candlestick pattern after an uptrend over the daily time frame chart may be the cause of the prior downtrend. 

However, the formation of the spinning top candlestick pattern after a downtrend over the daily time frame chart may be the cause of the current uptrend.

The AVAX price is currently consolidating between $18 and $16 levels If the current market uncertainty persists, the AVAX price will remain range-bound for a longer period of time, giving buyers another chance to make a move at $18.

The trading volume of the coin has increased by 61.60% in the last 24 hours. The increase in volume indicates that the number of buyers in the market has increased. This shows that buyers are trying their best and there is a relationship between the volume and the price of AVAX, which represents strength in the current bullish phase.

Avalanche Price Technical Analysis:

RSI is increasing in the overbought zone and is showing a positive crossover which indicates that the buyers are coming in the majority and pushing AVAX upwards. This suggests the strength of the current bullish trend. The current value of RSI is 51.72 which is above the average RSI value of 47.10. 

The MACD and the signal line are intersecting and show a positive crossover over the daily chart which supports the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Avalanche price prediction suggests that it is currently in an uptrend after testing its primary support of 14.431 over the daily time frame chart. After the start of 2023, the AVAX token started moving upwards with help of the active buyers in the market breaking its primary support and resistance on its way up. The sudden increase in volume shows positive market sentiment toward the AVAX token.RSI and MACD both are increasing and showing a positive crossover over the daily chart which shows strength in the current bullish phase, as per the technical indicators. This opens up many opportunities for long traders to enter the market.

Technical Levels-

Resistance level- $18.024 and $21.280

Support level- $14.431 and $10.930

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 assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and 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.

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