- 1
Avalanche price prediction suggests price is near the demand zone and a short-term rise is possible. - 2
AVAX price faced rejection from the 200-day EMA and also dropped below the 50-day EMA. - 3
Avalanche crypto is in a short-term correction phase.
Avalanche price prediction is mildly bullish and suggests a short-term bounce is possible in the coming months. AVAX price is near to the demand zone and buyers are trying their best to rebound.
Avalanche Price faced rejection from the 200-day EMA and also dropped below the 50-day EMA. It shows positional as well as the short-term trend is in the downward direction.
At the beginning of July, AVAX crypto price took support near $12.00 and showed a minor bounce. Prices rallied 30% in a short period of time. At the same time, a massive spike in the buying volume is also visible.
The short-term relief rally halted near $16.00 and prices formed a long-tail bearish candle. Later, prices witnessed minor profit booking and sellers dragged the prices below the 50-day EMA. Presently, the prices are continuing the decline and are likely to test $12.00.
Avalanche price is trading at $12.47 with an intraday decline of -0.64%. The 24-hour volume to market cap is 2.76%. The pair of AVAX/BTC is trading at 0.0004290 with an intraday decline of -0.21%.
Will Avalanche Price take a U-turn from the Demand zone?
Avalanche price prediction suggests a rise in the long run. Multiple time buyers have defended the $12.00 zone. It indicates that responsive buyers are active on lower levels.
Till AVAX crypto price sustained above $10.00 the probability of bounce back will remain high. However, if the situation gets worse and prices drop below $10.00 then the next phase of downfall will begin.
The crypto leader BTC price is reversing down and $30K turned out as a strong resistance. It is disturbing the market sentiment which might negatively impact the prices of other Altcoins.
AVAX Price is fallen for 3 consecutive weeks
AVAX Price has fallen for 3 consecutive weeks and is forming bearish candles. Presently, sellers are dominating and no signs of recovery are visible. The supertrend generated a bullish signal and buyers are to keep the price above the green line.
The MACD displayed a negative crossover and the histogram bar is declining indicating prices are likely to trade with a bearish bias. The RSI at 37 slopes down denotes weakness but the curve is near to oversold territory.
Conclusion
Avalanche price prediction suggests it is mildly bullish till it holds the $10.00 support. The technical analysis suggests AVAX price is near the demand zone. So if the overall market recovers then AVAX might show some positive momentum.
Technical levels
- Resistance levels: $16.00 and $18.00
- Support levels: $12.00 and $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/03/avalanche-price-prediction-will-avax-price-bounce-back-to-15/