Avalanche Price Prediction, Avalanche is a layer 1 blockchain that is considered one of the biggest rivals of Ethereum. It has a higher throughput than Ethereum with a unique blockchain architecture. Avalanche aims to solve the scalability issue without compromising the decentralization which many blockchains fail to achieve. Avalanche has a TVL of $1.78 Billion which has seen a substantial decline in the past few months.
AVAX has an average transaction finality time of 0.79 seconds with more than 8M active addresses. Avalanche has a market cap of over $4.7 Billion with a decline in social engagements. AVAX’s price has been moving in a bearish direction for a long time. In, AVAX/BTC pair there is a strong downside trend in the daily chart.
There is a strong downside channel being formed in the AVAX/BTC pair. The resistance for AVAX in an upside trend can be seen near the value of 0.0006BTC.
AVA Labs the company behind the Avalanche blockchain is ready to launch ‘No Code’ Web 3 launchpad AVA clouds. It will allow companies to bring Web 3 products faster at a very cheaper rate. AVA Labs also recently launched Wrap Messaging which allows the communication between Avalanche Subnets.
Will AVAX Price Observe An Upside Soon?
Avalanche Price Prediction is currently in a downside momentum in the weekly chart and may continue the same. On the daily chart, it has been forming a strong bearish engulfing candle that can push the asset price down. AVAX is currently trading near the value of $14 with a slight drop in the intraday session.
The upside trend of AVAX price can be seen at a halt near $16.Meanwhile, the support of the asset price can be seen near $13. AVAX price is trading below the 50 and 100 Exponential Moving Averages. If a crossover happens in the future then a strong bearish momentum can be seen in the future.
The RSI of AVAX is near 35 suggesting its presence in the oversold zone. There is a downside slope in the asset price offering a downside momentum.
Summary
AVA labs have recently launched a Web 3 launchpad which will help business to bring Web 3 products faster. Avalanche Price Prediction is currently in a bearish mode but can observe a bounceback in the near future.
Technical Levels
Major Support:$13
Major Resistance:$16
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.
Source: https://www.thecoinrepublic.com/2023/05/25/avalanche-price-prediction-avax-price-fall-to-12-a-rebound/