Can AVAX Price Advance & Reach $30 Next?

Avalanche (AVAX) is an open-source, smart contracts platform that can scale infinitely and finalize transactions in less than a second. 

Its fast transaction confirmation times make it a perfect choice for decentralized finance (DeFi) applications and enterprise-level blockchain solutions. 

Additionally, Avalanche is fully compatible with the Ethereum development toolkit, enabling seamless interoperability. 

It allows millions of independent validators to join as full block producers. Notably, Avalanche is also an eco-friendly blockchain platform that caters to the needs of Web3 developers.

The Avalanche mainnet was officially launched in September 2020, marking a significant milestone in the blockchain ecosystem and offering new opportunities for a wide range of participants, including developers, investors, and enterprises.

Avalanche is mainly used for launching DeFi applications and enterprise blockchain deployments. It has an impressive throughput, processing over 4,500 transactions per second. 

The platform surpassed the typical 51% attack vulnerability threshold, providing enhanced security. Moreover, AVAX token has multiple functions: it’s used to pay transaction fees, secure the network, and act as a basic unit of account among various blockchains within the Avalanche ecosystem.

The platform supports both decentralized applications (dApps) and autonomous, custom blockchains, thus offering extensive utility and versatility.

AVAX crypto plummeted by 0.36% in market value and plummeted by 21.25% in trading volume in the last 24 hours, as per the coinmarketcap a crypto data analysis website. Its market value is $7,697,727,546 and its trading volume is $415,864,076. There are 365,118,796 AVAX in circulation.

The AVAX/USD crypto pair has a current market price of $21.1030 with an intraday surge of 0.33%.The AVAX cryptocurrency has shown significant growth over the past three months and six months, with its price rising by 110.80% and 45.51% respectively. 

Moreover, It rose 84.18% last month and 1.27% the previous week. This indicates that the AVAX cryptocurrency is in a strong upward trend and has great momentum.

Therefore, if buyers sustain the pressure, AVAX price might rise strongly from the current level. 

The possible target for AVAX price is $22. On the contrary, if AVAX fails to hold its ground and slips past the $20 level, it may fall further.

The AVAX crypto price is trading higher than the 20-day and 50-day exponential moving averages. The AVAX price is supported by the EMAs, which are below the price and assist it in staying above them. 

This highlights that the EMAs are providing good support for the AVAX price, as they are below the price and preventing it from falling further. Hence, the AVAX price trend is positive, or rising.

Technical Levels

Support Levels: $6

Resistance Levels: $7

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.