Will Avax Price Stay Above $14 Level?

Since the start of 2023, Avax price has struggled to close above $21.50 level but was unsuccessful in doing so. The cryptocurrency price attempted three times to close above this level but faced rejection.

The bullish rally for the price started in March as price formed support at $14 and started to rise toward the annual high in hopes of breaking it but the move was halted at $21.56. The rejection provoked a drop in the price and bears jumped into the market to push the price downwards.

In June, Avax price broke the support level of $14 amid SEC’s legal actions against major crypto exchanges. This news developed a negative sentiment and fear in the market and Avalanche price fell to form support at $11.30.

Avax price then gained bullish momentum as the cryptocurrency market had positive sentiment rising due to BlackRock, world’s largest asset manager, filed for Bitcoin Spot ETF. Recently, the price was stuck in a consolidation zone ranging between $12.30 and $13.50.

The previous candle wrecked the resistance level of $13.50. The current candle has also broken high of the previous candle and crossed above support turned resistance of $14. If bullish momentum prevails, Avalanche price might head toward the next resistance of $15.60. The cryptocurrency price needs to close above $14.

Analysis Of Avalanche Ecosystem

The daily active addresses have surged to 89,549 with an increase of 64.2% in the past three months. The increase in daily active addresses serves as a good sign for the cryptocurrency. The daily transactions have reached 1,004,491 dropping 31.4% in the past three months. The total value locked has also dropped by -20.6% to $690.7.

Will AVAX Price Rise Above $18 In July?

The cryptocurrency price has crossed 20 and 50-day EMAs suggesting that bulls have taken control and are pushing Avax price upwards. For the continuation of bullish momentum, price needs to stay above $14. Chaikin money flow score is 0.08 indicating strength in the market.

RSI is upward-sloping and is currently trading at 60.73 indicating strong bullish momentum in the price. The long/short ratio is 0.99 with 49.77% longs and 50.23% shorts indicating slightly higher pressure from bears in the last 24 hours.

Conclusion

The market structure and price action for Avalanche is highly bullish, but the concern is that it should close above $14 for bullish momentum to prevail. The technical parameters are favoring the buying side but traders should wait for the candle to close. The long/short ratio indicates the presence of bears above $14. There is a possibility of retracement if the candle closes below $14.

Technical Levels

Major support: $11.30 and $12.30

Major resistance: $15.60 and $16.50

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.