The crypto market continues to consolidate after the previous crypto crash. Many cryptocurrencies formed sideway trends, which is the perfect swing trading opportunity for crypto traders. Other cryptos showed signs of renewed hope, forming a new uptrend in their technical formation. Avalanche is one of those cryptos that showed an interesting formation in its price action. AVAX token exploded 10% as the crypto market turned green in the past 24 hours. Can you still buy AVAX and place a good trade setup? Let’s analyze in this Avalanche price prediction article ?
What is Avalanche Crypto?
Avalanche is a blockchain system that tackles scalability, security, and decentralization. It was launched in September 2020. Its speed, adaptability, affordability, and accessibility have addressed three key concerns in the cryptocurrency industry. By deploying Avalanche, any smart contract-enabled Decentralized Application (DApp) may surpass its competitors. Avalanche works similarly to Ethereum in terms of functionality. It uses a Proof of Stake (PoS) consensus process, similar to what Ethereum is now migrating to.
Avalanche Price forms a NEW UPTREND!
Avalanche price broke the $21 support last month in June 2022. After this was broken, the price made a low of around $13.50, and at the same time formed a support trendline. This trendline is leading to the new $21 resistance, therefore a breakout will take place sooner or later. As the trendline is heading towards horizontal resistance, we see an ascending triangle here. However, since the price is in a downtrend, this triangle is invalid and has no higher chance of breaking out to the upside. A breakout will happen sooner or later as the price has to decide on a direction.
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Avalanche Price Prediction – Will AVAX reach $30?
Before reaching the $30 price mark, AVAX needs to first break its resistance of $21. As Avalanche price recently touched the lower trendline, we now expect the price to test the $21 resistance next. When AVAX tests the resistance, a price crash could occur. This could last until the trendline is retested. After the trend line is tested again, things get more interesting as Avalanche could prepare to break out. We at CryptoTicker expect a bearish breakout as the current market environment is also bearish. But who knows, we might be wrong…so make sure to follow us on Google News to receive future Avalanche price predictions and see whether we predicted correctly ?
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Source: https://cryptoticker.io/en/avalanche-price-explodes-too-late-to-buy-avax/