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AVAX Readies For A Massive Lift Off To $30

12/14/2022
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Avalanche price experienced a difficult streak across November as a dark cloud covered the crypto industry. Nevertheless, the overall crypto market seems to have positive sentiments today. Bitcoin and Ethereum are positive following the CPI data released by the U.S. Bureau of Labor Statistics.

As is the case for every other blockchain, Avalanche has experienced intense pressure over the past few months, for instance, the AVAX ecosystem’s total value locked (TVL) plummeted by 27% in November to $1.9 billion. The highest TVL ever recorded by the Avalanche network was more than $10 billion.

Avalanche has slumped by over 82.6% year to date, giving it a market cap of over $4.27 billion. AVAX was trading at $13.74 on Wednesday, December 14, slightly above November’s low of $11.40. Today, however, AVAX price is showing a bullish bias at $13.7 after climbing 6.5% in the past 24 hours, based on data from CoinGecko, with a 24-hour trading volume of $311.88 million.

Avalanche Records Growing Adoption

Over the past several months, Avalanche adoption has increased significantly with developers actively embracing its easy-to-use platform. Accordingly, the ecosystem has recorded a growing market share in several spaces, including DeFi, gaming, and non-fungible tokens (NFT). Among the top apps in its ecosystem are Wonderland, Aave, Benqi, and Trader Joe. 

Avalanche is working to allow for blockchain node maintenance and security. As part of this endeavor, the ecosystem will act as a validator for Alibaba Cloud, a move that would have it offer Node-as-a-Service to the company.

The idea of Avalanche collaborating with a major e-commerce player like Alibaba is a welcome note for investors, with the potential sign that the blockchain company’s efforts are paying off and that could transfer to its AVAX token.

Besides the validator plans, Avalanche is also leading a blockchain project dubbed Avalanche Rush, reputed for its speed and low transaction cost. From the reports, Avalanche Rush is the biggest DeFi incentive platform in the industry.

Avalanche also unveiled an important app within its product suite christened Core, which is already fully optimized for the Avalanche, Bitcoin, and Ethereum networks. Core is an easy-to-use application with the ability to simplify how people swap, sends, receive, and integrate other apps in its ecosystem.

Therefore, the potential catalyst for Avalanche price is the growing adoption. In late November, Zeeve started supporting Avalanche Subnets. It is also seeing adoption in the NFT industry despite the broad weakness of the ecosystem. The surging adoption is also attributed to recent developments in the network.

Avalanche Price Trades Within A Significant Demand Zone

AVAX price fell from highs above $20 to set a swig low at $11 between November 5 and 22, losing more than 42% of its value. This meltdown was occasioned by the FTX implosion, which added pain to an already ailing crypto market, making it hard for assets to recover.

Since then, the Layer 1 token has been consolidating in a tight range between the $11.4 support floor and the $14.5 barrier, currently embraced by the 50-day simple moving average (SMA). The moving averages were flattening and the sideways movement of the Relative Strength Index (RSI) pointed to reducing price volatility for AVAX.

In addition, the horizontal movement of the Moving Average Convergence Divergence (MACD) indicator close to the neutral line implied that the bullish and bearish pressures were balancing out. The appearance of a Doji candlestick at the end of the chart reinforced the ongoing battle between the buyers and sellers.

What this means is that the Avalanche price has not yet shown any directional movement in the recent past. As such, the next move would be in either direction.

AVAX/USD Daily Chart

Avalanche Price prediction
TardingView Chart: AVAX/USD

On the upside, AVAX is trading with a bullish bias at $13.7 after climbing 6.5% in the past 24 hours, according to data from CoinMarketCap. The MACD is moving upwards and the RSI has just crossed the middle line to be positioned at 51 in the positive region. This shows that the bulls have started coming back to the scene.

Also, note that the Avalanche price is trading within a significant demand zone stretching from $6.96 to $16. This buyer congestion zone is important for AVAX because it provides a launching pad that saw its price skyrocket more than 800% to its all-time high above $151 on November 22 last year.

The current consolidation phase is similar to the one that was displayed by AVAX between June and August 2021, before it was lifted off to its record highs. As such, this demand zone could provide the hindwinds required to lift Avalanche out of consolidation to rise above the 50-day SMA to confront resistance from the upper boundary of the support zone at $16, coinciding with the 100 SMA.

Shattering this roadblock would see the AVAX price rise first toward the $20 psychological level, representing a 44% climb from the current price. In highly bullish cases, the Avalanche price could make a run for the $30 psychological level, bringing the total gains to 117%. However, before reaching this level, AVAX bulls have to overcome resistance from the 200-day SMA at 18.

On the downside, the Avalanche price faced stiff resistance on the upside defined by the areas where the moving averages sit. In addition, the MACD was still moving within the negative region, a sign that the market sentiment was still slightly bearish.

Therefore, increased overhead pressure could see Avalanche turn down from the current levels to tag the $11.4 swing low or drop lower toward the lower boundary of the demands zone around $6. Such a move would represent a 48% drop from the current price.

In An Industry Fraught With Uncertainty, These Projects Provide A Solution

The market crash in the crypto sector following the nefarious activities of Terra Labs and FTX has prompted investors to be extra cautious. Armatures and experts alike, investors of all skill levels seek a project that has strong fundamentals.

Dash 2 Trade (D2T)

Dash 2 Trade’s presale took off in style, amassing over $400,000 of investment during the first 24 hours. The first three stages sold equally fast as early investors watched their assets increase in value. Stage 3 saw 99.79% of tokens sold. With the current buying momentum, Dash 2 Trade will likely surpass the $10 million milestone in the next few days and is now at $9.68 million.

The project is already trending as the best crypto to buy today even after the CPI data release.

Initially, the project was supposed to run through nine presale stages. However, due to the stunning performance, project founders reconsidered, cutting the presale short in the wake of the FTX collapse. Accordingly, the protocol is now ahead of time in its development, which uniquely places it helps traders and investors maximize their potential profits and avoid fraudulent projects.

Dash 2 Trade is now in its fourth stage, which is also the final stage of the presale. Its native token, D2T, has appreciated by 12% since launch, with only 80 million remaining for sale. Consequently, investors are flocking to the platform as the D2T presale sprints to its end.

The project is now on the final lap and is set to start imminently. This is the time to buy D2T, as the price will rise to $0.0533, so no time to lose. The presale dashboard will also launch soon given that the product development is ahead of schedule. Don’t miss out for any reason.

Calvaria (RIA)

Calvaria Duels of Eternity battle card game is one of the best Web3 gaming products, providing an entire staking platform for its $RIA and $eRIA tokens that will create an extensive economy outside of the game’s ecosystem. This not only attracts players but also attracts people who want to invest trade and collect.

Not only is it the most exciting and addictive game of the bunch, but it also is attracting new players in a very innovative way that’s likely to result in huge returns for players and investors alike. Now is the best time to invest in Calvaria, as it is currently in presale. However, act fast before the solid price goes up even more.

Calvaria’s presale stages change at an incredible speed, and there are fewer and fewer RIA tokens intended for this phase, so it would be wise to hurry with the purchase. Incredibly, RIA has managed to garner $2.43 million from investors, with project creators indicating they would reduce the presale from ten stages to five to optimize investor returns and start the development of the game. 

The project is now in the fifth and final stage of the presale where only 28% of the tokens are left. As the presale for RIA concludes, go to calvaria.io to participate.

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Source: https://insidebitcoins.com/news/avalanche-price-prediction-avax-readies-for-a-massive-lift-off-to-30