Avalanche Price Hits The $20 Mark; Which Level Will It Test Next?

In September of 2020, the AVAX token was released with an initial price of $4.11. These days, it’s worth around $20, or more than four times what it was. However, there were several fluctuations between $4 and $20. AVAX soared to great heights during the crypto bubble of 2021, however, what did go up cracked down, leaving many who purchased it at its top with significant losses from which they have yet to recover.

Price activity on the CoinMarketCap chart for Avalanche (AVAX) indicates that buyers are gaining ground, suggesting a bullish bias for the cryptocurrency. In the previous several days, buyers have been taking advantage of bullish prospects. Bulls provide a strong upper floor for crypto prices, keeping them out of the reach of sellers.

Bulls are aggressive in their pursuit of asset accumulation, but the lack of selling pressure from the other camp means that price growth is too slow to please investors. Yet, buyers are just managing to keep a higher-low pattern on the daily price chart.

Forecasting Prices from a Technical Perspective

CoinMarketCap’s price chart shows that AVAX’s price is currently far above 20 and 50-day moving averages on a daily scale, reflecting a price pattern of higher lows and purchasing on dips from the demand zone. The current objective of purchasers is to raise equity values above the 100-day moving average. Future trading sessions might see abnormal price increases if the market enters this volatile zone.

Now at the time of writing, one unit of Avalanche cryptocurrency can be purchased for around $19.4 in USDT. On the last day, cryptocurrency investors reaped approximately 4.59% of their losses. This resulted in a market valuation of $5.78B at the time it was disclosed. Also, trading volume increased by 55% overnight. In addition, the AVAX/BTC pair price is up 3.8% to 0.0009401 satoshis.

After holding well past semi line on the daily price scale at CoinMarketCap, the RSI indicator is entering an extremely overbought zone. It’s possible that the indicators will wait here until the retracement phase begins. More importantly, MACD is rising further to new highs.

Is There a Prospect for AVAX?

The Avalanche blockchain’s primary creators, Ava Labs, stand by their claim that their product is the fastest, cheapest, and most ecologically friendly smart contracts system on the market.

Forbes has recognized Emin Gun Sirer, CEO and creator of Ava Labs, as one of the top minds in crypto today, placing the Turkish-American computer scientist at the forefront of the next stage of blockchain research and acceptance.

More than only the mountains are in danger from the avalanche. All guns blazing beyond DeFi, Sirer aims to unseat Ethereum as the dominant NFT alternative. As per the company’s announcement on October 23rd, Avalanche supports 16 of the most popular NFT platforms. OpenSea is one of these exchanges since it is the biggest P2P market for NFTs as well as other crypto assets. On October 11th, the NFT giant reportedly joined Avalanche, making it one of just seven OpenSea-supported blockchains. This information comes courtesy of Blockworks.

There are now over 200 Avalanche-native collections available on OpenSea, with more on the way. With almost $408 million in NFT sales, Avalanche is the seventh biggest blockchain according to CryptoSlam. It’s evident that Avalanche has potential as a quick, inexpensive, and scalable blockchain network; yet, with $30.28 billion in circulation, Ethereum is still well ahead of AVAX for the time being.

Final Word

It’s easy to see the similarities between the AVAX price movements on CoinMarketCap and those of other prominent cryptocurrencies. There were initial sharp ups and downs, followed by a large upswing in November 2021, followed by a precipitous decline (similar to Ethereum, bitcoin, and the rest) in the following months.

After all the legal turbulence and outlandish price projections, AVAX remains simply another cryptocurrency, despite its ability to become a dominant player in the DeFi and NFT industries. Invest in it with the same level of analysis and skepticism as would with any other blockchain venture.

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