Avalanche (AVAX) is a high-performance blockchain known for its scalability, eco-friendliness, and rapid transaction finality.
AVAX has seen a consistent upward trajectory in the past month, gaining over 61%.
Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
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AVAX Crypto Price Analysis
- Current Price: $42.33
- Market Cap: $17.32 billion
- 24-hour Trading Volume: $1.64 billion
- Circulating Supply: 409,188,386 AVAX
- Total Supply: 447,501,911 AVAX
- Maximum Supply: 720,000,000 AVAX
- 24H Low/High: $41.05 / $44.14
Price broke above 200-day moving average ($28) where it got rejected 3x and out of Channel Up patter, which signals resumption of Uptrend. Price could revisit $50 next. Stop loss at $32.
Weekly Price Analysis
In the past week, Avalanche has surged by 18.53%, breaking through resistance levels at $30 and $37.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
Momentum: Price is Overbought currently.
Support and Resistance: Nearest Support Zone is $30.00, then $25.00. Nearest Resistance Zone is $50.00.
Key Indicators
- Golden Cross: The 50-day and 200-day EMAs recently formed a golden cross, a strong bullish signal.
- On-chain Metrics: A long-to-short ratio of 1.40 indicates bullish sentiment. Open interest has increased by 13.6%.
- Support and Resistance:
- Support: $41.05
- Resistance: $44.14, $50
News Roundup
- Bullish Predictions: Analysts forecast AVAX could reach $50 in the short term and $150+ in the next cycle.
- Buyback Program: The Avalanche Foundation recently repurchased 1.97 million AVAX tokens.
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