Cryptocurrency has been gaining traction in the recent years, and one of the major digital assets in the market is Avalanche (AVAX). AVAX is a blockchain platform based on the Proof-of-Stake consensus that enables users to create and deploy different types of digital assets, smart contracts, and enterprise applications.
Recently, the AVAX/BTC pair was trading at 0.0006391 BTC, recorded a rise of 0.21% intraday. Despite the general bull run in the current market, the AVAX price has fallen about 80.41% in 2022, indicating a bearish trend for the coin.
Since the beginning of the year, the token's price has seen some volatility. After hitting a new 52-week low near the end of the last trading year, the AVAX price started to recuperate. With the help of the accumulated buyers in the market, the token was able to break its primary and secondary support and the primary resistance of $18.024.
Although the upward price action might have been a result of a positive market sentiment, the bears attempted an intraday reversal by forming an evening star candlestick pattern over the daily time chart. This caused the AVAX price to slip back to its secondary support of $14. 141.
At the time of writing, the trading volume of the coin decreased by 12.12%, which could be associated with a weakening bullish outlook and a lack of active buyers on the market. As displayed on the daily timeframe chart, the Relative Strength Index (RSI) is currently in a declining trend within the overbought zone and looks to be showing signs of a negative crossover.
On the other hand, the MACD and the signal line are both in an uptrend on the one-day chart, contradicting the RSI. In light of this information, Avalanche price prediction indicates that the most plausible path for the token is to hit the secondary support and the primary resistance, depending on the strength of the buyers and sellers in the market.
To avoid potential risks, traders should be extra careful in their trades and ensure that they are well aware of the current market situation. The resistance level for AVAX is currently set at $18.02 and $21.24, while the support level is at $16.25 and $14.14.
Adriana Parker
- 2023-04-07
AVAX Price Prediction & Market Analysis
Cryptocurrency Avalanche (AVAX) has been gaining traction in the recent years, and it is currently trading at 0.0006391 BTC. Despite the general bull run in the current market, the AVAX price has fallen about 80.41% in 2022. Read our AVAX price prediction & market analysis to know more about the potential risks and current market situation.
