Avalanche (AVAX ) Price Analysis: Bulls Seek 20% Upside From Current Levels
Avalanche’s (AVAX) price has been moving in sync with the fall in the global cryptocurrency. European stocks open higher on Tuesday following the subdued Asian session. However, the US dollar index (DXY) trades above 96.00 with 0.32% gains ahead of Fed’s two-days meeting.
- Avalanche price sees bottom buying opportunity near $65.00.
- AVAX price uptrend could speed up in the short term as the RSI holds in the oversold zone.
- Long-term horizontal support around the mentioned level provides support to buyers.
At the press time, AVAX is trading at $64.10, up 1.50% for the day. The 24-hour trading volume is $1,102,980,204 with 24.39% gains.
Avalanche constitute 1,200 validators on its platform
As per the latest tweets from Avax news showed that Ethereum top the list with the highest number of validators on a popular blockchain, while Avalanche has about 1,220. The statistics tell the rising popularity of Avalanche in the crypto community.
Technically speaking, the AVAX price has retraced more than 60% from the all-time high made on November 21. The descending trend line from ATH has been tested twice on December 21 and January 1 respectively. AVAX price has breached the 50 EMA (Exponential Moving Average) on January 5.
Avalanche (AVX) price found support near the $59.00 level, this is a double bottom formation. This technical formation suggests bouncing back in the price. Furthermore, the daily relative strength index (RSI) reads at 32. Any uptick in the RSI could result in the upside momentum in the pair toward the first target at horizontal resistance line at $80.00.
Next, the market participant could touch the 50 EMA at $90.00. However, the reversal in trend can further be validated above the mentioned bearish slopping line.
On the flip side, a daily close below the $59.00 level could invalidate the bullish thesis with eyes on $50.00.
- XPL Token Soars 52% as Plasma Mainnet Launch Ignites Trading Frenzy
- ETH Treasury Firm SharpLink to Tokenize SBET Stock on Ethereum
- First Ethereum Staking ETF Begins Trading, Boosting ETH Demand
- Ethereum in a Bear Market, Peter Schiff Warns as ETH Slides Below $4K
- Trump Considers Jill Sommers and Kyle Hauptman for CFTC Chair Role
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
- Will Pi Coin Price Recover Before Month-End After Payochain Listing?
- Chainlink Price Prediction as Whales Buy 800K LINK — Can the Demand Zone Launch a Recovery?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
