Avalanche Price Forecast: Is a Price Recovery to $50 Realistic in Current Market?

Coingapestaff
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Avalanche price AVAX transfer ZachXBT

Highlights

  • Market volatility continues as AVAX struggles with sell-off pressures.
  • Bearish trends may lead to retesting major support levels soon.
  • Potential for recovery exists if resistance at $35 is broken.

Avalanche price forecast: AVAX, a layer one blockchain platform for decentralized applications and bespoke blockchain networks, has seen its altcoin price drop by 2.9% in the past day, indicating a bearish trend. Currently, the Avalanche price is at $34.18, reflecting a downward shift in its market value.

The cryptocurrency has a market capitalization of approximately $12.96 billion, ranking it within the top twelve cryptocurrencies globally. Recently, AVAX has seen a 10% decrease in its trading volume over the last 24 hours, which now stands at $311 billion due to a slight market downturn. 

There are currently 378,199,711 AVAX coins in circulation, with a maximum supply capped at 715 million coins. 

Advertisement
Advertisement

Avalanche Price Forecast: What’s the Next Move in the Market?

Over the past week, the price of Avalanche has fluctuated between $40 and $33, suggesting a downward movement with a decline exceeding 3%. Throughout most of this period, Avalanche has struggled to maintain the $40 mark, facing increasing sell-offs.

Avalanche Price Forecast: Is a Price Recovery to $50 Realistic in Current Market?
Avalanche Price Forecast

Additionally, this cryptocurrency has dropped by over 36% in the past month, reflecting a strong bearish sentiment. Similarly, the broader crypto market has experienced minor setbacks, with Bitcoin trading under $64,000 and Ethereum just below $3,200, signaling overall market instability.

If the bulls manage to push the price past the $35 resistance level, AVAX might see a significant rebound in its momentum. This surge could potentially drive the cryptocurrency to challenge the major resistance level at $50.

However, if market conditions remain weak, the value of AVAX could decline, potentially reaching its support level at approximately $33. If the bearish trends persist, there’s a risk it could further slip to lower support around $30 soon.

The daily technical indicators for AVAX show continued volatility in the market.  The Moving Average Convergence Divergence (MACD) is exhibiting bearish momentum below the signal line. 

The Bollinger Bands display a moderate gap, with the 20-day Simple Moving Average (SMA) sitting at $38.35. The upper Bollinger Band is currently at $48.10, suggesting a potential resistance level for any upward movement. Conversely, the lower band indicates support at $28.60, a level that might see buying interest if the price dip to these regions.

Avalanche Price Forecast: Is a Price Recovery to $50 Realistic in Current Market?
Avalanche Price Forecast| Source: Tradingview

The Awesome Oscillator, currently transitioning from green to red bars, indicates a shift from bullish to bearish momentum. Meanwhile, the Relative Strength Index (RSI) stands at 36, reflecting mixed investor sentiment and hinting at a potential bearish trend.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.