- The bearish momentum continues to prevail along the Avalanche as the price continues to trade within the same narrow consolidation
- Bulls are trying hard to hold the price above the major support but the price may continue to plunge and mark the lows below $10
- The development activity remains stagnant, which may shake the bullish market sentiments in the long term
Avalanche Overview as of 20 June 2023
|Avalanche (AVAX) Price||$11.45|
|24-Hour Price Change||+0.92%|
|7D Price Change||-1.39%|
|Market Capitalization||$3.95 billion|
|Circulating Supply||344.96 million|
|Trading Volume||$93.29 million|
|All-Time High (ATH)||$146.22|
|All-Time Low (ATL)||$2.78|
|Fear-Greed Index||49 (Neutral)|
AVAX Price Forecast for this Week
Avalanche had a bumpy ride in the past week as the market conditions worsened due to which the entire crypto space along with the AVAX price plunged very hard. Soon after the plunge a minor recovery was expected, but the bulls fail to hold significant strength due to which it remained within a narrow consolidation. Presently, the bearish influence appears to be in the upper hand, due to which, the AVAX price may be prone to a fresh bearish trend.
Despite the acute bearish trend, the AVAX price continues to trade just above the yearly lows and continues with the consolidation. The market sentiments, presently are uncertain, and hence the sluggish price movement may prevail for some more time. Hence, the Avalanche price prediction for the week is neither bullish nor bearish, as the price is believed to maintain a sideways trend.
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Avalanche Price Prediction for June 2023
The AVAX price faced rejection above $20 and dropped hard following a steep descending trend. The trend intensified in the first few days of June as fresh bearish action dragged the price lower from the crucial support at $13.69. The AVAX price is currently trading just above the last line of defense at $10. Hence, it is believed to remain consolidated above these levels for a while or until huge bullish volume kicks in.
As the trade approaches the monthly close, market sentiment is expected to flip from bearish to slightly bullish. The volume may raise, increasing the volatility of the token to a large extent. This may attract traders who may intensify the bullish pressure, lifting the price beyond the major resistance at $15.16.
Avalanche Price Prediction 2023-2024
The crypto markets started the current yearly trade on a bullish note by surging over 100% in just a couple of weeks. While the price also faced a significant pullback twice consecutively, the bearish trend has continued to prevail to date. However, the token could try hard to close the H1 trade on a bullish note and maintain a healthy upswing until the end of the year. Hence, the Avalanche price prediction for 2023 could be between $23.5 and $25.4.
The price may quickly secure levels above $10 in the first few weeks of 2024, marking new yearly highs every day. Further, the price may also face bearish action during the second quarter of 2024, when the price is expected to witness a pullback. However, with the beginning of the H2 trade, bullish market sentiments are expected to outpower the bears. Hence, a notable upswing could rise the price close to $40 by the end of the year 2024.
AVAX Price Prediction 2023-2050
|YEAR||Avalanche Price Forecast|
|2023||$22 to $25|
|2024||$35 to $37|
|2025||$40 to $43|
|2026||$28 to $32|
|2030||$98 to $112|
|2040||$178 to $185|
|2050||$220 to $235|
Avalanche Technical Analysis
- The AVAX price has been trading within a falling wedge and has approached the apex of the consolation
- The price is accumulating gains by maintaining a narrow trend along the lower support, and a fine upswing is expected to occur very soon.
- Furthermore, the MACD is approaching a bullish crossover, which could push the price above $12 in the short term.
- However, if the price manages to break through the wedge’s upper resistance, it will almost certainly reach the major resistance at $13.69. This could pave the way for a nice uptick in the coming days.
Will Avalanche Price Drop Again in 2023?
The Avalanche price has been displaying its strength despite the prevailing market sentiments remaining in favor of bears. The price rebounded finely after reaching the lower crucial support, which further flashed the strength of the bulls in the needy situation. Therefore, the bulls may continue to support the rally throughout the year and prevent it from triggering a steep bearish trend.
Additional Read: Uniswap Price Prediction
Avalanche On-Chain Analysis Overview
Avalanche Development Activity
Development activity is considered one of the most important metrics and may have a huge impact on market sentiment. It also indicates the seriousness of the development team behind the project and their intentions to roll out the new upgrades and strengthen the fundamentals. The number of commits submitted, which could be queries, responses, or suggestions, is used to calculate activity on the GitHub repository.
Besides, the developers also submit the new feature upgrade, which strengthens the development activity. Presently, development activity has soared and is consolidating within a very narrow range. As long as the activity maintains average levels, the market participants may not be bullish or bearish on crypto in the long term.
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