24 September 2023 : In this article we will walk you through Avalanche price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Avalanche, Is AVAX a good investment? Avalanche support & resistance levels etc. But before diving deep into the AVAX technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,054,728,866,155. The total trading volume stands at $14,724,326,797. Bitcoin shares 49.15 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $26,594.78 level after an upward movement of 0.09%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.14 percent reaching to $1,594.45 during the previous 24 hours.
While publishing this blog, BNB traded at $210.78, following a price change of 0%within the same time frame. XRP the native coin of XRP is down by 0 and currently trading at $0.51. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Avalanche (AVAX)
|AVAX Resistance Levels||AVAX Support Levels|
|Resistance Level 1||$16.66||Support Level 1||$14.76|
|Resistance Level 2||$17.48||Support Level 2||$13.68|
|Resistance Level 3||$18.56||Support Level 3||$12.86|
The current Avalanche price is $9.01, with a trading volume of $78,931,794.00 in the past 24-hours. Currently, AVAX is up by 0.51% since yesterday with a market capitalization of $3,189,797,604.00 USD.
AVAX price analysis for 24 September 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Avalanche.
|Simple Moving Average (10)||15.99||Sell|
|Exponential Moving Average (10)||16.03||Sell|
|Simple Moving Average (20)||16.54||Sell|
|Exponential Moving Average (20)||16.50||Sell|
|Simple Moving Average (50)||17.73||Sell|
|Exponential Moving Average (50)||17.67||Sell|
While AVAX’s Williams %R indicator is at -46.057 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The AVAX/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. The Avalanche has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take AVAX price below the crucial support level of $14.76. The relative Strength Index (RSI) indicates that the AVAX coin is in oversold phase, as RSI is at 29.
From the technical analysis, the overall trend of the Avalanche is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if AVAX manages to stay above $14.76, it can provide an excellent long opportunity for AVAX communnity.