03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $942,115,587,651. The total trading volume stands at $54,833,502,933. Bitcoin shares 39.77 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,547.55 level after an upward movement of 1.86%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.3 percent reaching to $1,326.36 during the previous 24 hours.
While publishing this blog, BNB traded at $288.62, following a price change of 2% within the same time frame. XRP the native coin of XRP is down by -0.52 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.58% 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||$18.22||Support Level 1||$16.49|
|Resistance Level 2||$19.21||Support Level 2||$15.75|
|Resistance Level 3||$19.95||Support Level 3||$14.76|
According to PriceAnalysis Market Index, Avalanche (AVAX) is trading at $17.06 with a trading volume of $197,814,394.00. However,AVAX has seen a price increase of 1.6% in the last 24 hours.AVAX price changes -1.59% over the week with a total market capitalization of $5,050,923,346.00 USD.
AVAX price analysis for 03 October 2022 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)||17.35||Sell|
|Exponential Moving Average (10)||17.27||Sell|
|Simple Moving Average (20)||17.55||Sell|
|Exponential Moving Average (20)||17.50||Sell|
|Simple Moving Average (50)||20.08||Sell|
|Exponential Moving Average (50)||19.95||Sell|
In accordance with the conventional pivot, the crucial immediate resistance for AVAX may be found at $18.22, followed by $19.21. In the meantime, the cryptocurrency's support levels were located at $16.49 and then $15.75. The AVAX/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. RSI implying near overbought phase while trading at 52 and is trying to break out of the neutrality zone. While AVAX’s Williams %R indicator is at -65.106 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.
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 $16.49, it can provide an excellent long opportunity for AVAX communnity.