Thursday, September 21, 2023
HomeUncategorizedAvalanche looks like a short-term price increase, but how far can it...

Avalanche looks like a short-term price increase, but how far can it go?

  • Avalanche remains one of the major smart contract platforms

  • The lowest price of the native token was $14, but the price has since doubled

  • AVAX Win on the latest correction since hitting $30. Of course, nothing is certain because we are still basically in a bear market. Nonetheless, bulls should remain optimistic about a potential short-term rally.

    Despite the recent crash, Avalanche is still one of the top cryptocurrencies. Native tokens can be staked and deployed as trading units. Blockchain protocols became popular at the height of the smart contract boom in 2021. AVAX rose above $150 to join the ranks of leading smart contract platforms.

    This year’s crypto crash and LUNA-inspired volatility caught AVAX, forcing it to a $14 bottom. Prices have been recovering, doubling in August before the correction. While AVAX is trading at $23 at press time, bullish signs are forming. We expect the price to surge towards the $27 resistance in the short-term.

    AVAX is still in a consolidation zone after the last correction

    Source – TradingView

    Technical analysis shows that AVAX is changing from $21 The support level is slowly rising. The cryptocurrency formed multiple inside bars at the support. Inside bars indicate indecision and potential bear market exhaustion after the latest correction. A break above the inside line would confirm a bullish reversal.

    On the momentum indicator, AVAX has further bullish signs. While the MACD indicator remains in bearish territory, the weakness is waning. This shows that AVAX strongly rejects any further decline below $21.

    Concluding Thoughts

    AVAX’s Bull Market It will be confirmed by a breakout of the inner bar pattern. The coin could still face resistance at $27.



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