Avalanche price analysis: AVAX bullish at $16.8

Avalanche price analysis: AVAX bullish at $16.8

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • The strongest resistance is present at $21.7.
  • The strongest support is present at $14.2.

Avalanche price analysis appears to be following a strong bullish movement, with the price going up, expecting to reach new highs. In the last 48 hours, the price has fallen to a significant degree. On March 16, 2023, the price crashed from $17.4 to $15.4, showing significant negative momentum. However, the bulls have intervened and the bull’s march doesn’t end here; today, on Match 17, 2023, the price has a minimum value of $15.4; however, the price has increased to a modest $16.8.

As of March 17, 2023, the price of Avalanche (AVAX) is $16.85, and its 24-hour trading volume is $522.69M. Its market capitalization is $5.49B, and it holds a market dominance of 0.48%. The price of AVAX has increased by 6.51% in the last 24 hours.

Avalanche’s all-time high was achieved on November 21, 2021, when it traded at $146.18, while its all-time low was recorded on December 23, 2020, when it traded at $2.79. The lowest price since its all-time high was $10.61 (cycle low), and the highest price since the last cycle low was $22.65 (cycle high). Currently, the sentiment for Avalanche’s price prediction is neutral, and the Fear & Greed Index indicates a neutral score of 51.

Avalanche has a current circulating supply of 325.54M AVAX out of a maximum supply of 720.00M AVAX. The yearly supply inflation rate is 22.06%, meaning that 58.83M AVAX tokens were created in the past year. In terms of market capitalization, Avalanche is currently ranked #7 in the Proof-of-Stake Coins sector, ranked #1 in the Avalanche Network sector, and ranked #11 in the Layer 1 sector.

AVAX/USD 1-day analysis: Latest developments

Avalanche price analysis indicates market volatility following an increasing trend, which means AVAX/USD prices are increasingly prone to fluctuating volatility. The open price for AVAX is currently $16.44, with a high price of $16.87. Conversely, the low price of AVAX is present at $16.44 with a change of 1.66% and a close price of $16.87

The price of AVAX/USD appears to cross over the Moving Average curve, signifying a bullish movement. As a result, bulls have been taking care of the market for the last few hours and will maintain their momentum. However, the price appears to show increasing dynamics by moving towards resistance. The bulls can maintain this trend if they play their cards right.

image 349
AVAX/USD 1-day price chart Source: CoinCodex

The Relative Strength Index (RSI) is 50, which puts cryptocurrency in a stable state. However, we can trace the RSI following an upward path in the central neutral region, indicating the dominance of buying activity. The price attempts to enter the inflation region soon, if that happens, the trend is sure to be reversed.

Avalanche price analysis for 7-days

Avalanche price analysis shows market volatility following an inclining trend, indicating that the probability of AVAX/USD experiencing fluctuations increases. The high price of AVAX stands at $16.86, with an open price of $16.18. Conversely, the low price of AVAX is present at $16.10 with a change of 3.88% and a close price of $16.80.

The price of AVAX/USD appears to be crossing under the Moving Average curve, indicating a bearish move. However, the market’s direction may seem to shift to a positive one over the last few days. Bulls attempt to take the market, which weakens the stance of the bears. However, the AVAX/USD price attempts to cross the moving average, indicating a possible breakout in the market.

image 350
AVAX/USD 7-day price chart Source: CoinCodex

Avalanche price analysis reveals that the Relative Strength Index (RSI) is 45, indicating a stable cryptocurrency. Furthermore, the price appears to have found an upward spiral and anchored itself to that movement; however, the point lies in the central neutral region, and the price will be forced to move against it sooner or later. The RSI follows an upward path exhibiting signs of the AVAX’s increasing value, a movement toward positivity, and dominant buying activities.

Avalanche Price Analysis Conclusion

The conclusion of the Avalanche price analysis indicates that the cryptocurrency behavior suggests that it is following a completely bullish trend with massive positive potential. The market has recently fallen under bullish dominion and seems competent enough to maintain it. However, they have already engulfed the market, and the bears are on the ropes right now but might take over by storm in the coming days if they take advantage of the possible breakout.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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