Avalanche Price Analysis: Will the AVAX Coin Reach $21 in 2023?
- The AVAX token has the potential to reach $21 in 2023.
- It is currently trading at $9.89 with a rise of 1.34% in the last 24 hours.
- The Avalanche coin (AVAX) is down from its all-time high by 93.24%.
The AVAX coin made its all-time high on 21 Nov 2021 where it was priced at $146.22. The token is currently trading at $9.89 with a 4% fall in the volume of the token.
- The circulating supply of the token is 353,639,388 AVAX, which is 49% of the total supply.
- The trading volume of the token is $8.6 Million in the last 24 hours.
- The market capitalization of the token is 3.4 Billion.
The AVAX Token Sentiment Analysis
The price of the token has seen a repulse of 6.64%. The total bullish sentiment of the token has increased by 42.61%. Social mentions of the token have also increased by 33.32% in the last 1 week. The overall sentiment of the token is showing a bullish movement in the token in a weekly timeframe.
Weekly Technical Analysis
The price of the token started falling during the bearish season of the market. It started to fall on 4 Apr 2022 and touched the $10.6 level, then took support from that level and then went upward almost to the $23 level with a rise of 114%. Now, the coin price is trading at $9.89 from where it is taking the support again from the support line and we can see the same upward in the price till $20 to $23.
Also, If the price breaks this support, we can see a $6.6 range if the market goes bearish.
The price is currently under a great accumulation zone.
The MACD is showing the movement of the fast blue line below the red slow line which shows a bearish price action. The histogram also shows a shortage in the volume of the token.
The RSI is below the neutral level of 50. The current RSI is at 33.91 points and the SMA 14 is at 39.19 points. It shows that the price of the token is under an oversold region.
Daily Chart Analysis
The daily chart shows that the price has been in a downward trend from 16 July 2023, when the price was around $15 and since then the price has seen a fall of around 50%. Currently, we are trading at an important support zone from where we can easily see a bullish upward of 25% to 50%. For the resistance and support, you can refer to the chart.
The MACD in a daily chart shows a bullish scenario as the blue fast line is moving above the red slow line. The histogram is also showing an increase in the volume of the token.
The RSI in the daily timeframe is also below the neutral level and also under the oversold region.
CONCLUSION :
The overall analysis of the AVAX token is that the price is currently under a bearish scenario in the weekly timeframe and bullish in the daily timeframe. So, we can wait for this week to finish and watch whether the price in the weekly timeframe is taking the support or not. After the successful test of the support, we can confirm that we are in a bullish scenario.
Technical Levels:
- Support Level: $9.71 and $12.12
- Resistance Level: $13.88, $14.95, and $17.71
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
