What is Avalanche (AVAX) and why is it important?
Avalanche is an open and programmable smart contracts program for decentralized applications. According to the associated whitepaper:
“Avalanche is a high-performance, scalable, customizable, and secure blockchain platform”. The platform is intended to prioritize scalability, security, decentralization, governance and democratic principles while being interoperable and flexible.”
Thus, with a lot of positives going for it – let us take a closer look at what makes it a possible candidate for a rally.
- Avalanche (AVAX) gained roughly 8% over the past day and seems to be picking up the pace on the upside along with the broader market.
- Avalanche is currently trading below crucial 50 and 200 DMA – significant mid-term and long-term indicators suggesting weakness going forward.
Avalanche AVAX Price Prediction: An overview*
|24-hour % Change||8%|
|Market Capitalization||$5.04 billion|
|Circulating Supply||281 million AVAX|
|Maximum Supply||720 million AVAX|
|AVAX TVL||$2.74 billion|
|50-day Moving Average||$26.92|
|200-day Moving Average||$69.76|
*Data sourced from Coingecko, as on 24 June, 2022
** For latest AVAX price,charts, and data
Avalanche AVAX Price Comparison (2017-2022)
|YEAR||END-OF-YEAR PRICE||% CHANGE|
*At press time
Check the latest prices, charts, and data of AVAX/INR
How does Avalanche AVAX Price look on the charts?
Ever since the beginning of 2022, Avalanche AVAX crypto has taken a hard beating. But that has been mostly in line with the broader market’s bearish sentiments. It has shed over 83% of its market capitalization in the first half of the year alone.
And since altcoins share a very high correlation with Bitcoin and other coins in general – chances of immediate or short-term recovery in the coin seem bleak, unless of course there is a broad base recovery in the crypto market. However, if and when such a recovery was to come – here are the price levels you will need to look out for.
As evident from the first chart of this article, AVAX’s price is trading well below its 50-day and 200-day moving average. While the price of AVAX currently is around $19 (~INR 1487) – its 50 and 200 DMAs are at $26 (~INR 2036) & $69 (~INR 5400) respectively. Both these moving averages represent mid-term and long-term price trends and both indicate overall weakness.
However, if times were to change and we see a bull run unfolding soon, the 50 and 200 DMA will serve as crucial resistance levels.
Additional read: LUNA vs AVAX: Comparative Analysis
AVAX Price Prediction for 2022
The closest AVAX crypto price targets for the end of 2022, if a recovery begins from here on, would be the 0.236 Fibonacci Retracement level – roughly around $50 (~INR 3900). A breakout over this level would lead up to a rally to 0.382 Fib – roughly at $67 (~INR 5248).
The 0.382 Fib also nearly coincides with the 200-day moving average (as mentioned above) thus a breakout over this price range would result in a flipping of the long-term downtrend into an uptrend. However, that is highly unlikely within 2022 since these levels would mean a near 300% rally from current levels and a measure of profit booking is most likely to ensue.
AVAX Price Prediction for 2023
2023 may see a flipping of this crucial 0.383 Fibonacci Retracement level coinciding with the 200-day moving average. Tentatively, a breakout over $70 (~INR 5500) would result in a massive upside that could possibly push prices to its previous all-time highs.
The next target would be 0.682 Fib, or around $100 (~INR 7800). Now, this would be a crucial level of supply to breach since it forms the psychological resistance level of $100. Prices tend to accumulate in a zone such as this, and could also see some profit booking corrections playing out before a continuation of the rally by the end of the year.
Why is AVAX Crypto Price falling?
Avalanche AVAX crypto has taken a hard beating. But that has been mostly in line with the broader market bearish sentiments. It has shed over 83% of its market capitalization in the first half of the year alone
How much does one AVAX Crypto Coin Cost?
The current price is 19.73 USDT . Check latest AVAX price here - https://coindcx.com/trade/AVAXUSDT
How many AVAX Crypto Coins are in circulation?
AVAX circulating supply is 281,454,738.02 AVAX
How and where to invest in Avalanche (AVAX)
Investing in AVAX crypto is pretty simple and safe on CoinDCX where you get the best deals in the market with attractive in-App features and multiple benefits. Just download the CoinDCX, crypto app for beginners on your smartphone and register, entering all the required data.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.