Avalanche Price Analysis: AVAX Token Price Might Hit The Lower Support In Upcoming Days

  • AVAX token price has formed a downside parallel channel on the daily chart. It might also see a negative crossover in the moving average.
  • The price is currently trading near the level of $13.15 with an intraday loss of 4.20%. Meanwhile, the AVAX/BTC pair shows a positive momentum in the price

Why To Invest In AVAX Token?

AVAX token price has an ROI of more than 2530%, which has always attracted the investors towards it. The project is an umbrella platform for launching services or apps such as decentralized finance applications, financial assets, trading and others. Avalanche aims to be a global assets exchange in the cryptomarket,  and allows anyone to launch or trade any form of asset. It will control the assets in a  decentralized manner using smart contracts and other  technologies of blockchain .Emin Gun Sirer founded the AVAX and its mainnet launched in September 2020. AVAX token price has seen some significant gains in the past and can repeat the same in the future.

AVAX token has market capitalization of $9,573,019,679 and has seen a decrease of 3% in the past 24 hours. The volume of the coin has seen a jump of 18% ,hinting towards an upside correction for the price.

Technical Indicators For The AVAX Token Price Suggests The Continuation For Downtrend

Source: Trading view
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The weekly technical chart of the AVAX token price suggests the continuation of downtrend. In contrast, the price is observing a loss of 4% . The downtrend for the price can continue in the asset price for a while. In contrast, the resistance for the asset price on the daily chart can be observed near $21. The support region for the price can be found near $9. 

It is currently trading below the 50 and 100 DMA and has seen a negative crossover on the daily chart. The 50MA (RED) line is at $22, making it a temporary hostile region for the price. The price has formed a downside parallel channel on the daily chart. If it goes above it then a strong uptrend in the price can be observed. AVAX/BTC pair is seeing a consolidated momentum with a hint of bullish momentum. It can soon see a strong bullish momentum.

Conclusion

AVAX token price has given a huge return to the investors in the past. The price is currently seeing a downside momentum but can soon revert back to the normal.One can wait for some upside correction before making any moves.

Technical Levels

Major Support:$9

Major Resistance:$21

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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