Avalanche price prediction points towards the recovery phase of the cryptocurrency in the wake of Bitcoin’s impressive rally above $29,000. AVAX crypto might recover towards the $15 recovery level as Bitcoin sustains at $30500 resistance. AVAX needs to break out from the primary resistance level of $12.65 to reach the $15 recovery level.
Avalanche price has started its recovery phase from the demand zone at $11.08 and is taking the lead to recover and reach the $15 resistance level. Investors in AVAX cryptocurrency should exercise patience and wait for the price of AVAX to break out from the primary resistance level before making any investment decisions.
Avalanche price was at $12.26, and has gained 1.16% of its market capitalization during the day’s trading session. Trading volume has increased by 61% during the intraday trading session. This demonstrates that buyers are getting involved in the trade to push AVAX towards the upper level. Volume to market cap ratio was at 0.0353.
What do Technical Indicators Suggest About Avalanche’s Price?
The Avalanche price prediction suggests that AVAX crypto is gaining recovery momentum in the charts. Meanwhile, the AVAX cryptocurrency is making efforts to sustain itself above the 20-EMA and achieve a recovery beyond the 50, 100, and 200-day Daily Moving Average. However, trading volume is still below average and needs to grow for AVAX to continue surging.
AVAX crypto has recovered around 3.99% in a week and 3.55% in the last six months. Moreover, AVAX crypto price has gained 12.58% year-to-date. thereby confirming its recovery during 2023.
Technical indicators demonstrate the upward velocity of AVAX over the daily time frame chart. Relative strength index (RSI) showcases the upward momentum of AVAX crypto. RSI was at 41 and is heading towards neutrality.
The moving average convergence/divergence (MACD) exhibits the upward trend of AVAX. The MACD line is above the signal line after a positive crossover. Investors in AVAX cryptocurrency should exercise patience and wait for the price of AVAX to break out from the primary resistance level before making any investment decisions.
Summary
Avalanche price prediction points to the recovery phase of the cryptocurrency. Avalanche price has started its recovery phase from the demand zone at $11.08 and is taking the lead to recover and reach $15 resistance. However, trading volume is still below average and needs to grow for AVAX to continue surging. Technical indicators demonstrate the upward velocity of AVAX crypto over the daily time-frame chart.
Technical Levels
Resistance Levels: $12.75 and $15.00
Support Levels:$12.00 and $11.75
