The post Avalanche Price Prediction: Will AVAX Price Reclaim $30 Or Plunge To $17? appeared first on Coinpedia Fintech News
The market leader, Bitcoin price has plunged below the $58,000 level during the early Asian trading hours. Following this, top altcoins have recorded a huge drop in their respective portfolios. This has further raised speculations of the possibility of a bearish September.
Planning on investing in this altcoin but concerned about its future price action? Fear not and scroll down as, in this article, we have covered detailed research about the price analysis and possible targets of the Avalanche (AVAX) price.
AVAX Token Records Increased Selling Pressure
The Avalanche price has recorded a significant correction in its valuation over the past few days amid ongoing market turmoil. Moreover, after facing rejection at its resistance trendline, the AVAX coin price recorded a bearish reversal and is about to test its support trendline of the triangle pattern.
Notably, the altcoin has dropped 17.56% within the past seven days and 11.41% over the past month. Furthermore, it has recorded a Year-to-Date (YTD) return of -42.39%, indicating a long-term negative influence. With a market cap of $8.992 Billion, the Avalanche project has secured the 12th position.
Avalanche Market Sentiments
The Simple Moving Average (SMA) has displayed a bearish convergence in the 1D time frame. Further, it constantly acts as a resistance to the price chart, indicating a strong bearish influence in the crypto market.
The MACD indicator has experienced a constant rise in the red histogram with its averages showing a bearish convergence in the AVAX price chart. This highlights a negative outlook for the Avalanche price in the coming time.
Is AVAX A Good Buy Right Now?
If the bears continue to overpower the bulls, the Avalanche crypto token could plunge toward its crucial support level of $17.30 during the upcoming weeks.
Positively, if a bullish trend reversal occurs, the AVAX price will retest its resistance level of $24.30. Maintaining the price above that level will set the stage for this altcoin to prepare to test its upper resistance level of $31.50 this month.
Also, read our Solana (SOL) Price Prediction
