How Many Dollars Is Avalanche (AVAX) Now Targeting? 🤔 🎯
While Bitcoin (BTC) finds buyers at $68,200, altcoins generally linger at yesterday's levels. AVAX, on the other hand, was at $37.7 and the recent BTC drop resulted in a loss of the $40 level.
Avalanche's rise from $37 gave investors hope for a comeback. However, the price of Bitcoin going down again after yesterday's US data confused things. Altcoins lost 1-2% and BTC lost $70,000. AVAX price, which fell below the $39 resistance, marks the continuation of the consolidation process.
In addition to the decline in the price of BTC, as we have seen from the MACD data, the investor interest is also weak. While Hussen double-digit annual inflation makes the purchase at lower levels for AVAX attractive, interest is weakening in price zones on the eve of this breakout.
The $37-41 region is a key level in terms of investor cost area. There is an investor accumulation of 11.9 million AVAX, roughly 409 million dollars here. Since the size of these investors is large, the number of people who want to cash out small earnings is challenging for bulls. If the key area can be overcome, we will see investors cut the sale for higher heights and wait profitably.
If the expected scenario does not occur, the AVAX price is likely to retract to the support at $31.5. The $39-31 range is the region where the popular altcoin has been stuck for 1 month and this situation seems to continue.
In summary, we are not talking about a very bright look for AVAX. The annoying consolidation process continues and interest is weak. On the other hand, constantly increasing circulation supply and double-digit inflation are also an important problem. While the frequent circulation of hundreds of millions of dollars of dollars in supply during the year requires more buyers to come here, this is not at the desired level. After $42 and $45 in the possible rise, the $48-50 breakout area will be targeted.