Avalanche Price Analysis: AVAX Coin Price Ready To Hit New High Of $ 20

  • The AVAX coin price is currently observing bullish momentum with an increase of more than 5% in the past 24 hours. It may hit a new high of $ 20 in the near future.
  • The technical indicators of the avalanche price suggest bullish momentum, but with little strength. Meanwhile, the AVAX / BTC pair is also in an uptrend on the daily timeframe

Why invest in AVAX Coin?

The AVAX coin price is currently in an uptrend and is trading near the $ 12.02 level. A gain of more than 5% was recorded in the intraday session. Avalanche has over 2336% ROI, which is much higher than any of its competitors in the market. It is a unique platform for the adoption of DeFi applications, financial investments across the chain and much more. AVAX aims to be the leading global asset exchange provider, enabling anyone to market or trade any asset and have decentralized control over it using smart contracts. The AVAX coin price is currently observing an upward trend and can continue this in the future.

The AVAX token has a market capitalization of 8,664,193,884 USD and ranks 46th in the crypto-verse. The volume of the avalanche as well as the market capitalization have increased significantly in the last few days. AVAX’s volume-to-market capitalization ratio suggests the upward trend will continue. Depending on your risk tolerance, you can invest in this asset.

Bulls prefer the AVAX coin price run

Source: trade view

The weekly technical chart on the AVAX coin suggests bullish momentum for the price. In the daily timeframe, the coin sees a stop in the bull run. It could revert to the uptrend again. In contrast, the AVAX can encounter resistance near USD 20 on the uptrend. On the downside, support can be seen close to $ 8. The price of the Avalanche trades below the 50 and 100 daily moving averages. The 50MA line (RED) is close to $ 16 which is temporary resistance to price. The coin has formed a small zone of consolidation on the daily chart. If it jumps 15 to 20% above it, a strong upward momentum can be observed. The AVAX / BTC pair could also see upward momentum in the coin.

Conclusion

The AVAX coin price is currently in an upward trend and may continue in the near future. It can see spikes as high as $ 40 in the coming months. The AVAX / BTC pair can continue to see the same surge going forward.

Technical levels

Home Grant: $ 8

Main Resistance: $ 20

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