AVAX, the native token of the Avalanche blockchain, is witnessing a battle between bears and bulls. While bears have been stretching their dominance, all eyes are on a key resistance level.
On July 14th, AVAX experienced a notable surge on the weekly chart, reaching a month-high price increase of 27% to strong resistance at $15.87, but then all the gains made a reversal and allowed bears to take control.
AVAX struggled to hold onto the key mark, and the token is currently trading within a tight range of $14 to $14.90 while seeking support to break through resistance at $14.55.
Despite the setback, AVAX is showing promising signs of potential bullish momentum. Buyers are accumulating AVAX in anticipation of a breakout, leading to growing optimism within the market.
As of the latest data, Avalanche is trading at $14.03, reflecting a 5.96% price growth within the past week. The token’s total market capitalization stands at $4 billion, with a circulating supply of 345,875,315 AVAX.
Current Avalanche price predictions indicate a Fear & Greed Index reading of 20.41, signaling extreme fear. Technical analysis indicators offer mixed signals, with some pointing towards bullish signs and others indicating bearish sentiments. Overall, there is a neutral sentiment prevailing among Avalanche price predictions.
Over the past 30 days, Avalanche has seen a significant increase of 23.35%. This upward trend suggests a slight recovery in the coming month. By the end of July, Avalanche is projected to have increased by 115.70% and reach a value close to $30.25.
Avalanche is currently trading below the 200-day simple moving average (SMA), which has been a holding signal for the past 326 days since December 31st, 2023.
Moreover, the token’s price is currently running below the 50-day SMA, indicating a buy signal. Technical indicators suggest that the 200-day SMA will drop soon, with the price expected to reach $15.99 by the end of December.
Examining the Relative Strength Index (RSI), a popular momentum oscillator currently stands at RSIValue. It implies that the AVAX market is in a neutral position, neither oversold nor overbought.
Avalanche Significant Progress In Q2
Avalanche has made significant progress in Q2 with new upgrades, exciting collaborations, and impressive metrics across the board. Ava Labs introduced the Evergreen testnet, Spruce, partnering with T. Rowe Price Associates and Wellington Management.
Avalanche Subnet launch by SK Planet facilitates digital collectibles and decentralized communities. Merit Circle DAO’s Beam offers gaming-focused tooling and an NFT marketplace.
Avalanche shows strong network performance in active addresses, transaction count, and gas usage. Leading DEXs include Trader Joe and GMX, alongside Stargate, Wonderland, and Aave, pursuing multichain goals. Avalanche’s TVL reaches 123 million AVAX, making it the 5th largest chain by TVL ($1.5 billion).
However, their lot to see. Avalanche’s recent advancements and achievements indicate a promising outlook for the platform, with a multitude of exciting developments on the horizon.
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