Avalanche Eyes for $21 Level; Will AVAX Sustain the Uptrend?
Avalanche blockchain offers similar features as the Ethereum blockchain by targeting Decentralized applications and smart contracts. AVAX has simplified the sorting process for acquiring more tokens with some chains to address different sorts of transactions.
Ranking at the 15th position with its market capitalization of $5,487,896,274, only 39% of the total 720 million AVAX tokens have entered the market, and the remaining 61% have not entered the circulation market. A major chunk of its token volume is kept aside for staking rewards.
Avalanche is a popular and rewarding staking blockchain that offers a huge gain on an annual basis. The minimum volume needed for this transaction is 2000 AVAX tokens which could cost $38,920 based on the current market value of $19.46. This token has made an all-time high of $146.22, which has increased investor expectations.
Avalanche price action is limited to a narrow zone. Before it exceeds $22, one should remain patient to avoid falling into the dumping trap after consecutive price rises. Visit here to know when the token will reach the above-mentioned level.
Avalanche blockchain is being blessed with positive trends in July 2022. We are witnessing a significant jump in seven days without any major breakout. Since the failure at the immediate resistance level of $22.5, the AVAX token fell back to $16.5.
The resistance zone for the AVAX token has become much wider because of a steep drop in valuations during May 2022. Price analysis puts $40 as the upper limit of the current resistance zone, which might act as a consolidation zone since it can take AVAX months to breach out of this zone.
With the positive uptrend, the RSI indicator confirms the bullish sentiment by a histogram level of 50. 50 is a fairly positive area considering RSI was trading in an oversold zone just a month ago. The MACD indicator also shows strength in the current price action and continues to leap ahead.
The five consecutive days of positive closing for Avalanche could bring a positive response from other enthusiasts. Although this token maxed out at $146, $60 was the previous support level because of higher volatility. Hence, buyers can see a tremendous price rise to $60 in the next few months if AVAX moves past the 50 and 100 Days EMA curves.
There could be some consolidation near the $40 mark, but the AVAX token can continue to move upwards by up to $60 based on current sentiment and volatility.