In this Avalanche (AVAX) price prediction 2023, 2024-2030, we will analyze the price patterns of AVAX by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Avalanche (AVAX) Current Market Status
What is Avalanche (AVAX)
Avalanche (AVAX) is the native cryptocurrency of the Avalanche network. AVAX was launched in 2020. Avalanche is an open-source decentralized blockchain for creating dApps and customized blockchains. It is popularly known as the “winter-themed” ecosystem that holds AVAX, the “red coin.”
AVAX tokens have 3 primary use cases. Firstly, they serve as the transaction fee. They serve as the fundamental unit for all Avalanche’s subnets. Moreover, users can stake AVAX and earn these tokens as rewards.
Avalanche comprises 3 interoperable blockchains with distinct functionalities and multiple subnets. The Exchange Chain (X-Chain) handles the trading activities. The contract chain (C-Chain) meant for creating dApps. The Platform Chain (P-Chain), meant for validating transactions and maintaining subnets.
Avalanche 24H Technicals
(Source: TradingView)
Avalanche (AVAX) Price Prediction 2023
Avalanche (AVAX) ranks 20th on CoinMarketCap in terms of its market capitalization. The overview of the Avalanche price prediction for 2023 is explained below with a daily time frame.
AVAX/USDT Descending Channel Pattern (Source: TradingView)
In the above chart, Avalanche (AVAX) laid out a Descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.
At the time of analysis, the price of Avalanche (AVAX) was recorded at $10.19. If the pattern trend continues, then the price of AVAX might reach the resistance levels of $11.09, $15.37, $18.48, and $23.30. If the trend reverses, then the price of AVAX may fall to the support of $8.71.
Avalanche (AVAX) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Avalanche (AVAX) in 2023.
AVAX/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Avalanche (AVAX) for 2023.
AVAX Resistance & Support Levels
Avalanche (AVAX) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Avalanche (AVAX) are shown in the chart below.
AVAX/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Avalanche (AVAX) market in 2023.
Avalanche (AVAX) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Avalanche (AVAX) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
AVAX/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Avalanche (AVAX).
Comparison of AVAX with BTC, ETH
Let us now compare the price movements of Avalanche (AVAX) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs AVAX Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of AVAX is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of AVAX also increases or decreases respectively.
Avalanche (AVAX) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Avalanche (AVAX) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
Conclusion
If Avalanche (AVAX) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Avalanche (AVAX) price prediction for 2023 is $13.93. Comparatively, the bearish Avalanche (AVAX) price prediction for 2023 is $6.74.
If there is a positive elevation in the market momentum and investors’ sentiment, then Avalanche (AVAX) might hit $20. Furthermore, with future upgrades and advancements in the Avalanche ecosystem, AVAX might surpass its current all-time high (ATH) of $146.22 and mark its new ATH.
This content was originally published by our partners at The News Crypto.