Avalanche Consolidates Above $32.0: Resilient Performance Amid Market Fluctuations

Avalanche Consolidates Above $32.0: Resilient Performance Amid Market Fluctuations

Avalanche (AVAX) exhibited enormous price swings throughout 2024. Although the crypto asset reached $65 in March—a record since May 2022—price momentum eased to below $40 in corrections. However, that doesn't concern investors. Experts attribute this confidence to a fresh set of partnerships and several developments within the Avalanche ecosystem. These events will see AVAX joining the list of prominent alternative cryptocurrencies

AVAX Price Stabilizes Above $32.0

According to the latest data, AVAX is valued at $32.63, increasing by 0.77% in the last day, while the capitalization of the market is $12.83 billion, which is also growing by 0.77%, and the volume of the previous 24 hours is $283 million, rising 1.20%. The ratio between volume and capitalization is 2.21%, whereas the circulating supply is 393,262,866 AVAX, making up 54.94% of the maximum supply of 715,748,719 AVAX.

AVAX Technical Analysis and Key Levels

A price chart shows dynamic price movements in the past day where AVAX has tested levels above $33 and those below $32. In the period over the past month, Avalanche (AVAX) recorded quite a considerable price movement in the market, which at the beginning depicted a powerful bullish trend until the resistance at around $60 in March, which was a peak since May 2022, followed by a significant drop below $40

The current price is around $32.63, reflecting a good recovery. It may either show a change in the trend or a continuity in the ongoing momentum. Its RSI of 37.64 sits in the oversold territory and portrays a relative stance for AVAX, which might draw further buying interest on reduced selling pressure. The next upside is around the 32.56 Simple Moving Average, and at this level, the price action is now placed, making this level very important for the immediate course of action. The Simple Moving Average is at 32.56, forming an immediate resistance for the price action, which trades around this zone and shows that the price is at a make-or-break stage for its next short-term move.

Moving Average Convergence Divergence (MACD) is slightly bearish because the MACD line remains below the signal line. The support of the AVAX coin is present at $31.86, while the resistance could test at $33.50. The break over the $33.50 resistance, with the price managing to stay above the $32.56 SMA, would indicate a healthful recovery. A failure to maintain these levels means that the asset will potentially retest lower support areas, and investors are showing a stance that is both careful and watchful.

large-scale investor (whale) activity has lessened. However, support levels at $31.86 and resistance at $33.50 are critical to watch. If AVAX holds above the $32.56 SMA and breaks past the $33.50 resistance, it could signal a stronger recovery. Conversely, failing to maintain these levels might result in a retest of lower support zones.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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