Avalanche price analysis: AVAX gains bullish momentum at $20.18

Avalanche price analysis appears to be following a strong bullish movement with the price going up, expecting to reach new highs. In the last 48 hours, the price has risen to a significant degree. On February 18, 2023, the price rose from $18.6 to $19.7, showing significant positive momentum. The bull’s endeavors don’t end here; today, on February 19, 2023, the price has a maximum value of $20.18, expected to reach an even higher price.

Avalanche price today is $20.31 with a 24-hour trading volume of $361.55M, a market cap of $6.11B, and a market dominance of 0.54%. The AVAX price increased by 3.15% in the last 24 hours.

Avalanche reached its highest price on Nov 21, 2021, when it was trading at its all-time high of $146.18, while Avalanche’s lowest price was recorded on Dec 23, 2020, when it was trading at its all-time low of $2.79. The lowest price since its ATH was $10.61 (cycle low). The highest AVAX price since the last cycle low was $22.65 (cycle high). The Avalanche price prediction sentiment is currently bullish, while the Fear & Greed Index is showing 60 (Greed).

Avalanche’s current circulating supply is 300.69M AVAX out of the max supply of 720.00M AVAX. The current yearly supply inflation rate is 22.58% meaning 55.39M AVAX were created in the last year. In terms of market cap, Avalanche is currently ranked #7 in the Proof-of-Stake Coins sector, ranked #1 in the Avalanche Network sector, and ranked #11 in the Layer 1 sector.

AVAX/USD 1-day analysis: Latest developments

Avalanche price analysis indicates market volatility following an increasing trend, which means AVAX/USD prices are increasingly prone to fluctuating volatility. The open price for AVAX is currently $19.99, with a high price of $20.36. Conversely, the low price of AVAX is present at $19.99 with a change of 1.28% and a close price of $20.36

The price of AVAX/USD appears to cross over the Moving Average curve, signifying a bullish movement. As a result, bulls have been taking care of the market for the last few hours and will maintain their momentum. However, the price appears to show increasing dynamics by moving towards the resistance; the trend might soon shift to a positive one instead if the bulls play their cards right.

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AVAX/USD 1-day price chart Source: CoinCodex

The Relative Strength Index (RSI) is 57, which puts cryptocurrency in a stable state. However, we can trace the RSI following an upward path toward the lower neutral region, indicating the dominance of buying activity.

Avalanche price analysis for 7-days

Avalanche price analysis shows market volatility following an inclining trend, indicating that the probability of AVAX/USD experiencing fluctuations increases. The high price of AVAX stands at $20.36, with an open price of $19.59. Conversely, the low price of AVAX is present at $19.58 with a change of 2.38% and a close price of $20.13.

The price of AVAX/USD appears to be crossing over the Moving Average curve, indicating a bullish move. However, the market’s direction may seem to remain consistent over the last few days. Bulls have taken the market, which weakens the stance of the bears. However, the AVAX/USD price attempts to cross the resistance, indicating a possible breakout in the market.

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AVAX/USD 7-day price chart Source: CoinCodex

Avalanche price analysis reveals that the Relative Strength Index (RSI) is 50, indicating a stable cryptocurrency. Furthermore, the price appears to have found a stable point and anchored itself to that point; however, the point lies in the central-neutral region, and the price will be forced to move from it sooner or later. The RSI follows an upward path exhibiting signs of the AVAX’s increasing value, a movement toward stability, and dominant buying activities.

Avalanche Price Analysis Conclusion

The conclusion of the Avalanche price analysis indicates that the cryptocurrency behavior suggests that it is following a completely bullish trend with massive reversal potential. The market has recently fallen under the bullish dominion and seems competent enough to maintain it. However, they have already engulfed the market, and the bears are on the ropes right now but might take over by storm in the coming days if they take advantage of the possible breakout.