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- Avalanche gained 50+ million users with the launch of Loco Legends
- Loco legends aims to revolutionize fantasy games on Subnets
- AVAX crypto price trading flat with the weekly gains of 3.69%
Avalanche (AVAX) crypto price is trading with mild bearish cues and bears are trying to pull the prices below the 200 day EMA to its dominance on the higher level. Meanwhile, Avalanche partnered with the Indian game streaming platform Loco, to launch an NFT marketplace for Esports which will attract the 50+ million users of Loco to Avalanche and give massive growth to its NFT ecosystem.
Currently, AVAX/USDT is trading at $20.59 with an intraday loss of 1.86% and the 24-hour volume to market cap ratio at 0.0919
AVAX price seems undervalued and prepares to reach $28.00?
Avalanche (AVAX) crypto price is on steady rise and heading upward by forming higher high swings which shows that some genuine buyers are accumulating from the lower levels and anytime AVAX price can explode and hit the $28.00 mark.
In the mid of January, The AVAX prices broke out of its narrow range consolidation with a giant bullish candle which derived the positive sentiment and prices shot up more than 70% approx in a short span of time. Meanwhile, the AVAX bulls have also managed to keep the price above the 50 day EMA indicates that the short term trend is working in the favor of bulls and if bulls succeeded to push the price above the 200 day EMA then it will increase the probability of more upward momentum in coming days.
AVAX prices have tried multiple times to break out of $22.00 hurdle level but sadly some strong bears seem to be active in the supply zone and keep on dragging the price in a downward direction. However, the chart structure looks bullish and prices are expected to bounce back again by taking support near to the demand zone at $16.00 but if market sentiment turns negative then bears can drag it further down toward $12.00 level. On the other hand, The technical indicators of the AVAX like MACD is sloping sideways indicating that prices might remain in consolidation for some more time and the RSI at 55 denotes neutral sentiment between bullish and bearish positions.
Summary
Avalanche (AVAX) crypto price fluctuation seems quite stable and looks like prices are consolidating for the long term base creation. The technical analysis suggests that prices are into bulls grip and expected to trade above the 200 day EMA in the coming months.
Technical levels
Resistance levels : $22.00 and $28.00
Support levels : $16.00 and $12.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.