Avalanche price prediction as bullish comeback fades

Avalanche price prediction as bullish comeback fades
фото показано с : coinjournal.net

2022-5-17 22:09

The Avalanche price continues to move in a sideways direction as the cryptocurrencies industry remains on edge. AVAX is trading at $33.40, which is sharply above last week’s low of $22.38. The coin has crashed by more than 77% from its all-time high, bringing its total market cap to about $8.8 billion.

AVAX recovery stalls

Avalanche is a leading blockchain project that aims to become a better alternative to Ethereum. The network has better features that include faster speeds, lower costs, and more interoperability. Some of the most notable projects created in Avalanche are 1Inch, Aave, AllianceBlock, and Atlantis Loans among others.

While the Avalanche ecosystem is growing, there are a few elephants in the room. First, there are growing concerns about the DeFi industry after the tragic collapse of Terra USD, LUNA, and the affiliated DeFi ecosystems like Anchor Protocol and Astroport.

DeFi investors are now aware about how risky the industry is despite the high returns. As you recall, just last week, Anchor Protocol was one of the biggest apps in the DeFi industry with over $18 billion in assets. Now, what has been left behind is a shell of its former self.

Read more about how to buy Avalanche.

The other big elephant in the room is the Federal Reserve. The bank is expected to continue tightening its monetary policy in the coming months even after signs showed that inflation may have peaked. Also, the bank will continue hiking interest rates as the US economy is going through stagflation.

The performance of the AVAX price also mirrors that of other assets. For example, Bitcoin is still hovering at about $30,000, where it has been in the past few days. Similarly, American stocks are still struggling to find direction after they made a spectacular comeback last week.

Avalanche price prediction

Turning to the daily chart, we see that the AVAX price formed a hammer pattern last week when it crashed to a low of $22.5. In price action analysis, this pattern is usually a bullish sign. 

However, a closer look shows that the coin’s price has formed what looks like a bearish flag pattern, which is usually a bearish sign. The Relative Strength Index (RSI) and the moving averages show that the price is still bearish. Therefore, a drop to last week’s low cannot be ruled out.

The post Avalanche price prediction as bullish comeback fades appeared first on Coin Journal.

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In this guide, we will voice our own and market’s opinion on Avalance future while discussing AVAX price forecast for 2022 and beyond. Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a […] The post Avalanche Price Prediction 2022-2025 | AVAX Forecast appeared first on CaptainAltcoin.

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