HunkCoin

LayerZero

Avalanche

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Avalanche price trades at $13.38 while witnessing a loss of 1.11% during the intraday session.</a> </li> 
 <li> <span>2</span> <a>Avax price has crossed 20,50,100 and 200-day EMAs negatively.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Avalanche is 22.84% while the three-month return is -20.91%.</a> </li> 
</ul> 
<p>Avax price witnessed a drastic fall during the start of June 2023, falling from the high of $14.93 and causing a loss of roughly 32% in the price. The cryptocurrency price then formed support at $11.30 and started its bullish journey.&nbsp;</p> 
<p>The journey could not last longer and the move was halted as the price faced strong rejection from the $51.97 level. The bears had a strong presence above $15 and were successful in pushing prices below the same level.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/7Jk08WXrYqSjvbQiG_P0JBcGqD92fiFPH83haRG_iWVF6UIN6Ken3XAgXVPudI4yxMQqRWNoq3Wric0SolzMr0CIJg_Lf6phJ2yuHJ8JMonbHPqEvp0bfS0DTtA9zv9IjezeTKYzYUqpn8959BziJpk" alt="Avalanche Price Prediction: Avax Price Melts Below $15 Level"> 
  <figcaption class="wp-element-caption">
    Source: AVAX/USDT By <a href="https://www.tradingview.com/x/WtmrzT4u/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>Recently, Avalanche price entered into a downtrend, forming lower lows after bears pushed it below $15. The previous candle closed as a Doji candle and the current candle has broken the low of the previous candle. Currently, it is headed toward minor support of $13.&nbsp;</p> 
<p>If bears can push the price below $13, it might melt toward the major support of $12.30, causing a downfall of approximately 5.25%. If the $13 support level can hold the price, there is a possibility of a retest of the $14.90 level.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-avalanche-quarter-2-success-strong"><strong>Avalanche Quarter-2 Success</strong></h2> 
<p>Avalanche witnessed remarkable growth in Quarter-2. The daily active addresses and transactions on the C-chain saw a surge of 132.1% and 162.2% respectively. This was due to a rise in liquidity and activity from LayerZero.&nbsp;</p> 
<p>The revenue also saw a growth of 173.1% Quarter over Quarter. The revenue growth was primarily due to the activity stemming from LayerZero and partly due to high transaction fees.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-will-avax-price-melt-to-june-lows-strong"><strong>Will AVAX Price Melt to June Lows?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/za47G-U44WB9U7IX0rc04c5Y-tpMCbcdHrhXeQ70c3PmFJxw_8TfkKwRAFAfGCAr1QBQom2PZSjVt2qLDPQ-lJUmQmIRie2ooYqblAzfCwE7-WY2KgHz_5oAznWRszTigFiBlnPfMEwZ-IZvkUL6tU4" alt="Avalanche Price Prediction: Avax Price Melts Below $15 Level"> 
  <figcaption class="wp-element-caption">
    Source: AVAX/USDT By <a href="https://www.tradingview.com/x/aV4kTcHo/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/07/14/avax-price-analysis-avax-rose-by-15-intraday-sellers-trapped/" rel="noopener noreferrer nofollow">cryptocurrency price</a> is trading below 20,50,100 and 200-day EMAs suggesting that the price is in bearish momentum. Chaikin money flow (CMF) score is -0.14 implying that there is weakness and increased participation of bears in the market. Since 10 July 2023, CMF has been below the 0 mark.&nbsp;</p> 
<p>The relative strength index has dropped below the 50 mark and currently trades at 47.33 denoting that the price is in neutral territory facing the same pressure from bulls and bears. The price has crossed the 20-day SMA of the Bollinger band and is currently headed toward the lower band of Bollinger which resides near the support level of $12.30.&nbsp;</p> 
<p>The long/short ratio is 1.20 with 54.57% longs and 45.43% shorts suggesting a higher pressure from the selling side in the last 24 hours.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The market structure and price action of <a href="https://www.thecoinrepublic.com/2023/07/14/avax-price-analysis-avax-rose-by-15-intraday-sellers-trapped/" rel="noopener noreferrer nofollow">Avalanche</a> is bearish on lower time frames as the price is in a downtrend forming lower lows. Technical parameters favor the selling side but risk-averse traders should wait for the price to break and close below $13. Quarter-2 has been successful for Avalanche and the platform plans to remain robust for 2023.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Major support: $12.30 and $11.30</li> 
 <li>Major resistance: $14.90 and $16</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Avalanche Price Prediction: Avax Price Melts Below $15 Level

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Thecoinrepublic.com

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