Avalanche (AVAX) – On its way to lose the Three Digits?

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The native token of Avalanche Ecosystem is AVAX

At the time of writing AVAX is being traded at the rate of $123.47 with an increase of 4.11% within the last 24 hours.

The low within this tenure was around $113 and the high was approximately $127. The coin as being in the watchlist of many traders makes it rank all the way up to number 11th according to the latest data released by coin market cap.

AVAX made its all-time high in the month of November 2021 where it reached an enormous amount of $147. At the moment it has a daily volume of $2,264,814,846 with an increase of 22.37% within the last 24 hours. The circulating supply of AVAX is now around 223M. AVAX has a dominance of 1.06.

The top exchanges for trading AVAX are currently Binance, Coinbase, Huobi Global, Bitfinex, Gate.io, Kucoin, and more.

Technical Analysis –  Avalanche (AVAX)

AVAX has been one of the most bullish coins. The price has been printing parabolic movements towards the top which eventually led the price to cross the three-digit mark. Now if we see the weekly time frame, we can see that the price had a rejection from that point. On a slightly lower time frame, it is also seen that the price has shifted the structure.

There are a few confluences about how the price can react from here. The presence of the imbalance and the order block can drive the price down. Moreover, if a Fibo is drawn we can see that the 0.168 point coincides with the order block as well.

Avalanche (AVAX) - 1D

Now the first point to notice is the middle of last week’s candle. Due to the presence of imbalance, the price may reverse from there. In such a case, a good way is to DCA if the price continues to a dropdown. But overall the price is bullish in nature.

Price Prediction – Avalanche (AVAX)

In the long run, AVAX is a highly good opportunity. In September AVAX was being traded at the price of around $50 and now it has crossed the three-digit mark. According to the wallet investor, the price of AVAX is to reach a value of $251.081 in a year. For a five-year plan, the price will reach a value of $724.457. But the investors are even more bullish on the value and they think that it will reach even more.

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