Avalanche (AVAXUSDT) price over 7 days gained 19.16% to 17.22. At time of writing, Avalanche has decreased by -3.64% over the past 24 hours. For the record, AVAXUSDT is -88.06% below all-time high of 144.96.
Over the last 30 days, AVAX is down by -7.30% while 12-month period is down by -79.86%.
What can we expect from Avalanche today?
On the daily timeframe, our analysis is that there could be selling pressure.
while on the downside, we are looking at daily low of 16.85 as an important support. Break below this level could weaken the current bullish momentum.
Looking ahead for the day, immediate support level is at 16.70 (S1) with break below could see further selling pressure towards 16.17 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 18.05 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment.
Key levels to watch out:
Avalanche is a high throughput smart contract blockchain platform. Validators secure the network through a proof-of-stake consensus protocol. It is said to be fast, low cost, and environmental friendly.Mainnet was launched in September 21, 2020. Since then, the platform has grown to secure over 100+ individual projects, $1.4M+ of AVAX burned (reducing supply), 950+ individual block-producing validators, and over 500k+ community members around the globe. Decentralized finance (DeFi) applications can be found on Avalanche such as Pangolin, TraderJoe, and more.
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