The price of the Avalanche cryptocurrency has been rising since October 2023, and it has risen significantly from $9.0 to $65.0 by March 18, 2024. The six-month and three-month periods for Avalanche have been very positive, with gains of 316.03% and 4.58%, respectively. However, over the past week and month, the price has fallen by -15.84% and -30.41%, respectively, indicating a strong downward trend.

However, the Avalanche cryptocurrency has seen a sharp price decline in the past few trading sessions and the price is showing signs of bulls struggling, while bear dominance is extremely high. Depending on the seller pressure, a sharp decline could break more support levels and could target the $35.0 and $28.0 support levels on the daily chart.

The price of Avalanche seems to be declining recently, following a sharp bearish pattern as it has fallen below the dynamic support of the 20-day and 50-day EMAs. This suggests that there is a high probability of further declines depending on the degree of selling pressure.

Moreover, if the price falls further below the ground support, the Avalanche crypto-asset could accelerate this ongoing bearish trend, coinciding with the fact that the MACD has started to drop sharply from the zero line (located at -2.15) and has sharply cut off the signal line from above.

Meanwhile, the RSI is at 32.70 and has started to turn lower after breaking through the 14-SMA from above like a falling knife; a push by the bears could accelerate further deterioration.

AVAX Daily Price Prediction

At press time, the Avalanche cryptocurrency is trading at $38.63, down -1.83% on the day.

Therefore, if the Avalanche cryptocurrency fails to sustain the $35.0 price level, the price could decline sharply. However, if there is a recovery, the price could break out to the upside and reach $50.0 and $55.0.

Avalanche Volume Analysis for Price

A closer inspection of the chart shows an unusual spike in trading volume on March 19, 2024. This indicates an increase in interest and activity in the Avalanche cryptocurrency market, which in turn led to a rise in prices. Notably, in earlier trading sessions, the trading volume had exceeded $3.4 billion.

On March 20, 2024, there was a noticeable drop in volume from Avalanche activity. As time went on, demand and excitement for the price of AVAX continued to decline. By the second week of April, volume on the chart had dropped from $3.4 billion to just $400 million.

Avalanche Assets Social Dominance Study

AVAX 的社交主导性指标（包括 Twitter Avalanche 新闻（X 新闻）、Twitter 关注者（X）和社交量（包括 Telegram 和 Twitter 的活跃用户）呈负面趋势。此外，活跃用户和 Twitter 聊天量也显著减少。根据这些指标，可以推断 AVAX 的受欢迎程度正在下降。

The increasing number of tweets mentioning Avalanche highlights its declining growth rate and shows that it has ceased to be one of the popular coins recently.

Summary

The Avalanche cryptocurrency has experienced significant price fluctuations since October 2023, rising from $9.0 to $65.0 on March 18, 2024. Despite positive growth over the past six and three months, the recent downturn has caused the price to fall sharply by -15.84% and -30.41% over the past week and month, indicating a strong downtrend. Technical indicators suggest that further declines may be imminent, with support levels at $35.0 and $28.0 on the daily chart. 

Trading volumes have also seen spikes and dips, reflecting changing levels of interest and activity in the market. Additionally, AVAX’s social dominance metrics, such as Twitter engagement and active users, have also trended negatively, suggesting the cryptocurrency’s popularity is declining.

techinque level

Support Level: $35.0

Resistance: $50.0

Disclaimer

The views and opinions of the author or any person mentioned in this article are for informational purposes only and do not constitute investment, financial or any other advice. There is a risk of financial loss when trading or investing in cryptocurrency assets.

Steve Anderson is an Australian cryptocurrency enthusiast. He is an expert with over 5 years of management and trading experience. Steve used to be a cryptocurrency trader and he loves learning about decentralization and understanding the true potential of blockchain.