Fast-growing blockchain, Avalanche describes itself as an open, programmable Smart contracts platform for decentralized applications. At the time of writing, AVAX was trading up 12% at $74.34 with a market cap of $15.48 billion. Avalanche’s fundamentals suggest a bright outlook for AVAX price as the network recorded new ATHs (All-time highs) in user activity, total transactions, wallet addresses, and assets transferred over the bridge. Avalanche takes a cue from Bitcoin and hard caps its maximum supply at $720 million. As time goes by, an inherent burn mechanism will continually reduce AVAX supply, thus impacting its price. Crypto lender Nexo announced integrating Avalanche’s AVAX on Nov. 3, thus offering instant swaps and tax-efficient AVAX-backed credit lines. The Avalanche Foundation has also launched Blizzard, an over $200M fund dedicated to accelerating development, growth, and innovation across the ecosystem of builders and users of the Avalanche public blockchain and beyond.
Key Levels
Resistance Levels: $100.00, $90.00, $80.99
Support Levels: $61.15, $48.20, $30.50
AVAX/USD Daily ChartAVAX is set to mark the 4th green day since the rebound off the $60 support on Oct.31.The recent rebound to highs of $77.22 today brings AVAX price barely 5% away from its all-time highs of $80.99 reached in September. At the moment, AVAX bulls are pressuring to break the surface of the triangle formation near the $77.22 level, which could consequently bolster buying forces above the $80.99 all-time highs and towards the $90 – $100 uncharted levels.
The upward tilt in the RSI, which has risen above its 50 neutral mark, is an encouraging indication that positive momentum could persist. That said, the indicator continues to trade within a range below its August high. Therefore, fresh higher highs might be required to confirm a bullish bias. On the downside, a dive beneath the ascending trend line support near the $60 mark could power selling pressures towards the $57 and $50 levels.
AVAX/USD 4-Hour ChartAVAX stepped above the bullish crossing of its moving averages to reach the $75 mark on Nov. 3. A successful breakout above the triangle’s resistance near the $77 mark is expected to pick up steam towards the top of $80.99. If buying pressure strengthens further, AVAX will enter uncharted territories to trade at the $90 or even $100 mark.
Alternatively, if the price falls below current levels, the moving 50 and 200 at $65.16 and $62.19 respectively. The ascending trendline support levels at $57 and 60 may come into view in case of further declines. In brief, AVAX/USD is maintaining a neutral to bullish tone within a triangle in the short-term picture, likely waiting for a close above $76 or below $60 to get into action.
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