Cryptocurrency
Analysis of AVAX Price Movement and Potential Rebound
Saturday. June 22 at 1:00 AM
1 min. readThree days ago, BeInCrypto reported that bears were aiming to drive the Avalanche (AVAX) price down to $25. Although the token's value did decrease, recent data indicates a possible upcoming recovery. Over the past week, the cryptocurrency has dropped by 12.31%, currently trading at $27.72. Address analysis reveals interesting insights for the future. While short-term traders have decreased, long-term holders have increased by 16.12%. This shift in holder behavior historically signals the end of a bull market. Despite past cycles showing similar patterns, an increase in AVAX holders post-correction is seen as a positive indicator. The current price bounce from $26.47 suggests potential upward movement, with resistance near $30. The Relative Strength Index (RSI) hints at buying pressure, possibly pushing AVAX to $30.95 or even $33.20. However, the Ichimoku Cloud indicator suggests a potential obstacle ahead. Overall, while a price increase is plausible, intense buying pressure is crucial for AVAX to surpass $31.98.