Despite concluding the second week of “Uptober” positively, the crypto market has stumbled over the past six days due to increased geopolitical tensions. Following this, top cryptocurrencies recorded a strong pullback in their respective valuations.
Moreover, in spite of recording an ascending channel pattern in the 1D time frame, this altcoin has constantly rewarded its investors with a negative return. Is the dream run of Avalanche exhausted or will this fallen crypto project make a meteoric comeback this altcoin season?
AVAX Price Retests Its Support Trendline Of The Channel Pattern!
Amid increased market volatility, the Avalanche token has constantly displayed a negative price action by dropping 3.24% in the past day and 8.74% over the past week. In the longer-term perspective, it has plunged ~11% during the past month and has a YTD return of -34.16%.
The Relative Strength Index (RSI) has displayed a significant downtrend over the past day. This indicates an increase in the selling-over-buying pressure in the cryptocurrency market.
Moreover, the SMA indicator constantly acts as a resistance to the AVAX price chart in the 1D time frame. This highlights a negative outlook for the altcoin during the upcoming week.
Will Avalanche Price Record A New High This 2024?
Suppose, a bullish trend reversal occurs, under such a situation, the AVAX coin price will retest its resistance level of $31.50 this month. Furthermore, if the market continues favoring the bulls, this could result in it heading toward its upper resistance level of $39.30 during the upcoming time.
On the contrary, if the market uncertainty intensifies, the Avalanche token could retest its support trendline of $24.30. Moreover, if the bears dominate the crypto space this Q4, this could result in the AVAX token plunging toward its crucial low of $17.30.
Wondering if AVAX crypto will achieve the $50 mark this year? Read CoinPedia’s Avalanche (AVAX) Price Prediction to uncover the short-term and long-term price prospects!
