Avalanche Price Forecast: Can AVAX Make Comeback And Shine Again
The Avalanche price made a breakdown below the 20 day EMA suggesting weakness.
The AVAX crypto was trading close to $47.39 reporting a positive intraday development of 4.59%.
The Avalanche price jumped nearly 4.59% in Intraday and is recovering losses on Saturday. The bulls are attempting to regain control over the trend and reclaim their dominance above the 50 day exponential moving average.
The recent sessions saw a sudden fall due to profit taking as the price loomed downwards after a consolidation near the highs. The selling pressure received was backed by momentum due to which the 50 day EMA could not hold the price and a breakdown was noted on the charts.
However, the bulls seem to be aggressive in Intraday and have recovered nearly 4.59% and may reestablish themselves above the 50 day EMA if the momentum continues. The long term trend outlook is still bullish due to which it may attract the short term traders and investors at a discounted price.
Now, the Avalanche crypto may resume on the higher side again if the price bottoms out near the 50 day EMA. The buyers need to establish their presence at the lower levels to prevent the further fall and reverse its course.
Avalanche Crypto Development Activity Insights
<iframe title="Santiment Chart: Development Activity (AVAX), Dev. Activity Contributors Count (AVAX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=avalanche&pt=AVAX&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=dev_activity%3Bdev_activity_contributors_count&wax=0%3B1&wc=%238358FF%3B%23FF5B5B&ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B" scrolling="no"></iframe>
The developer activity and developer activity count suggest the updates and changes undergoing in the AVAX crypto. The developers activity curve displayed the formation of a positive trajectory in February and March month suggesting a healthy development in the crypto.
The developers activity contributors count was 22 by the end of February. However, the developers count decreased in March month and dropped back to a count of 11. The 50% drop in the developers count slowed the development activity and a bearish curve was observed in the last month.
Open Interest Contracts Noted a Significant Profit booking.
<iframe title="Santiment Chart: Total Open Interest in USD (AVAX), Price (AVAX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=avalanche&pt=AVAX&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=total_open_interest%3Bprice_usd&wax=0%3B1&wc=%23FF5B5B%3B%2326C953&ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe>
As per Open interest vs AVAX price chart, the Open Interest contracts were 222.56 Million USD in the 1st week of February. The OI data saw a continuous growth in February and March. The number of open contracts reached 540.2 Million USD in the third week of March. The Avalanche crypto price also went parallely and experienced a growth of nearly 80%.
However, there has been a significant drop in the number of OI contracts in the last couple of weeks. Correspondingly, the AVAX price has noted a decline of nearly 20% in the period.
AVAX Crypto Sentiments Analysis
<iframe title="Santiment Chart: Negative sentiment (Total) (AVAX), Positive sentiment (Total) (AVAX), Weighted sentiment (Total) (AVAX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=avalanche&pt=AVAX&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=sentiment_negative_total%3Bsentiment_positive_total%3Bsentiment_volume_consumed_total&wax=0%3B1%3B2&wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
As per the santiment website, the negative sentiment was dominating till the January end. However, the weighted sentiment jumped over the zero line and turned positive in February. The AVAX price noted significant growth in the period.
The weighted sentiment curve dropped in the last couple of weeks and has fallen back towards the zero line. The overall sentiment has turned neutral as per the sentiment data.
Avalanche Price Prediction April 2024.
The Avalanche price prediction for April 2024 shows that the crypto may advance to a high of $70.8 if buyers are able to surpass the hurdle of $61.20 on the higher side. Whereas, the less optimistic analysts estimate a price target of $38.9 on the lower side after the breakdown below $44.47.
Conclusion.
The AVAX crypto has initiated a recovery after registering a fall of over 20% in the last couple of weeks. The price is up nearly 4.59% in Intraday and might show more gains by the session end. The bulls are attempting to reclaim their dominance above the 50 day EMA in order to keep the trend in their favor.
The long term trend outlook is still bullish above the 200 day EMA and might attract more buyers at a discounted price. Now, the bulls establish themselves near the 50 day EMA, then the upside trend may resume again.
Technical levels:
Support levels: $44.47 and $38.90.
Resistance levels: $61.20 and $70.08.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
The AVAX crypto was trading close to $47.39 reporting a positive intraday development of 4.59%.
The Avalanche price jumped nearly 4.59% in Intraday and is recovering losses on Saturday. The bulls are attempting to regain control over the trend and reclaim their dominance above the 50 day exponential moving average.
The recent sessions saw a sudden fall due to profit taking as the price loomed downwards after a consolidation near the highs. The selling pressure received was backed by momentum due to which the 50 day EMA could not hold the price and a breakdown was noted on the charts.
However, the bulls seem to be aggressive in Intraday and have recovered nearly 4.59% and may reestablish themselves above the 50 day EMA if the momentum continues. The long term trend outlook is still bullish due to which it may attract the short term traders and investors at a discounted price.
Now, the Avalanche crypto may resume on the higher side again if the price bottoms out near the 50 day EMA. The buyers need to establish their presence at the lower levels to prevent the further fall and reverse its course.
Avalanche Crypto Development Activity Insights
<iframe title="Santiment Chart: Development Activity (AVAX), Dev. Activity Contributors Count (AVAX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=avalanche&pt=AVAX&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=dev_activity%3Bdev_activity_contributors_count&wax=0%3B1&wc=%238358FF%3B%23FF5B5B&ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B" scrolling="no"></iframe>
The developer activity and developer activity count suggest the updates and changes undergoing in the AVAX crypto. The developers activity curve displayed the formation of a positive trajectory in February and March month suggesting a healthy development in the crypto.
The developers activity contributors count was 22 by the end of February. However, the developers count decreased in March month and dropped back to a count of 11. The 50% drop in the developers count slowed the development activity and a bearish curve was observed in the last month.
Open Interest Contracts Noted a Significant Profit booking.
<iframe title="Santiment Chart: Total Open Interest in USD (AVAX), Price (AVAX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=avalanche&pt=AVAX&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=total_open_interest%3Bprice_usd&wax=0%3B1&wc=%23FF5B5B%3B%2326C953&ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe>
As per Open interest vs AVAX price chart, the Open Interest contracts were 222.56 Million USD in the 1st week of February. The OI data saw a continuous growth in February and March. The number of open contracts reached 540.2 Million USD in the third week of March. The Avalanche crypto price also went parallely and experienced a growth of nearly 80%.
However, there has been a significant drop in the number of OI contracts in the last couple of weeks. Correspondingly, the AVAX price has noted a decline of nearly 20% in the period.
AVAX Crypto Sentiments Analysis
<iframe title="Santiment Chart: Negative sentiment (Total) (AVAX), Positive sentiment (Total) (AVAX), Weighted sentiment (Total) (AVAX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=avalanche&pt=AVAX&df=2023-12-01T00%3A00%3A00.000Z&dt=2024-03-22T18%3A29%3A59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=sentiment_negative_total%3Bsentiment_positive_total%3Bsentiment_volume_consumed_total&wax=0%3B1%3B2&wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
As per the santiment website, the negative sentiment was dominating till the January end. However, the weighted sentiment jumped over the zero line and turned positive in February. The AVAX price noted significant growth in the period.
The weighted sentiment curve dropped in the last couple of weeks and has fallen back towards the zero line. The overall sentiment has turned neutral as per the sentiment data.
Avalanche Price Prediction April 2024.
The Avalanche price prediction for April 2024 shows that the crypto may advance to a high of $70.8 if buyers are able to surpass the hurdle of $61.20 on the higher side. Whereas, the less optimistic analysts estimate a price target of $38.9 on the lower side after the breakdown below $44.47.
Conclusion.
The AVAX crypto has initiated a recovery after registering a fall of over 20% in the last couple of weeks. The price is up nearly 4.59% in Intraday and might show more gains by the session end. The bulls are attempting to reclaim their dominance above the 50 day EMA in order to keep the trend in their favor.
The long term trend outlook is still bullish above the 200 day EMA and might attract more buyers at a discounted price. Now, the bulls establish themselves near the 50 day EMA, then the upside trend may resume again.
Technical levels:
Support levels: $44.47 and $38.90.
Resistance levels: $61.20 and $70.08.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.