Home Latest News This is why AVAX price is looking at a 25% rise despite...

This is why AVAX price is looking at a 25% rise despite crashing below $16 – FXStreet

Aaryamann Shrivastava Aaryamann Shrivastava

AVAX price followed the broader market’s lead, as the altcoin posted a red candle on the chart on Wednesday. The extremely high volatility in the crypto market is the result of the ongoing banking crisis in the United States as well as the rally noted by the market following the release of the Consumer Price Index (CPI) on Tuesday.
AVAX price, after failing to breach the immediate resistance level at $17.20, noted a decline over the last 24 hours. Trading at $15.67, the cryptocurrency slipped closer to the critical support level of $14.91 at the time of writing.
By the looks of it, a decline is what is expected out of the altcoin, however, looking at the price indicators, it becomes apparent that the correction was necessary to initiate a sustainable recovery.
The Relative Strength Index (RSI) observed an uptick near the neutral line at 50.0, the flipping of which into support would indicate a likely rise in price.
Similarly, the Moving Average Convergence Divergence indicator is still in the early stages of a bullish crossover. The hints of the same can be observed on the histogram where green bars are making an appearance.
Thus if the bullish narrative plays out, AVAX price could note a recovery rally to $17.20. Flipping this level into a support floor would also push the altcoin above the critical resistance level.
A rally above this level would result in Avalanche rising toward a monthly high of $19.60, marking a 25% increase as well as testing the 200-day Exponential Moving Average (EMA).
AVAX/USD 1-day chart
AVAX/USD 1-day chart
But on the off chance that the macroeconomic conditions worsen the panic in the market, traders and investors can expect further declines. Slipping below the critical support level at $14.91 would invalidate the bullish thesis and push AVAX price to December 2022 highs of $13.78.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Join Telegram
Coinbase CEO Brian Armstrong and Chief Legal Officer Paul Grewal are both optimistic on the dismissal of the SEC's lawsuit against the crypto exchange platform. 
Content distribution platform LBRY said late Thursday that it has filed a notice of appeal against a recent ruling that declared the LBC token as an unregistered security.
MakerDAO expressed its interest in acquiring US Treasury bills back in February 2022. Since then, the decentralized organization spent $2 billion purchasing short-term bonds.
Back in 2021, Vitalik Buterin, received nearly 505 trillion SHIB from Ryoshi, the creator of the Shiba Inu project. Buterin donated 10% of the tokens to a Covid-19 relief charity and sent 90% to a dead-end wallet address. 
Bitcoin price slipped into consolidation after the end-of-the-month shenanigans in August. This rangebound movement seems to persist, as BTC saw a minor uptick to $26,451 in the late US session on Thursday. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.