Avalanche (AVAX) Price Prediction 2023 – When will AVAX hit $500?
Avalanche continues to grab many investors' attention from their long-term project goal. Although the native coin of Avalanche network or AVAX faced a corrective momentum in 2021, the overall gain until now is above people’s beliefs.
From the beginning of 2023, investors have started to believe the AVAX is a promising investment opportunity as many alt tokes are popular. People’s attention has expanded from Bitcoin to altcoin, opening an apparent competition in other blockchains.
Ava Labs have aided the Avalanche network, and its president is very optimistic about the Avalanche platform that might show massive popularity in 2023. According to the Ava Labs president, the popularity of DApps through the Avalanche network is increasing where more than 500 DApps are available while 200-300 are in the stage of development.
The total supply of the Avalanche token is 395,891,290 AVAX, and among this, 244,851,849.90 AVAX are in supply. As a more significant percentage of the token is in circulation, any bullish price action with the support from volume might increase the coin's price in the coming days.
So, Is Avalanche (AVAX) a good investment?
Let’s see the Avalanche (AVAX) price prediction from the AVAX Forecast:
Avalanche (AVAX) Reached 200 SMA Support
In the AVAX/USDT daily chart, the broader market direction is bullish despite the recent bearish pressure towards the 200 SMA support. In the mid of December bulls tried to regain the price momentum from 78.82 support level but failed to breach the previous high. As a result, the bearish pressure now needs more confirmation to consider the trend as bullish.
The above image shows how the price reached the 200 SMA support and formed multiple bullish rejection candles on the daily chart. Moreover, the MACD Histogram formed a Hidden Divergence with the price while the dynamic 20 EMA is above the price.
Therefore, based on the daily price structure on Avalanche Price Prediction, we can expect the price to move higher towards the 78.82 resistance area as a correction to the existing bearish trend. A break above the 78.82 resistance level with a bullish daily close wil confirm the bullish trend where the next target area would be at 126.00 area. On the other hand, a break below the 200 SMA and 51.21 support level may initiate a deeper correction to the 33.16 level.
AVAX/USDT Ichimoku Cloud Analysis
Although the daily chart faces the 200 SMA support the intraday price shows a different picture. According to the Ichimoku Cloud on the H4 chart, the price is steadily moving down where the recent selling pressure from the 90.00 level increased the bearish momentum. In the future cloud, the Senkou Span A is below the Senkou Span B and moving lower, which is a potential bearish sign for the instrument.
The above image shows the corrective structure of the price that is moving within a bullish channel while the Traders Dynamic Index remained at the neutral 50 level. In that case, any channel breakout below the 61.50 level would increase the bearish possibility towards the 50.00 area.
On the other hand, bulls should wait for the price to break the cloud resistance where a bullish H4 candle above the 77.00 level might increase the buying pressure towards the 97.00 area.
AVAX/USDT Intraday Price Action Analysis
AVAX/USDT bears are strong in the H4 chart where the price faced a corrective pressure at dynamic 20 EMA and weekly VWAP area. Moreover, the intraday high-volume areas remained closer to the price where no buyers' interest is seen above 68.00 area.
The above image shows the MACD Histogram as corrective to the neutral zone where dynamic weekly VWAP is above the price. On the other hand, the volume was not seen to show any change where a bullish pressure with the volume above 50 resistance level is needed to increase the buying pressure.
Based on the intraday price action analysis, a break below the 61.50 level with a bearish H4 candle has a higher possibility of taking the price down. On the other hand, a strong bullish pressure above the 72.80 level with support from volume is needed to increase the buying sentiment.
Is Avalanche (AVAX) A Buy?
According to the Avalanche (AVAX) forecast, the overall market direction is bearish although the price is facing a dynamic support level from 200 SMA. However, a minor bullish correction is still pending where a bullish break above the 78.82 level is needed to consider the broader market trend as bullish.
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