The cryptocurrency market has been experiencing increased bullish sentiment recently, but the Avalanche price has been on a constant decline, showcasing the prevailing bearish influence in the space. Despite this, the altcoin has lost its 11th position to Chainlink (LINK) with a double-digit weekly loss.
With a market capitalization of $14.528 billion, Avalanche has secured the 12th position in the global crypto market. However, the AVAX price has dropped by 1.89% in the last 24 hours, with a trading volume of $596.71 million. Over the course of seven days, it has lost 10.89%, and 6.35% since the beginning of the year.
The Relative Strength Index (RSI) indicates a consolidated price action below the neutral point, with the average trendline acting as a resistance to the Avalanche price chart. Additionally, the SMA indicator shows a strong bearish curve in the daily timeframe, suggesting that the AVAX coin price may continue to decline in the upcoming week.
If the bulls regain momentum, the AVAX price could retest its resistance level of $39.30, potentially heading towards its upper high of $48.45. On the other hand, if the bears take control, the Avalanche price may test its support level of $31.50. A further intensification of bearish sentiment could push the price towards its low of $24.30 in the near future.
For those considering investing in AVAX, it’s important to note that the altcoin may reach a high of $257 by 2030, making it a potentially good long-term investment. As of now, the value of one AVAX token stands at $35.37. In terms of short-term predictions, if the bullish sentiment persists, the Avalanche coin price could reach a maximum of $81 by the end of 2025.
Overall, despite the current bearish trend in the market, there are still potential opportunities for growth and investment in Avalanche. It’s essential to keep a close eye on market trends and indicators to make informed decisions about trading and investing in AVAX.