|Performance after Wednesday 08-Mar|
Avalanche (AVAXUSDT) price for the week to-date dropped -4.65% or -0.75 lower to 15.39. At time of writing into Thursday’s trading session, Avalanche has decreased by -4.47% over the past 24 hours. For the record, AVAXUSDT is -89.38% below all-time high of 144.96. On Wednesday, AVAX dropped -6.49% to 15.12.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is falling but in oversold zone, our analysis is that there could be selling pressure as the outlook looks bearish.
For the month-to-date, AVAX is down by -9.95% or -1.7 lower.
What can we expect from Avalanche today?
Looking ahead for the day, immediate support level is at 14.66 (S1) with break below could see further selling pressure towards 14.20 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 16.26 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. Avalanche need to break on either side to indicate a short-term bias. A close below 15.00 would indicate selling pressure.
For the week to-date, take note that Avalanche is falling as the pair posted lower, down by -4.65%. Prior performance for the week ending 2023-03-05 was -12.43%.
Key levels to watch out:
Last updated: 03:43 am UTC, 09-Mar 2023
Avalanche is a high throughput smart contract blockchain platform. Validators secure the network through a proof-of-stake consensus protocol. It is said to be fast, low cost, and environmental friendly.Mainnet was launched in September 21, 2020. Since then, the platform has grown to secure over 100+ individual projects, $1.4M+ of AVAX burned (reducing supply), 950+ individual block-producing validators, and over 500k+ community members around the globe. Decentralized finance (DeFi) applications can be found on Avalanche such as Pangolin, TraderJoe, and more.