|Performance after Wednesday 01-Feb|
Avalanche (AVAXUSDT) price for the week to-date gained 2.29% or 0.48 higher to 21.47. At time of writing into Thursday’s trading session, Avalanche has increased by 9.43% over the past 24 hours. For the record, AVAXUSDT is -85.19% below all-time high of 144.96. On Wednesday, AVAX rose 5.81% to 20.95.
On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is rising but in overbought zone, our analysis is that there is bullish momentum and price could continue to go higher.
End of January, AVAX is up by 92.20% or 10.05 higher.
What can we expect from Avalanche today?
Looking ahead for the day, immediate upside resistance level at 21.78 (R1) while on the downside, we are looking at daily low of 18.69 as an important support. Break below this level could weaken the current bullish momentum.
Avalanche need to break on either side to indicate a short-term bias. A break above 21.06 would suggest bullish bias after recent positive movement.
For the week to-date, take note that Avalanche is rising and up by 2.29% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-01-29 was 21.05%.
Key levels to watch out:
Last updated: 01:54 am UTC, 02-Feb 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.