Avalanche (AVAX) crypto had dropped over 27% in the last week following the recent bitcoin crash and has caused fear amongst holders. Currently Avalanche (AVAX) crypto is trading in a broadening ascending channel which reflects a lot of volatility following a trough in the markets.
If bitcoin continues with its recent negative price action we may see a bearish reversal play out here for Avalanche. These types of patterns often appear during the correction of a bearish movement which is usually concluded with resumption of bearish price action.
Will Avalanche crypto go lower? Avalanche (AVAX) crypto is available on eToro.
Cryptoassets are a highly volatile unregulated investment product.
Avalanche Crypto (AVAX) Price Prediction 2022
From a technical analysis perspective the crypto markets will need a strong bullish reversal in order to keep Avalanche (AVAX) crypto afloat. The current price of Avalanche is $23.27 and there is risk of seeing more bearish price action if the support level of $21.68 is lost.
On the 19th August the Avalanche price reached $21.31 and was oversold on the relative strength index on the 4-hour time frame. This reflects that there was quite a lot of accumulation and buying pressure around this key support level.
However, if Avalanche does see continuation down to lower price levels and loses support we could see a swing low down to $16.29 followed by $13.81 once again. We are still very much in a bear market and the macro trend is down.
Avax/Usdt – Daily Time Frame.
The bullish scenario is that Avalanche (AVAX) crypto can gain enough momentum to reach the resistance trendline of the broadening ascending channel. This would bring the price back up to over $30, but I think is quite unlikely in the short-term with the bearish price action across the entire crypto markets.
Avax/Usdt – 4-hour Time Frame.
Exploring the smaller time frames for Avalanche, hovering just above the support trendline, we can see that Avalanche (AVAX) crypto is forming a symmetrical triangle. This reflects consolidation at current price levels.
Breaking out to the upside or the downside could result in around 5% movement either way. It is vital that we see a break out to the upside to avoid retesting support levels which could lead to negative price momentum.
Avax/Usdt – Weekly Time Frame.
On the 17th January 2022 Avalanche crypto crashed to $54. Shortly after Avalanche crypto rallied up to the $103 offering traders gains of up to 94%. When Bitcoin crossed the 200-week moving average in June 2022 AVAX crypto crashed down to $13.80. We’ve recently seen Avalanche crypto rally up to $30.77 which offered gains of up to 131%.
Can we really ask Avalanche crypto for too much more during a bear market? I expect sideways trading and chopping between the $15-45 price levels for the remainder of 2022.
Avalanche (AVAX) Video Analysis
Avalanche (AVAX) crypto now has a market capital of $6.67 billion according to Coinmarketcap. Whilst I don’t think we will see all time highs any time soon, I do think there is still massive potential for this future by the next crypto bull run.
During the peak of the 2021 bull market Avalanche (AVAX) crypto achieved a market capital beyond $30 billion. I speculate that the next crypto bull run we could see AVAX reach somewhere between $60-80 billion.
Alternative Options to Avalanche (AVAX) Crypto?
Avalanche (AVAX) crypto could be seen as a great option for a healthy and diverse cryptocurrency portfolio. However, if you are seeking potential gains of between 10-100x sooner rather than later there might be limitations as it already has such a high market capital and is suppressed by the crypto bear market.
There is a new exciting meme coin currently in presale known as Tamadoge which has already raised an incredible $7,900,389 in just over 3 weeks. I personally think Tamadoge has more potential than Avalanche (AVAX) crypto in terms of performance in 2022.
Tamadoge is an exciting utility based meme coin which has many positive attributes such as it’s deflationary tokenomics, tax-free transactions and high utility based play-to-earn capabilities. In 2023 Tamadoge will also explore virtual reality and the metaverse (tamaverse) for players to enjoy. Oh, did I mention Tamadoge also has a very small circulating supply of just 2 billion?
You may think the performance of a presale might be minimized during a crypto bear market, but we recently analyzed a presale that just went to public sale and it achieved over 700% in price.
Investors can purchase Tamadoge (TAMA) with Ethereum, USDT or Fiat currencies and participate in the presale by heading over to buy.tamadoge.io/. Currently, 1 USDT is the equivalent of 50 Tamadoge coins. This will increase to 44.44 TAMA per USDT by the time the presale reaches $8,500,000.
Once Tamadoge goes live on the Uniswap decentralized exchange for public sale (Tamadoge is an ERC-20 token) there is also a listing scheduled on the Lbank centralized exchange too which could be a huge bullish price catalyst. Rumors go that there are many more CEX’s in the pipeline for Tamadoge.
By the next crypto bull run I think it is possible that we could see Tamadoge (TAMA) as one of the next top 10 best meme coins in the entire blockchain markets.
If you’re keen to discover more about Tamadoge’s whitepaper, roadmap and tokenimics head on over to Tamadoge.
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