Can AVAX Reach $20? October 6 Avalanche (AVAX) Price Analysis!

• Avalanche has broken out of the short-term descending trend channel and shown a strong upward response. It is currently difficult to make any definitive statements about the future trend direction.
• The support level for the currency is at $8.80, and the resistance level is at $11.40. Volume has been high at price peaks and low at price troughs. Positive volume balance also indicates strength in the currency.
• The current Avalanche price is $10.71 USD, with a 24-hour trading volume of $191,543,010 USD. Avalanche has increased by 6.75% in the last 24 hours.

Avalanche (AVAX) price has drawn attention with its recent 24-hour increase; can AVAX target $20? Let’s dive into the current analysis!

Short-Term AVAX Analysis

Avalanche has broken out of the short-term descending trend channel and shown a strong upward response. It is currently difficult to make any definitive statements about the future trend direction. The support level for the currency is at $10.00, and the resistance level is at $12.60. Positive volume balance indicates that volume has been higher on rising price days than on falling price days. This reflects increased optimism among investors. When the RSI value is above 70, it indicates strong positive momentum in the short term.

Investors have been willing to pay increasingly higher prices for the currency, indicating growing optimism and expectations of further price increases. However, especially for large assets, a high RSI, particularly above 70, can be a sign of overbought conditions and a possibility of a downward correction. The RSI curve shows an upward trend, which can be an early signal of an upward trend in the price. From a short-term technical perspective, the currency is generally considered slightly positive.

Medium-Term AVAX Analysis

Avalanche has overcome the medium to long-term descending trend channel, indicating a slower rate of descent or the beginning of a more horizontal development. The support level for the currency is at $8.80, and the resistance level is at $11.40. Volume has been high at price peaks and low at price troughs. Positive volume balance also indicates strength in the currency. From a medium-term technical perspective, the currency is generally considered slightly positive.

Long-Term AVAX Analysis

Avalanche is in a long-term descending trend channel. Descending trends indicate negative developments in the currency and reduced buying interest among investors. The currency is testing the $10.60 resistance level. This may result in a negative reaction, but breaking above $10.60 would be a positive signal. Volume peaks and troughs are well aligned with price peaks and troughs. Positive volume balance weakens the descending trend and can be an early signal of an upcoming trend breakout. From a long-term technical perspective, the currency is generally considered neutral.

AVAX Price

The current Avalanche price is $10.71 USD, with a 24-hour trading volume of $191,543,010 USD. Avalanche has increased by 6.75% in the last 24 hours. According to the current CoinMarketCap ranking, Avalanche is ranked 20th with a market capitalization of $3,796,484,114 USD. There are 354,397,869 AVAX tokens in circulation, and the maximum supply is 720,000,000 AVAX tokens.