Avalanche (AVAX) is moving in neutral price action with the changing conditions in the crypto market after the recent rally. According to CoinMarketCap, the AVAX price has remained stable over the last 24 hours, but it has surged by 5.13% over the last week.
At the time of writing, AVAX is trading at $9.45, with a trading volume of $167.57 million, which has declined by 47.99% over the last 24 hours. However, its market capitalization stands at $4.04 billion, which is stable.
Source: CoinMarketCap
Also Read: Avalanche Upgrade Boosts Speed as AVAX Stalls Near $9 Zone
According to TradingView, AVAX displays a shift from a sharp decline to a sideways consolidation phase. After bottoming near $7.70 in February, the price stabilized within narrowing Bollinger bands.
Currently trading around $9.35, the asset is testing the 20-day SMA. This neutral structure suggests the market is awaiting a catalyst to escape its range.
Source: TradingView
The momentum indicators point to a conservative upturn in that the MACD exhibits a bullish crossover with the green histogram bars gaining ground.
However, the bulls will face significant resistance from the upper bands near the $9.73 level. It is vital that the bulls maintain price support around the $9.10 level to avoid dropping below the $8.48 level.
Apart from this price movement, the Avalanche blockchain network is seeing unprecedented momentum, as the number of AVAX active addresses hits an all-time high.
Crypto analyst CW noted that this growth is due to the growing involvement of users through decentralized apps, DeFi networks, and blockchain-based solutions.
The statistics clearly demonstrate that there is considerable ecosystem development, with more users engaging with the Avalanche blockchain than just holding AVAX tokens.
Source: CW’s X Post
An increase in the number of active addresses shows that the adoption rate is increasing, and there is actual utilization of the network.
This indicates a boost in confidence in the Avalanche network, with more transactions and more utilization of smart contracts. In general, experts interpret such growth as a good sign for the future.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Avalanche (AVAX) Holds $9.30 as Market Shows Weak Volume Support
