Our Avalanche price prediction depends on the outcome of the ongoing retest of the downwards trendline. After breaking out of the downtrend, AVAX price appears to be retesting the trendline once again. If Avalanche fails to hold this trendline, its price might soon plummet below $10. Therefore, if bulls have something left in their tank, then this is the time to act.
At the time of writing, the AVAX coin is trading at $15.95, which is 88.7% below its November 2021 ATH of $145. The ongoing Bitcoin slump and recent rate hikes by US FED have adversely affected the Avalanche price prediction. Nevertheless, the outlook of most analysts is still bearish as the coin has failed to make a higher high since its rejection from the $100 level.
According to official Avalanche news, Ava Labs has released an all-in-one Web 3.0 Operating system called Core. The free Core browser extension would allow the users to access the full power of Web 3.0 on the Avalanche blockchain. However, as per DeFi Llama, the platform TVL is down to only $2.6 billion from its December 2021 all-time high of $13.7 billion. This drastic decrease in TVL is due to the prevailing risk-off approach in the market and the decrease in the AVAX coin price.
Avalanche Price Prediction
Technical analysis of Avalanche crypto price chart exhibits an intense sell-off since the start of the month. This downtrend can also be attributed to the corresponding price decrease in Bitcoin during the same tenure. Nevertheless, Avalanche is still the 17th biggest cryptocurrency, and the price is likely to recover as soon as the Bitcoin price gains some stability.
If AVAX confirms the breakout by bouncing off the current level, then Avalanche price prediction of $23 seems pretty reasonable in the short term. However, if the Bitcoin price makes fresh lows, AVAX will likely retest its $10 support. Therefore, it is very critical to keep an eye on BTC price action if you’re entering into any altcoin position.