Avalanche price has not moved significantly at press time, but it is looking likely to continue with yesterday’s bullish move. However, Avalanche has been mostly bearish throughout September, which has seen its value drop by almost 10 per cent.
Despise this, it has continued to enjoy significant milestones, including the launch and success of Chainlink integration into its platform. In a series of Tweets posted on their official Twitter account, Avalanche highlighted some of these milestones, including securing more than $550 million in value as a result of their more than 10 million data points, smart contract automation and verifiable randomness they have achieved together through the Chainlink partnership.
The current cryptocurrency market conditions have played a part in Avalanche’s price downfall. Throughout the month of September, the industry has also been bearish and may have dragged Avalanche’s price down due to the significant correlation it has on the altcoin.
Avalanche Price Prediction
Despite today’s prices looking likely to close with a price gain, it is highly likely that Avalanche’s long-term trend is to the downside. Looking at the chart below, we can see the crypto started dropping on August 13. Along the way, it has formed a few bearish flags, and each time, it has resumed its downward trend.
Therefore, the past few trading sessions’ price gain is highly likely a retracement rather than a reversal. I expect the current push to the upside to fail to break the recent price high of $18.4 and instead resume the long-term bearish trend.
There is a high likelihood that we might see the Avalanche price dropping below the $15 price level in the coming trading sessions and possibly hitting the long-term $14 support level. However, should the prices hit the $18.4 price level and trade above it, then my analysis will be invalidated. It will mean we have entered a bullish market.
Avalanche Daily Chart
