Avalanche price analysis: AVAX gunning for $100 but volume is low

Avalanche price analysis for today is bullish but, not by a huge margin. The token rose by more than 5% in the last 24-hours.
Avalanche price analysis for today is bullish but, not by a huge margin. The token rose by more than 5% in the last 24-hours.

Avalanche price analysis for today is bullish but not by a huge margin. The token rose by more than 5% in the last 24-hours but, $100 seems too far off. In this article, we will have a look at the price trajectory for the AVAX token. 

The data from CoinmarketCap shows that the token has occupied 11th position in the market with a 5.32% rise in the market cap, which stands at $22.2 billion. The trading volume for the token dropped by nearly 31.04% in the past 24 hours. 

As per our Avalanche price analysis chart, the token opened the daily candle at $89.57, reaching a daily high of $92.12, while the daily low stands at $88.8. The market dominance of the AVAX token rose to nearly 1.11%.   

TheCoinRise reported in December that Avalanche made a new ATH and has since then dropped nearly 37.79%. However, AVAX outperformed DOGE and entered the top 10 list in November.

Avalanche price analysis on the daily chart

The Avalanche price analysis on the daily chart shows that the token is trying to reclaim the 100-day Moving Average. On the other hand, the 50-day MA is still far off. 

The RSI indicator shows that the buyers are overpowering the sellers, but the decrease in volume indicates that the chances of a drop are following this short spike are high.

Avalanche price analysis
Source: TradingView

The MACD indicator on the daily chart below shows that bears still dominate the Avalanche price analysis. The MACD line (blue) is still progressing below the signal line (orange), making lower prices possible.

Avalanche price analysis
Source: TradingView

Conclusion

Despite the 5% spike in the last 24-hours for the AVAX token, our Avalanche price analysis for the future is bearish on the whole. The token is progressing at a very sluggish rate, and the next target above $100 needs higher trading volumes. On the whole, Avalanche continues to grow its ecosystem with Blizzard.

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