We’re going to check out Avalanche today. Is it worth buying in 2022? What can we expect for Avalanche in terms of price action this year. Will we ever achieve all-time highs againstick sickness in this video? We’re going to talk about everything short-term long-term price analysis as well as some fundamentals and news. So, Avalanche today is ranked 15 amongst other cryptocurrencies 23 market cap of 6.6 billion and we can see we just slightly lost a bit of value against bitcoin and ethereum today over the last three months. We have been trading in a bit of a broadening horizontal channel so lots of volatility. But, I do think there is a lot of opportunity for this awesome awesome project.
AVALANCHE AVAX APP
So, do stick around as lots of my subscribers are making a bit of money. What else is happening we can see most of the volume comes through onbinance coinbase FTX Q coin. So, we’re still getting a lot of volume despite the bearish sentiment in the market at the moment. A really cool tweet here. As well as the avalanche following the successful launch of roblox IO. A web through running app with 10k active daily users open blocks will be migrating its entire gaming ecosystem 2 avalanche while launching three brand new titles. Check out top traders rating and choose best traders whose deals you would like to copy trade. Binance crypto trading bot is a great way to create a passive income. Earning from 200% up to 2,000% APY is a great bonus of using Jet-Bot copy trading platform. You don’t need to transfer funds to the platform. You hold your crypto in your own personal Binance account.
So, this is super bullish. It’s really nice to see this adoption. I’m so sweaty over here literally it’s crazy I just did a workout at home. I didn’t even bother showering. But, I’m in bits. I left my fan at my friend’s house. Things are still looking pretty pretty good. What else is welcome to the multiverse? This is what’s super important for crypto projects during their markets: they want to increase their protocol upgrades, their utility and their foundations in the bear market.
The avalanche foundation launches an incentive program
We can see here the avalanche foundation launches an incentive program focused on accelerating the adoption and growth of its novel subnets. We click onto the article, we can see avalanche foundation launches multiverse a 290 million dollar rather than incentive program to accelerate growth of new internet of subnets. So, it’s very important that you don’t forget this. It’s an integral part of the ecosystem. It shows there’s cash reserves and it shows they’re not greedy. They’re not focusing on the now, they’re focusing on the many many years to come as they identify the value of the blockchain technology that we have today. I won’t read through this.
Will Avalanche recover?
But, I do think it’s very interesting. I will leave that link to this article down below. If you want to learn more about avalanche foundation. Let’s have a look at some of the price analysis just to make it kind of quick. We can see, of course, we had a crazy all-time high of 146. So far we are down quite substantially we’re still down 84now a lot of people bought the top of course FOMO in and unfortunately these investors here and here are now suffering big consequences.
They’re probably impatient they’ve sold their position now. They’re angry and they no longer believe that the avalanche will ever recover ever again. In reality we are going to see a recovery for this cryptic project. It’s just going to take some time, you can see an avalanche has been overbought many times in the RSI. On the macroscale we are still trading in this massive looking um basically descending channel. You can see here, they’ve got the resistance trend line and the support trend line.
Avalanche trading analytics
We did bounce off perfectly on the 17th of June at that 14 level. At the moment why you see on the charts for our friend avalanche over here. Is this broadening channel? It does show that the swingsare becoming slightly more volatile as we see each swing high. This is a 59, this was a 61. I suppose well actually I supposethis one here. You could even look at that taking up to 89 from this low to this high.
There is a lot of volatility. What you’d now be speculating is whether an avalanche canbreak back up to this resistance here at 30 or can we even come up higher to 34 at the top of the resistance trend line of this broadening channel. It’s one thing to also consider if we look at the RSI, we’re not oversold, that’s a good thing. If we look at the bollinger bands we are at the bottom, so usually when you’re at the bottom of the bollinger bands, especially on that daily timeframe.
It is effectively a good time to go long. You can see we’re underextended on our 20-day ema which is that kind of yellowy-blue line in the middle which is also another kind of bullish indicator that we’re consolidating nicely around this level now. We are consolidating weare just basically hovering above this key support level of 21. I would flip to the four hour timeframe just to get a bit more information on what’s going on. We’ve had a couple touchdowns here at the support region one two three pretty much four. If you’re looking at this kind of horizontal support level. I suppose it’s crucial that we don’t lose that support level. If we come to a smaller time frame, look at one hour.
You can see we are just simply getting a lot of consolidation in this price range. We can also see here a bit of asymmetrical triangle forming actually so there could be a breakout to the upside. The technical target will bring us on a bullish pump. We would get a pump of around 4.5 percent and the bearish scenario, of course, is gonna be the same length but moving down, about four point eight eight percent. If we bring that a little bit higher about 4.8 down. So, it’s interesting to see what could happen here.
Symmetrical triangle is a continuation pattern of its consolidation, but, of course, we’ve been oversold, overbought many-many times on this RSI. If we go to the weekly timeframe sometimes, it can be good to know exactly what’s going on. We can see we’re bringing through a green candle. At the moment on this current week prior to this avalanche had a really really rough timethree69 11 consecutive red weekly candles and at the moment we are printing a greenweekly candle following a really big dump. So, we lost a lot of valuation last week 27. I would be expecting a reversal here now. The problem is if we do lose support of this channel that we’ve got here and our key support level is, of course, around 21.
What we don’t want to lose is this support level of 23. Because if we dolose 23 dollar supportum, we might retest come up and then come back down to this 22 level. That’s what we don’t want because if we lose that support and the more time you retest the support level, the more likely you want to break. We might be kind of sailing our way back down to either 16or even thirteen dollars depending on what bitcoin wants to do next. Speaking of bitcoin. I’m gonna show you in a moment oops that was not very good. I’m gonna show you what’s happening with bitcoin.
What can resue the situation?
But, I do wanna show you also what I think can happen because of an avalanche. If we do get a bullish reversal like a really really big one we need to break through this 31 dollar. Then what I want to see for avalanche is actually a retest of these huge wicks over here, so we’re looking at the 60 price level which is just here that’s a mad resistance. If we can come up with that , it will be great and the next one is going to be here at 51.
It’s still possible that we can break through this 30 level and get a pump up to about 51 and even up to 61. But that’s going to take a real reversal in this market. I think the first area of resistance is actually what makes sense. In my opinion, is rejection here about 42on this resistance line from the descending on the macroscale. The descending channel that’s what makes sense because there is a resistance trend line here. That will have an effect on the continuation and price of a back. You can see ethereum. Let’s have a look, I’m going to show you something quite interesting.
You can see over here from this particular range to this range, no wrong one. We need a day range so from here to here it took 70 days from this support to this resistance. That’s 70 day we didn’t get the pump, but we did, you know, trade sideways and it took us70 days from support to resistance. If we look here it could effectively take 105 days for us to go from this support to this resistance. It’s consolidation, it’s sideways trading. It’s not fun, it’s boring. It sucks yeah it really does suck umso I don’t really know what’s gonna happen in the future. But, I do think avalanche will certainly have some massive pumps in the future in terms of its all-time highs
Price Prediction 2025
We’re going to recover one day. Of course, but if we look at some pragmatic targets, 184 to 230 dollars is what’s realistic in my eyes by 2025. The next crypto ballroom bitcoin is basically hovering right now in this ascending channel. It’s floating on its supports. This is crazy support. If we lose this, I’m not even joking, it’s going to be terrible. It’s my language, it’s going to be absolutely terrible. If we lose the support. Maybe, we can reverse back to 21kbut if we do lose this support. It’s starting to look a bit like a bear flag. We’ll be on our way to 18k and possibly even 17.5 000 all over again. That’s the harsh harsh truth. But, crypto is crazy, there’s still loads of money to be made. I’m looking at free sales at the moment like tamar. You should also potentially look at tamar. This is the one I’m on about. I’ve actually got quite a lot of tamados.
If we have a look, i’m going to connect my wallet for you or is it connected. You can see my purchase camera is 169 000. That’s about 3 300 worth by the way and I like to use crypto pre-sales to make some money. So, maybe you want to look at tamados too not financial advice. But, I’m a professional shiller. That’s what I am right now just kidding. Bitcoin rainbow chart what we’re looking at, we’re in the dark blues still so effectively. We’re in a fire sale crypto is undervalued. It’s accumulation season and we’ve also got the fear and greed index reverted from about 41 to 25 extreme fear lingers.
This article is a transcription of a video made by Jacob Crypto Bury
Original video: https://youtu.be/DHxjKCi0Ic4