Avalanche Price Analysis: Is Recovery to $15 Imminent?

Avalanche price has staged a important betterment successful the past week successful the aftermath of Bitcoin’s awesome rally. The integer plus has gained astir 16% implicit the past week and much than 22% successful the twelvemonth to date. Despite its caller gains, AVAX is inactive struggling to retrieve from losses it made implicit the past month, arsenic it remains 8.72% little implicit the period.

Fundamental Analysis

Avalanche terms has been rallying for the past fewer days amid bullish sentiment successful the cryptocurrency market. Data by Coinmarketcap shows that the planetary crypto has accrued by 1.63% implicit the past 24 hours to $1.19 trillion, portion the full crypto marketplace measurement slipped by 4%. Bitcoin’s dominance has accrued to 50%, its highest level since the commencement of the year.

The crypto marketplace has been connected a beardown bullish trajectory for the past fewer days contempt the regulatory crackdown connected cryptocurrencies and macroeconomic uncertainties. Bitcoin’s interruption supra the captious absorption of $30,000 has besides buoyed the affirmative sentiment successful the crypto industry. At the clip of writing, Bitcoin terms was trading astatine $30,699.

Investors are intimately monitoring comments by planetary cardinal banks this week up of the US and UK Gross Domestic Product (GDP) information for Q1 aboriginal successful the week. Markets are anticipating a diminution successful the US economical growth, forecasting a dip to 1.4%, down from 2.6%. UK’s quarterly GDP is expected to stay unchanged, portion the yearly economical maturation slips to 0.2%.

Investors are anticipating comments by the Federal Reserve Chairman, Jerome Powell, aboriginal successful the week, looking for caller hints astir the Fed involvement complaint path. Wall Street scrutinized June’s user assurance report, that showed a astonishing summation for the month.

The Conference Board Consumer Confidence Index roseate to 109.7 successful June, up from 102.5 successful May and its highest level since January 2022. The Expectations Index, which measures consumer’s short-term outlook for business, income, and labour marketplace conditions roseate to 79.3, a shadiness beneath 80- the level associated with a recession successful the adjacent year. Focus volition present beryllium connected the idiosyncratic user expenditure (PCE) scale study acceptable to beryllium released connected Friday.

Avalanche Price Technical Analysis

The regular illustration shows that the Avalanche terms has been connected a beardown upward trajectory for the past fewer weeks. Even so, the integer currency has failed to determination supra the 50-day and 200-day exponential moving averages, arsenic good arsenic the 50-day and 100-day elemental moving averages. The altcoin has besides failed to interruption the large hurdle astatine $15.

However, its Relative Strength Index (RSI) has moved higher into the neutral zone, with the Moving Average Convergence Divergence (MACD) indicator hinting astatine a bullish trend. Its Momentum indicator is besides bullish.

Therefore, I expect the Avalanche terms to proceed rising successful the contiguous word arsenic buyers people the adjacent absorption level astatine $15. A determination past the aforementioned level mightiness beryllium capable to prolong the bullish trend. Conversely, a determination beneath the enactment level of $12.60 volition invalidate the bullish thesis.