Avalanche Price Prediction for Today, December 2 – AVAX Technical Analysis

Avalanche Price Prediction

The Avalanche price forecast indicates that AVAX is currently facing resistance around $50, with a short-term pullback likely.

Avalanche Statistics

• Avalanche Price: $49.74
• Avalanche Market Cap: $20.11 billion
• Avalanche Circulating Supply: 409.29 million
• Avalanche Total Supply: 447.63 billion
• Avalanche CoinMarketCap Ranking: #10

Early Adoption Value

Avalanche (AVAX) has witnessed remarkable growth since its December 2020 low of $2.79. Early investors have realized significant gains, as the token ascended to an all-time high of $146.22 on November 21, 2021. Despite recent market fluctuations, AVAX exemplifies the transformative potential of spotting opportunities early in the cryptocurrency market.

AVAX/USD Market

• Resistance Levels: $58, $60, $62
• Support Levels: $36, $34, $32

The daily chart indicates that AVAX/USD has encountered resistance near $50. Despite attempts to break through the level, a brief pullback has occurred. These fluctuations are often characteristic of market corrections. The focus now shifts to whether AVAX can maintain its momentum amidst Bitcoin's rising dominance.

Avalanche Price Forecast

The current resistance at $49.74 is crucial for any bullish breakout. Under present market conditions, AVAX may face challenges breaking this level until sentiment improves. Positive market conditions could facilitate an upward movement towards $64, the March highs. If bulls defend the $50 level, the price may cross above $58, $60, or $62.

Technical indicators suggest continued bullishness despite recent challenges. AVAX has respected an uptrend since November, which is likely to continue barring significant market shifts. A short-term decline to $41-$42 is possible, but a rebound is supported by the overall price action. A breakout below moving averages could invalidate the analysis and target support levels of $36, $34, or $32.

AVAX/BTC Trend

AVAX/BTC exhibits a strong bullish trend, trading at 5132 SAT with a 10.60% daily gain. The price is above both 9-day and 21-day moving averages, indicating bullish momentum. The 9-day MA at 4605 SAT provides immediate support. Trading near the upper boundary of a rising channel suggests further gains if momentum persists.

• Resistance Level: 6000 SAT and above
• Support Level: 4000 SAT and below

A breakout above 6000 SAT could lead to a sustained rally. Support at 4000 SAT is crucial to prevent a deeper pullback. Increasing volume supports the uptrend, and the sentiment remains bullish as long as AVAX holds above its moving averages and stays within the channel.

Pepe Unchained (PEPU): A Notable Alternative

Pepe Unchained ($PEPU) has gained attention in the cryptocurrency space. Its ICO raised $65.6 million, offering tokens at $0.01295 each. Lower transaction fees, faster speeds, and development-focused tokenomics make it a standout meme coin. With strong social media momentum, $PEPU is poised for growth as it targets listings on major exchanges.