Avalanche Price Flat at 0.04% Rise to $14.07: Key Takeaways for AVAX Traders on July 20, 2023

The price of Avalanche's AVAX token saw minimal movement over the last 24 hours, ticking up 0.04% to $14.07 at the time of writing. While essentially flat, this small uptick halts the recent downtrend for AVAX. Here are the key insights traders should know:

Current AVAX Price Levels

AVAX is trading at $14.07, slightly up from $14.06 yesterday. However, AVAX is down over 8% in the past week. The token remains far below its all-time high of $146 reached in November 2021 at the peak of the crypto bull run. Current prices could offer an opportunity to buy the dip.

Trading Volume and Market Capitalization

AVAX trading volume over the past 24 hours totaled $121 million. This is significantly above average daily volumes, pointing to rising market interest. AVAX retains a top 15 market cap position at $4.9 billion, underpinned by strong platform activity.

Technical Indicators

Analyzing key indicators, the daily RSI for AVAX has ticked up to 44, exiting oversold territory. The MACD line also crossed over the signal line in a bullish sign. The 20-day moving average held as support. The technicals suggest some upside momentum is building.

Key Support and Resistance Levels

Immediate resistance is seen at $14.50 and $15.00 where AVAX struggled to push higher in recent days. Stronger resistance is around $16.00. Key support levels to monitor are at $13.50 and $13.00. As long as AVAX maintains support, the path of least resistance appears upward.

Platform Adoption and Development

A key pillar of AVAX's value is the steady growth in DeFi and dApp adoption on Avalanche. The total value locked in DeFi protocols recently surpassed $2 billion. Upgrades like Apricot aim to further boost Avalanche's speed and throughput. Real-world utility supports price.

Should Traders Buy AVAX After the Recent Dip?

Given the oversold bounce and bullish technical factors, current AVAX prices seem appealing for traders looking to buy the dip ahead of a potential uptrend. However, prudent risk management is always essential. Dollar cost averaging can help smooth out volatility. Seeking value around key support levels could yield better entries. Overall, AVAX looks positioned for recovery after its recent slide.

What Are the Next Likely Price Targets for AVAX Bulls?

Looking at the market structure, AVAX bulls should target the $16.00 level next after clearing the $15.00 resistance. Breaking out above $18.00 could open the door to retest the 2022 peak around $20.00. If buying momentum persists, AVAX could make a run toward its record highs around $146. However, broader crypto bear trends pose downside risks. Traders can aim to buy on dips, taking profits on strength. Underpinned by development, AVAX seems to have room for long-term growth.

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