Will Avalanche (AVAX) See A Bullish Sign In 2023?

Key Points:

• With less than a week until the start of the new trading year, AVAX currently hit a low record in December.
• The Relative Strength Index (RSI) was 38.93 the Money Flow Index (MFI) was 48.81, which were below their respective neutral zones.

With less than a week until the start of the new trading year, Avalanche [AVAX] began a new bear cycle on December 16 and was trading at a 30-day low at press time.

On December 16, AVAX bears began a bear cycle when the market’s persisting fall in purchasing pressure caused the MACD line to intersect with the trend line in a downtrend. This quickly gave the sellers control of the market, and its price has decreased by 16% since then.

The position of AVAX’s Directional Movement Index (DMI) verified the downtrend, as both the ADX (yellow) and the -DI (red) were above the 20 mark. The sellers’ strength at 29.80 was so strong that the purchasers’ strength (green) at 15.41 may find it difficult to overcome in the short run.

AVAX was trading at $11.66 as of this writing, according to Coincu statistics. With the year 2020 being one of the most pessimistic years in the brief history of cryptocurrencies, AVAX’s value dropped by 90% in a year.

With a prolonged fall in purchasing momentum and a corresponding increase in selling pressure, key indicators such as the Relative Strength Index (RSI) and the Money Flow Index (MFI) were below their respective neutral zones. The RSI was 38.93 at the time of writing. Similarly, during a decline, AVAX’s MFI was 48.81.

Meanwhile, on 22 December, Coincu reported that Avalanche developers announced the launch of Banff 5, the final upgrade to its AvalancheGo software. With Banff 5, it introduced Avalanche Warp Messaging (AWM), allowing subnets (Avalanche-based blockchains) to communicate with one another. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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