Avalanche Price Prediction: AVAX Turns Dogecoin into the 9th Largest Cryptocurrency, but Investors Are Turning to These Small-Cap Gems Amid Market Turmoil.

adminDecember 14, 2023

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Avalanche prices have fallen nearly 20% over the past 24 hours, trading at $35.13 as of 12:25 AM ET, with volume down 35%.

Nonetheless, since the market turned bullish, the token has risen nearly 320%, a move that has seen AVAX take on Dogecoin (DOGE)’s status as the world’s ninth-largest cryptocurrency by market capitalization.

The two-month rally has boosted AVAX’s total market value by more than $11.1 billion, increasing from $3.25 billion around mid-October to $14.35 billion at the time of writing. This compares to DOGE’s $13.05 billion, according to CoinMarketCap data.

AVAX CoinMarketCap — AVAX market capitalization

The flood from the Avalanche market value surge has spilled over to other projects in the Avalanche ecosystem, including Trader Joe’s, the native token of the Avalanche decentralized exchange (DEX), with a 5% upside in JOE.

In addition to JOE, the native token of Avalanche’s liquid staking protocol Benqi (QI) also benefited, rising 20% in the past day.

There is also a memecoin called Coq Inu (COQ) built on the Avalanche blockchain, which is up 22% in the last 24 hours.

Honestly, I don’t even know if it’s the last time #AVAX This has been released wild. that much $COQ The vibe here is very strong, 100% of initial liquidity has been burned, 100% of supply has been released, 0 tokens have been reserved and 0 tokens are scheduled to be issued. Your standards for meme coins should now be this high.
that much… pic.twitter.com/3Ohw8p7tA4
— Viperxl007 🐔 (@Viperxl007) December 7, 2023

Nonetheless, Avalanche price appears to be running out of steam after plugging inefficiencies in the AVAX market and testing a fair value gap (FVG) between $38.12 and $41.07.

Avalanche Price Prediction as AVAX Tests FVG in 3 Days

The Avalanche price upward trend has seen the smart contract token test FVG, an area that indicates market inefficiency or imbalance. To restore normality or equilibrium, asset prices must always return to this zone and fill the gap with more transactions.

After plugging inefficiencies in the AVAX market, the price has reached the 22 mark and profits may fall or increase depending on how the bulls play.

As buying pressure increases, Avalanche price could overcome FVG’s resistance to extend gains. However, traders looking to open a long position on the AVAX price should wait for the break and close above the midline at $39.60.

A decisive candlestick break above the aforementioned levels could set the tone for the Avalanche price to target the $54.92 resistance level, which was last tested in May 2022.

A relative strength index (RSI) above 50 is a good sign, as evidenced by the green histogram bar of the Awesome Oscillator (AO) in positive territory, driven by the upward trend in the AVAX market.

converse case

Still, given that AVAX is massively overbought, investors shouldn’t be surprised if a pullback occurs. In fact, all signs point to this, with the RSI tilting south, indicating downward momentum as the uptrend runs out.

If RSI’s trajectory holds, it may soon cross below the signal line (yellow band), which is often interpreted as a sell signal. Traders who heed this call could solidify the downward trend in Avalanche prices.

Additionally, after Avalanche prices made up for market inefficiencies, they can no longer effectively drive AVAX prices higher. This means that smart contract tokens may fall.

Increasing seller momentum could push Avalanche price lower, losing immediate support at $32.08. Even worse, the downtrend could be confirmed and close below the midline of the supply zone, turning into a bullish breaker at $28.03. Such a move would invalidate the current optimistic outlook.

The In/Out of the Money Around Price (IOMAP) indicator from on-chain aggregator IntoTheBlock confirms this outlook. According to the model, two supply barriers could prevent Avalanche prices from achieving their upside potential.

Two major areas of interest lie ahead, the immediate area being between $35.80 and $36.86. The large number of investors who previously purchased AVAX at this price level fills this vendor congestion zone. Here, approximately 6.53 million AVAX tokens are stored in approximately 9,710 addresses.

Any efforts to push the Avalanche price upward will be countered by selling pressure from those looking to profit.

Meanwhile, investors are turning to meme coins MK and WSM, which offer better return prospects amid turbulent markets.

The token is among the top five cryptocurrencies to buy in December, as analysts predict a 10x growth potential.

A promising alternative to Avalanche

combat memes

MK is the ticker of the Meme Kombat ecosystem, an innovative new gaming platform designed for gaming enthusiasts. The project is in the pre-sale phase and each MK token is sold for just $0.235.

This price list will remain in place for the next 30 hours before the price increases to $0.246. Don’t miss your chance to beat the 5% price surge.

$MK Reaching new heights. #memecoin A world full of storms. Participate in the pre-sale now! https://t.co/2x2FvsuR61
— Meme Kombat (@Meme_Kombat) December 12, 2023

Currently, pre-sale sales have reached $2.929 million, rapidly increasing toward the target of $3.5 million. Visit the Meme Kombat website to purchase MK in pre-sale here.

WSM

WSM supports the Wall Street Memes ecosystem, a stake-yielding project that provides access to an exclusive community of token holders. WSM Casino has many bonuses and participants can enjoy the opportunity to earn rewards by staking $WSM tokens.

The Project Dashboard was released on December 11th. This means community members can see their estimated net game revenue and WSM Buyback Live.

Dashboard released! 🚀
Here you are! We’re excited to launch the dashboard today. Here is the expected game net revenue and $WSM Buy back in real time! 🔥
Check it out here ➡️ https://t.co/CiduXK4vBh
There are also hints at other features to come… pic.twitter.com/jOAH5LsjaJ
— Wall Street Memes (@wallstmemes) December 11, 2023

Each WSM token is selling for $0.02210 as of 2:30 AM EST. Hurry and buy WSM now before the price changes.

The project also has a buyback strategy to reduce the supply of WSM tokens in the market, effectively increasing demand and expanding the price.