AVAX Price Consolidates at 100-Day and 50-Day SMA

Avalanche (AVAX) is consolidating at a well-defined trading pattern in the market-wide bull position. The consolidation movement has influenced AVAX price swing momentum massively.

This seems to portray some flourishing growth and a distinctive market transformation for Avalanche. Report has it that AVAX is utilizing this moment to make a bullish u-turn as the crypto market is showing more greens. Speculators think that this time is a good moment for AVAX to drive more sensations in the market.

On top of this, Avalanche’s rose up to 43% before it decreased drastically to 9.08% based on CoinMarketCap.

In addition, the crypto’s price is at $89.39, up 27.85% from its 7-days threshold value at writing time. Its market capitalization value is almost $21 billion in the market. This on-chain analytics makes Avalanche rank as the 10th largest cryptocurrency in the world.

The crypto continues to make its way against the 50-day Simple Moving Average (SMA) and the 100-day SMA. Traders suggest that AVAX needs strong support and more buying power at this crucial moment to maintain its present price of  $89.3 for the long term.

Meanwhile, AVAX faced a downwards trend with more market rallies a couple of days ago. Avalanche users are very excited to see how the crypto has geared up for more competitive price movements this time around.

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• Source: https://coinquora.com/avax-price-consolidates-at-100-day-and-50-day-sma/