Adding to Avalanche’s long-term value is FIFA’s Layer-1 project, which is expected to increase its visibility among institutional players.

AVAX on the Brink of a Major $27 Resistance

The cryptocurrency Avalanche (AVAX) is once again nearing a price point that has previously halted its rallies. The $27 threshold has served as a barrier in previous trading sessions, with the most recent rebuff occurring in March. If the current upward movement can surpass this threshold, the next target projected by analyst Ali Martinez is around $36.

At the time of writing, AVAX was trading at $23, marking a 1% decrease in the past 24 hours and a 4.7% drop over the last week. Despite this, the overall trend since July has remained robust, with the price rising over 65% from lows around $15.50.

Short-Term Hesitation Below the 9-Day SMA

The recent downturn has brought the price below the 9-day simple moving average, which now stands at $24.35. This short-term trend line is a valuable tool for assessing momentum. The RSI reading is currently 56.80, indicating a potential pullback by buyers. If the RSI dips below 50, it could signify further weakness.

Keep an Eye on the $33-$36 Range if Breakout Sustains

Trader CW explains that the last dip found support at the 0.618 Fibonacci level, suggesting a potential upside zone around $33.30 based on the 1.618 extension. This range aligns with the $36 resistance zone active in late 2023. If AVAX can surpass the $27 resistance, these levels will be closely watched.

In the event of a failed breakout, the price could revisit support zones around $23.50 or $20.50, which previously served as resistance levels and could now attract demand.

Earlier this year, FIFA announced its blockchain network would be built on Avalanche. The FIFA Blockchain project, designed to power digital collectibles and fan experiences, will operate as a Layer-1 chain and aims to reach global audiences in the sports and media sectors.

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Two weeks ago, on the famed Bitcoin Pizza Day, BTC soared to a record high of nearly $112,000. The euphoria, however, was short-lived as the leading cryptocurrency began to retrace its steps almost instantly.

Despite maintaining a steady position around $110,000 initially, it suffered a major setback last week. The most drastic plunge occurred towards the end of the business week, causing the cryptocurrency to lose a significant chunk of its value. The lowest point was reached on Saturday when BTC fell to a 12-day low of $103,100.

At this critical juncture, the bulls made a concerted effort to prevent a potential collapse into the five-digit territory. Bitcoin showed signs of recovery, aiming for the $106,000 mark multiple times since then. However, these attempts proved futile with BTC now hovering below $105,000 following the most recent rejection.

Bitcoin’s market capitalization now stands at $2.080 trillion according to CG, while its dominance over the altcoins has climbed back to 61%.

Altcoins have suffered even greater losses than Bitcoin in the past 24 hours, with their reduced market share as clear evidence. Avalanche is among the worst-hit, shedding over 5% of its value and barely holding above the $20 mark. UNI and XMR have also seen significant drops, while HYPE, DOGE, and LINK are deep in the red. ADA, SUI, and XRP have lost up to 2%.

Overall, the total market capitalization of all cryptocurrencies has diminished by more than $30 billion since yesterday, currently standing below $3.410 trillion as per CG.

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Just over a month ago, ETH experienced a sharp price drop to its lowest level in over a year, pegged at $1,400 on April 9. Although it showed some recovery in the following weeks, it faced challenges in confidently surpassing the $1,800 mark. This changed with the recent positive macro developments and the implementation of the Pectra upgrade, which led to a sharp increase in ETH’s price.

On a daily basis, ETH has shot up by nearly 9%. However, its weekly surge is even more remarkable – nearly 40%, pushing its price well beyond the psychological resistance of $2,500.

Other altcoins have followed in ETH’s footsteps with significant price gains. DOGE, for instance, has surged by over 16% and is currently trading above $0.24. ADA, AVAX, LINK, SHIB, HBAR, TON, and PEPE have also shown impressive growth. PI, UNI, and NEAR have recorded double-digit price increases over the past day, while LEO stands out as one of the few tokens in the red.

The total crypto market cap has swelled by an additional $70 billion and now stands at $3.470 trillion, according to CG.

While Bitcoin (BTC) remains green on a daily scale, its gains are less dramatic. BTC has seen a modest increase of less than 1% and is trading above $104,000, after being halted at $105,000 earlier. On a weekly scale, BTC has leaped by almost 9%, breaking the $100,000 barrier for the first time in over three months.

However, BTC’s dominance over the altcoins has experienced a significant decrease. The metric, which was as high as roughly 62% a few days ago, has dropped to under 60% as of now. Despite this, BTC’s market cap continues to rise and is currently pegged at $2.070 trillion on CG.

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Bitcoin (BTC), having crossed the significant $100,000 mark on May 8th, remains steady. This rally caused a spike in short liquidations, amounting to $837.80 million, the highest since 2021. The rally also positively impacted several major altcoins.

Ethereum (ETH) led the altcoin rally, with a rise of approximately 22% on May 8th, resulting in a $328 million liquidation of Ether short positions. However, Bitcoin is likely to encounter significant resistance near its all-time high of $109,588. During retractions, it’s crucial for traders to maintain the price above $100,000 to sustain the bullish momentum.

The cryptocurrency market predictions for the top 10 digital assets are as follows:

Bitcoin might continue its upward movement, with the potential to breach its all-time high. The altcoins could be gearing up for a short-term rally.

Bitcoin closed above $100,000 on May 8, indicating a bull market. A short-term pullback is possible due to the relative strength index (RSI) suggesting an overbought level.

Ethereum soared above $2,111 resistance on May 8 and reached nearly $2,550 on May 9. If the price drops from $2,550 but finds support at $2,111, it indicates a positive sentiment.

XRP has reached a crucial near-term resistance level. A break and close above this level could signal a potential trend change.

BNB made an upward move on May 8, breaking the $620 resistance. If pressure remains and the $644 resistance is broken, BNB could rise to $680.

Solana (SOL) closed above $153 resistance on May 8, signaling a bullish trend. If the price drops from $180 but rebounds off $153, it suggests that buyers are forming a higher low.

Dogecoin (DOGE) reached the overhead resistance at $0.21. If the price drops from $0.21 and breaks below the moving averages, the coin may continue to oscillate within the range.

Cardano (ADA) completed an inverse head-and-shoulders pattern on May 8. If the price remains above the neckline, ADA could surge towards $1.01.

Sui (SUI) rose above the $3.90 resistance on May 8. If the price maintains above $3.90, SUI could rally to $5.

Chainlink (LINK) completed an inverse head-and-shoulders pattern on May 8. If the price drops sharply and breaks below the moving averages, the pair may remain within the channel for a while longer.

Avalanche (AVAX) reached the overhead resistance of $23.50 on May 9. If the price drops sharply from $23.50 and breaks below the moving averages, AVAX may continue to oscillate within the range for a few more days.

Disclaimer: This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin’s price took a nosedive, starting off Sunday morning and escalating into Monday, pushing the digital currency to a three-week low, roughly $91,000, on most trading platforms. Altcoins suffered a worse fate in the past 36 hours, with many experiencing double-digit percentage drops.

Bitcoin Asserts Dominance

Just three days ago, the leading cryptocurrency was valued at over $106,000, seemingly unaffected by the US Federal Reserve’s decision to maintain the current interest rates. Its price began to decline on Saturday, reaching $102,000, marking the beginning of a harsher correction period.

After the US President Donald Trump imposed tariffs on Canada, Mexico, and China on Sunday, the market reaction was swift. Bitcoin’s price fell from $102,000 to $97,000, where it remained for most of the day. The downward trend continued into Monday, with a sudden drop of $6,000, sending Bitcoin’s value under $92,000—a $10,000 loss since Sunday.

Although Bitcoin has since recovered slightly to over $95,000, the market cap has fallen below $1.9 trillion. Despite this, Bitcoin’s dominance over altcoins has risen to nearly 59% on CoinGecko, representing a 3% increase in just one day.

Altcoins Take a Hit

The rise in Bitcoin’s dominance indicates a severe blow to altcoins. Ethereum, for instance, fell from over $3,000 to below $2,300 before stabilizing close to $2,600. Solana and Tron are among the few altcoins that experienced a single-digit percentage drop within the last 24 hours.

In contrast, BNB, XRP, DOGE, ADA, LINK, AVAX, XLM, TON, SUI, HBAR, and SHIB saw dramatic double-digit percentage declines, with ADA suffering the most significant loss—up to 23%. The total crypto market cap shed over $400 billion at its lowest point and now hovers just above $3.2 trillion on CoinGecko.

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In a recent analysis on the X platform, renowned crypto analyst Ali Martinez highlighted pivotal on-chain levels that could determine the future path of AVAX’s price. His analysis centered on the average purchase price of multiple Avalanche investors.

In this cost-basis analysis, a level’s ability to act as a support or resistance is determined by the total amount of tokens last bought by investors at that price. As seen in the chart below, the size of the dot corresponds to, and is directly proportional to, the number of AVAX tokens bought within each price range.

Data from IntoTheBlock shows that around 302,100 addresses bought roughly 14.26 million AVAX tokens between $34.01 and $35.15. As pointed out by Martinez, this has established a vital support cushion within this price zone.

The $34.5 region has the potential to serve as a vital support level due to the number of investors who bought in at this price. The logic being that when the AVAX price drops to $34.5, investors who bought at this level are likely to purchase more tokens to protect their investment, leading to a swift price recovery.

In addition, IntoTheBlock data indicates that the $39.49 – $40.54 price range is densely populated with investors. According to the data, over 233,000 addresses purchased more than 12.33 million AVAX within this price range.

Martinez suggests that this $39.49 – $40.54 price zone is a significant resistance area as investors tend to act when an asset returns to their purchase price. In this case, investors who were previously at a loss might be eager to sell their assets as soon as they break even, potentially exerting downward pressure on the AVAX price.

The price behavior of AVAX around these two zones could have a significant impact on its performance in the coming weeks. Therefore, investors should closely monitor the altcoin as it nears these support and resistance zones.

At the time of writing, AVAX is trading at roughly $34.8, a marginal 1% increase over the past 24 hours. The token’s performance on broader timeframes is even more modest. CoinGecko data shows that Avalanche is down nearly 3% over the past week.

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Crypto Market Cap’s Bearish Turn: After bouncing back from the $1 trillion support level on September 11, the crypto market cap showcased a promising uptrend, breaking free from a descending resistance trendline by September 18. A minor price dip on September 25 underscored the trendline’s importance. However, the momentum continued, pushing TOTALCAP to a high of $1.10 trillion by October 2. But a bearish candlestick pattern emerged on the same day, signaling a potential price reversal. Comparing this peak with the August 29 high, it’s evident that such deviations often hint at significant price shifts.

Should the bearish trend continue, we might see the market cap approach the $1 trillion support, roughly 7% below the current level. Conversely, a surge of about 5% would target the next resistance at $1.13 trillion.

Bitcoin’s Downward Drift: Bitcoin, too, managed to break its descending resistance trendline around September 28, reaching an impressive $28,580 shortly after. This peak was marginally higher than its August end value. However, a subsequent decline indicated strong selling pressure, marking a deviation above the crucial $28,000 resistance zone. Currently, Bitcoin is striving to surpass this resistance.

Should Bitcoin succeed, we might witness a 6% rally towards $29,500. But a setback could drag it down by 5%, aligning with the descending resistance trendline near $26,000.

AVAX’s Volatile Journey: Avalanche’s (AVAX) price trajectory has been quite eventful. After breaking its descending resistance trendline on September 25, it soared, touching $11.88 by October 7. However, this surge was short-lived, and a subsequent decline ensued.

If this bearish trend persists, AVAX might find support around $9.20, which is 8% below its current standing. Alternatively, a bullish resurgence could propel it by 25%, targeting the $12.30 resistance.

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Avalanche’s native token, AVAX, currently finds itself in a precarious position, wrestling with subdued trading volumes that have stymied its price momentum. The cryptocurrency’s path has been riddled with obstacles, with prevailing market sentiments leaning bearish, casting doubts on its potential for a bullish breakout.

A recent attempt to rally, originating from the $11 support mark, was stymied at the formidable $15.8 resistance point. This crucial level turned out to be a significant roadblock, resulting in a swift price pullback. The aftermath of this setback has solidified AVAX’s bearish market stance, leaving the trading community in a state of flux.

Seller Dominance in the AVAX Market

A detailed look at the trading metrics reveals a pronounced tilt towards sellers in the AVAX market. Data from Coinglass showcases a notable disparity, with an overwhelming 56.5% of active contracts leaning towards short positions.

This skewed distribution is a testament to the prevailing sentiment, indicating that a large segment of traders expects AVAX’s downward trend to continue. This sentiment is further reflected in AVAX’s current price point of $12.46, as noted by CoinGecko. Over the preceding day, the digital asset has seen a slight dip of 0.6%, mirroring the broader market’s volatility. Additionally, a week-long trend analysis underscores AVAX’s price fluctuations, further emphasizing its volatile nature.

The Road Ahead: Uncertainty or Opportunity?

As AVAX sails through these tumultuous waters, its immediate future remains shrouded in uncertainty. The diminished trading activity has rendered the coin susceptible to abrupt price swings. Moreover, the overarching bearish mood continues to dissuade potential investors from making a foray into the market.

In this uncertain environment, market watchers are keenly observing the tug-of-war between support and resistance levels. Recent analyses suggest that AVAX’s fate hinges on its ability to breach the $15.8 resistance barrier. Overcoming this hurdle could rejuvenate trader confidence, potentially alleviating the bearish stranglehold on market sentiment.

In essence, AVAX stands at a pivotal juncture, wrestling with subdued trading volumes and a dominant bearish outlook. As it cautiously navigates this landscape, the broader crypto community remains on tenterhooks, eager to ascertain if the present challenges will usher in a revival or further entrench its bearish course.

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How does KNC impacts Altcoin

KNC: Don’t think that you wish to long and short during the thing in short term. It appears to be parabolic & also price discovery is unpredictable. With this mention, it is even going to be quite glorious and short finally. I will wait for breakdown.

The Kyber Network is also the decentralize, blockchain base exchange which focus on aggregating of liquidity as well as facilitating the instant swaps between the ERC-20 tokens. However, at time of writing, the KNC is exchanging their hands for almost $4.83.

Other token on trader’s list is the APRE also known as ApeCoin. It is the altcoin for Bored Ape Yacht Club and the NFT token community. Here, Altcoin Sherpa also predicts that the APE will also print the all-time highs. It is also possibly going to break all the time highs with overall land sale. However, it is even the sell-the-news with the period soon. The complete area with upcoming is quite dangerous area from the technical perspective. However, the fundamentals are crucial now.

Other is the ETH or Ethereum competitor along with the AVAX or Avalanche. As per the Altcoin Sherpa, AVAX is yet quite bullish on the high timeframes rather than their sharp & corrective move.

Here AVAX, it is yet a perfect kind of the range however, even technically the bullish market structure till it holds low. I think it is pretty well till BTC holds them up.

The other important coin at the radar of Altcoin Sherpa’s is LooksRare also known as LOOKS. As per analyst, LOOKS is mainly at the risk of almost 16% of pullback. It is trading below the support level.

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