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Avalanche slides to $17 support but is it a buy?

Published: Thursday, 22nd September, 2022 - 17:28
  • Avalanche integrated the Layer-2 solution Boba Network on Wednesday.

  • AVAX trades the $17 support zone

  • Future recoveries depend on market sentiment

Avalanche AVAX/USD trades at $17.34, a level it has held since September 18. The price level has been the lowest since early July. At the bottom level, buyers are showing interest after days of consolidation. At press time, the token was up 2.07% in the last 24 hours. The gains were, however, not enough to erase 7.94% losses in the past week. 

Avalanche welcomes Boba Network

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Multi-chain Layer-2 chain Boba Network announced entry into Avalanche on September 21. The integration will see Boba help Avalanche meet the scalability demands. Boba lauded Avalanche for its fast and low-cost transactions and eco-friendly solutions. Following the integration, Biba will become Avalanche’s first L2.

Avalanche price and prediction

The integration of the Boba network adds a positive sentiment to AVAX when the sentiment is weak. That helped the token recover slightly amid an interest rate hike by the Federal Reserve. However, we find AVAX between a rock and a hard place as momentum is weak at the support.

Source – TradingView

A technical outlook shows that AVAX’s in a downtrend. The price has been moving in a pattern of lower highs and lower lows. A recent MACD bearish crossover speaks of the weakening momentum. The moving averages above offer resistance.

Concluding thoughts

Despite the Boba Network integration, AVAX is in a bear market and is not a recommended buy. Buyers may keep optimism of recovery at the $17 support. However, with the weak sentiment, a lower price is possible. 

If AVAX holds the support intact, a wave of consolidation may follow. That will enable the token to gather sufficient momentum to go higher. The cryptocurrency has a minor resistance at $22.

This post first appeared on: Coinjournal

Author: Motiur Rahman
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