Avalanche Price Prediction as AVAX Becomes Top 20 Crypto in the World – Time to Buy?
The AVAX price has reached a high of $10.12 in the past 24 hours, with its climb beyond $10 making the altcoin the 20th-biggest cryptocurrency in the market by capitalization.
However, the past hour as seen the market fall as a whole, with AVAX now standing at $9.92, which represents a 1% decline in a week and a 21% drop in the last 30 days.
The coin has also declined by 8% since the beginning of the year, in contrast to many other major tokens (BTC, ETH, XRP).
Yet with Avalanche remaining a strong platform and with AVAX still being highly oversold, the latter could make a big recovery very soon.
AVAX's chart illustrates just how much the altcoin has been oversold in recent weeks, with both its price and 30-day average (yellow) some way below its 200-day average (blue).
This is highly indicative of overselling and undervaluation, as is the fact that the coin's relative strength index (purple) has remained close to 30 since the middle of August.
In other words, technicals alone would indicate that AVAX has to rebound strongly in the not-too distant future, since the coin is selling at a substantially discounted price, one which may eventually prove too tempting for buyers.
Having said that, AVAX's support level (green) has fallen steadily over the past few weeks, implying that it could still fall a little further before picking up again.
As for the coins fundamentals, Avalanche remains the fourth-biggest layer-one blockchain network in terms of total value locked in, behind only BNB Chain, Tron and Ethereum.
This highlights just how popular Avalanche remains among users and dapps as a high-performance chain, with the platform welcoming a number of important new partnershps in recent months.
Most notably, this includes a link-up
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