Avalanche (AVAX) Price Analysis and Prediction

Bittime - Avalanche (AVAX) price analysis shows a decline from its yearly high and a failed attempt to break out of the falling channel. 

Clearpool's launch and improving fundamental metrics indicate growth potential, with the next upside target at $32. For more details, see this article!

Avalanche (AVAX) Price Analysis

AVAX has dropped from a yearly high of $65.39 in March to a parallel channel, according to daily time frame price action.

This decline produced a low of $17.29 on August 5, validating the $19.50 horizontal support area and the channel support trendline (white icon).

AVAX price has been increasing since then, and two attempts were made to exit the channel, but were unsuccessful.

AVAX failed a breakthrough attempt, and the channel has been operational for 181 days so far (black icon).

An eventual breakout of the pattern will indicate that the correction is over and a new upward movement has begun, as the next resistance will be at $32.

Avalanche (AVAX) Price Prediction

This is largely due to the launch of Avalanche's new credit protocol, Clearpool. Additionally, stablecoins increased 13% from the previous quarter, reaching $1.7 billion. USDT accounts for 64% of all Avalanche stablecoins.

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Avalanche Quarterly Report

Last September 13, the quarterly Avalanche report by Messari was published. Some key growth metrics are shown in this report. 

Additionally, the amount of AVAX staked increased 6% from the previous quarter, reaching 254 million AVAX.

Despite a correction in the broader crypto market, decentralized finance (DeFi) Total Value Locked (TVL) increased 11% over the last quarter at 30.8 million AVAX. 

This is largely due to the launch of Avalanche's new credit protocol, Clearpool.

Conclusion

AVAX price has fallen from its yearly high and is currently trapped in a falling channel. Despite two attempts to exit this channel, AVAX has not been successful. If it breaks out, the next upside target is at $32.

Fundamental factors such as the launch of the Clearpool protocol and the rise of stablecoins indicate growth potential. 

The latest quarterly report also noted an increase in the amount of staked AVAX and DeFi TVL. Even though it is in correction, these factors provide positive hope for AVAX price movements in the future.

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