Avalanche price has stagnated since September 18, after the previous bearish trend lost momentum. Today, despite going up by less than a percentage, Avalanche price action looks stuck in a choppy market that has traded within a narrow range of between $15 and $18.5 for almost a month.
However, despite the prices being stuck in a sideways market, the platform has continued to make moves, with the latest one being its collaboration with OpenSea. According to the latest reports, OpenSea has launched natively on the layer-1 blockchain Avalanche. The partnership between these firms will see Avalanche expanding into the NFT industry, despite its recent woes, which have included artworks losing value at an alarming rate.
The partnership is also very significant to the Avalanche ecosystem. Today, OpenSea is the largest NFT marketplace. Therefore, their choice of Avalanche as their preferred blockchain is likely to translate to positive consumer sentiments of the platform, which may drive prices high in the coming sessions, and for the long term.
Despite having partnered with the largest NFTs marketplace platform, the OpenSea, Avalanche’s price continues to struggle in the market. Today, it is up by less than a percentage point at press time and looks likely to extend the sideways trend of the past one month.
The chart below also shows that, since September 18, Avalanche has traded within the narrow range of between $15 and 18.5. The Williams Alligator also signals that the bearish trend has lost its momentum, with lines starting to straighten to reflect the current sideways market.
Therefore, my Avalanche price prediction expects the current sideways market to continue. I do not expect Avalanche to regain momentum and continue its downward trend towards the $13.7 support level. I also do not expect a price reversal in the next few trading sessions.
However, a trade below $13 or above $18.5 will invalidate my sideways market analysis. It will signal the start of a bearish trend when prices move below $13 and a bullish trend if they move above $18.5
This post was last modified on %s = human-readable time difference 14:55