Avalanche Crumbles 10% – Was The AVAX Rally A Bull Trap? 

Avalanche has been going up the chart ladder since the start of the year, following the broader crypto market rally as major cryptocurrencies break through crucial resistances. But right now, its native token AVAX seems to have found itself a new ceiling.

Timeline of Avalanche

Avalanche's [AVAX] NFT ecosystem got good news on 23 January, which could help the network register growth in the field. Nakamoto Games, a metaverse ecosystem, recently announced that NAKAVERSE was poised to go multichain.

Avalanche moved to a multi-month high on Jan. 24, after reports that the number of bitcoin on its network rose to 5,493. The news saw the token surge by nearly 5% today, rising for a third straight session in the process. Polygon also moved higher on Tuesday, hitting a one-week high.

Avalanche price analysis shows an uptrend as a green candlestick has appeared on the price chart today. Bulls have tried to make a comeback after the price function covered range downwards for the last few hours.

Members of the crypto community have been discussing the number of bitcoins that have been bridged over to the Avalanche network, which is now larger than the total value locked on the Lightning Network. At the time of writing, there are 5,493 bitcoins circulating on the Avalanche blockchain, while the Lightning Network holds 5,248 bitcoins.

Avalanche [AVAX] became popular among whales once more. As per WhaleStats, a Twitter account that posts updates regarding whale activity, it was recently revealed that AVAX was among the top 10 cryptos in terms of trading volume among the top 500 BSC whales.

Avalanche price analysis is on the rise once again, with the price reaching over $18.37 in recent days. An uptrend has been following quite consistently and the price has been traveling in the upward direction quite steadily.

Avalanche price analysis suggests sideways movement before the upwards breakout $18.00 mark. The closest support level lies at $17.00 AVAX faces resistance at the $17.50 mark The Avalanche price analysis shows that the AVAX price action has fallen down to the $290.

Avalanche price analysis shows a positive sight for bulls, as price jumped up to $17.60 over the past 24 hours, incurring an 8 percent rise. Since January 11, AVAX has shown a highly volatile price movement with a mixed set of red and green candlesticks on the daily chart.

The Avalanche price has slightly dropped again today as the bears took charge of the market once again, as per Avalanche price analysis. After the continuous bullish activity of the last three days, the price function has imbalanced again, and the price has been lowered up to the $15.85 level.

Avalanche price analysis for January 18, 2023, reveals the market following a bearish trend. The price of the digital asset has dropped to $17.16, which is down from its all-time high of $18.14 recorded at the beginning of today.