Avalanche Price Prediction: AVAX Flipped Dogecoin To Become 9th Biggest Crypto, But Investors Turn To These Small-Cap Gems Amid Market Turbulence

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The Avalanche price is down almost 20% in the last 24 hours to trade for $35.13 as of 12:25 a.m. EST time, alongside a 35% drop in trading volume.

Nevertheless, the token is up almost 320% since the markets turned bullish, a move that saw AVAX take Dogecoin’s (DOGE) position as the world’s ninth biggest crypto by market capitalization.

The two-month rally steered the total market value of AVAX to grow more than $11.1 billion, moving from $3.25 billion around mid-October to $14.35 billion as of the time of writing. This is relative to DOGE’s $13.050 billion, according to CoinMarketCap data.

AVAX market capitalization

The overflows from the surge in Avalanche market value have poured into other projects in the Avalanche ecosystem, including the native token of Avalanche’s decentralized exchange (DEX), Trader Joe, with a 5% upside on JOE.

Besides JOE, the native token of Avalanche’s liquid staking protocol Benqi (QI) has also benefitted, rising 20% over the last day.

There is also a memecoin built on the Avalanche blockchain, Coq Inu (COQ), which boasts a 22% climb over the last 24 hours.

I honestly don’t even know the last time #AVAX has had a launch THIS wild. The $COQ vibes here are so strong, and with 100% Initial liquidity burned, 100% of supply launched, 0 tokens reserved, 0 tokens left to mint. Your standards for meme-coins should now be THIS high.
The… pic.twitter.com/3Ohw8p7tA4
— Viperxl007 🐔 (@Viperxl007) December 7, 2023

Nevertheless, the steam seems to be running out after the Avalanche price filled the inefficiency in the AVAX market, testing the fair value gap (FVG) stretching between $38.12 and $41.07.

Avalanche Price Prognosis As AVAX Tests The Three-day FVG

The Avalanche price uptrend has seen the smart contract token test the FVG, which is an area representing an inefficiency or imbalance in the market. To restore normalcy or balance, the asset’s price must always go back to this area to fill the gap with some more trades.

After filling the inefficiency in the AVAX market, the price is at a catch-22 moment and could either drop or extend the gains depending on how the bulls play their hand.

Increased buying pressure could see Avalanche price extend the gains, overcoming the resistance presented by the FVG. Traders looking to open long positions on AVAX price, however, should wait for a break and close above its midline, the consequential encroachment, at $39.60.

A decisive candlestick close above the aforementioned level could set the tone for Avalanche price to target the $54.92 resistance level, last tested in May 2022.

The position of the Relative Strength Index (RSI) above 50 is a good sign, bolstered by the presence of bulls in the AVAX market, evidenced by the green histogram bars of the Awesome Oscillator (AO) in the positive territory.

Converse Case

Nevertheless, considering AVAX is massively overbought, investors should not be surprised if a pullback happens. In fact, all signs point to it, starting with the RSI tipping south to show falling momentum as the bulls show exhaustion.

If the trajectory of the RSI sustains, it could soon cross below the signal line (yellow band), a crossover often interpreted as a sell signal. Traders heeding this call could solidify the downtrend for Avalanche price.

Also, after Avalanche price filled the inefficiency in the market, there is no longer an effective pull north on the AVAX price. This means the smart contract token could be susceptible to a down move.

Increased seller momentum could see Avalanche price drop, losing the immediate support at $32.08. Worse, it could confirm the downtrend with a break and close below the midline of the supply zone turned bullish breaker at $28.03. Such a move would invalidate the current bullish outlook.

In/Out of the Money Around Price (IOMAP) metric from on-chain aggregator IntoTheBlock corroborates the outlook. Based on the model reveals two supply barriers could prevent Avalanche price from achieving its upside potential.

The two major areas of interest lie just ahead, with the immediate one presenting between $35.80 and $36.86. A high number of investors that had previously purchased AVAX around this price level fill this supplier congestion zone. Here, roughly 9,710 addresses are holding nearly 6.53 million AVAX tokes.

Any efforts to push Avalanche price north would be countered by selling pressure from the addresses looking to book profits.

Meanwhile, investors are turning to MK and WSM, meme coins that present better profit prospects amid a turbulent market.

The tokens feature among the top five cryptos to buy in December as analysts anticipate 10X growth potential.

Promising Alternatives To Avalanche

Meme Kombat

MK is the ticker for the Meme Kombat ecosystem, an innovative new gaming platform designed for gaming enthusiasts. The project is in the presale stage, with each MK token selling for just $0.235.

This price tag will hold for the next 30 hours before the price increases to $0.246. Do not miss the opportunity to beat the 5% price surge.

$MK is reaching new heights and taking the #memecoin world by a storm. Buy into the presale now! https://t.co/2x2FvsuR61
— Meme Kombat (@Meme_Kombat) December 12, 2023

Presales sales have now reached $2.929 million, ast it surges toward the $3.5 million target. Visit Meme Kombat website to buy MK in the presale here.

WSM

WSM powers the Wall Street Memes ecosystem, a stake-to-earn project providing entry into exclusive token-holder communities. There are many bonuses in the WSM Casino, with participants enjoying the chance to earn rewards by staking their $WSM tokens.

The project’s dashboard launched on Dec. 11, meaning community members can see their estimated net gaming revenue and WSM buybacks live.

DASHBOARD LAUNCHED! 🚀
It’s here! We’re stoked to be launching our dashboard today, where you’ll be able to see estimated Net Gaming Revenue and $WSM buybacks in real time! 🔥
Check it out here ➡️ https://t.co/CiduXK4vBh
There’s also hints of other features that are coming… pic.twitter.com/jOAH5LsjaJ
— Wall Street Memes (@wallstmemes) December 11, 2023

Each WSM token is selling for just $0.02210 as of 2:30 a.m. EST. Hurry to buy WSM now before the price changes.

The project also has a buy-back strategy intended to reduce the supply of WSM tokens in the market, effectively increasing the demand, and price by extension.