Cryptocurrencies had a mixed performance this week even as American stocks continued their strong bull run after the Nvidia earnings. Bitcoin remained in a tight range slightly below $52,000 while Ethereum rose to $3,000 for the first time since 2022. This report provides the forecast of three popular cryptocurrencies: Avalanche (AVAX), Injective (INJ), and Axelar (AXL).
Avalanche price prediction
Avalanche is one of the biggest blockchain networks in the world with a substantial market share in industries like Decentralized Finance (DeFi), NFTs, and gaming. Some of the top networks in its ecosystem are Benqi and Trader Joe.
AVAX, its token, has had a rough ride recently as it continued to underperform the market. It has suffered a harsh reversal this year and underperformed other altcoins. For example, it has dropped in the past five straight days and is hovering near its lowest point since February 9th.
After surging hard in 2023, AVAX price has moved into a bear market, falling by over 27% from its December high. This happened even as Bitcoin and Ethereum sat at their highest points in more than two years.
Turning to the daily chart, we see that Avalanche price has crashed below the 23.6% Fibonacci Retracement level. It is also targeting the lower side of the Andrew’s pitchfork tool and moved below the 50-day moving average.
Therefore, there are two potential scenarios here. First, it could bounce back in the coming days now that it has formed the right shoulder of the inverse head and shoulders pattern. If this happens, it will retest the key resistance at $42.50.
The alternative scenario is where it continues falling and reaches the 50% retracement level at $30. This view will happen if it loses the lower side of the Pitchfork tool.
Injective price forecast
Like Avalanche, Injective’s INJ token has not done well this year even though it was one of the best performers in 2023. It has also dropped in the past five days straight and remains about 25% below its highest point in December.
Injective’s underperformance happened even as Helix, its biggest DEX platform gained market share. Its total value locked has also surged to over $118 million because of Hydro Protocol and Dojoswap.
On the daily chart, the INJ token has retreated below the 50-day moving average and is now targeting the lower side of the symmetrical triangle pattern. The Relative Strength Index (RSI) has drifted below the neutral point.
Therefore, Injective price has some more downside to go as bears target the lower side of the triangle at $30.
Axelar price forecast
Unlike Injective and Avalanche, Axelar (AXL) has done well this year as it jumped to over $1.50, its highest level on record. As it rose, the coin managed to flip the key resistance at $1.28 into a support level. Moving above this price was an important move because it invalidated the double-top pattern that has been forming.
Axelar’s bull run is now being supported by trend indicators like moving average and the Ichimoku cloud. Further, oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level.
Therefore, my view is that the Axelar token will continue rising in the coming weeks as buyers target the key psychological point at $2. However, in the immediate period, it will likely retest the key support at $1.28 in what is known as a break and retest pattern. This is one of the most bullish signs in the market.
