Avalanche AVAX/USD Slides Towards $17 Support, But Is It A Buy?

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  • Avalanche integrated the Layer-2 solution Boba Network on Wednesday.

  • AVAX is trading the $17 . support zone

  • Future recovery depends on market sentiment

Avalanche AVAX/USD is trading at $17.34, a level it has held since September 18. The price level is the lowest since the beginning of July. At the lowest level, buyers are showing interest after days of consolidation. At the time of printing, the token was up 2.07% in the last 24 hours. However, the gains were not enough to offset losses of 7.94% over the past week.

Avalanche welcomes Boba Network

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Multi-chain Layer-2 chain Boba Network announced its entry into Avalanche on September 21. Through the integration, Boba will help Avalanche meet the scalability requirements. Boba praised Avalanche for its fast and cheap transactions and environmentally friendly solutions. After integration, Biba will become Avalanche’s first L2.

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Avalanche price and forecast

The integration of the Boba network adds positive sentiment to AVAX when sentiment is weak. That helped the token recover somewhat amid a rate hike by the Federal Reserve. However, we find AVAX between a rock and a hard place as momentum is weak at the support.

Source – TradingView

A technical outlook shows that AVAX is in a downtrend. The price moves in a pattern of lower highs and lower lows. A recent bearish crossover from MACD speaks of weakening momentum. The moving averages above offer resistance.

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closing thoughts

Despite the Boba Network integration, AVAX is in a bear market and is not a recommended purchase. Buyers can remain optimistic about a recovery near the USD 17 support. However, with the weak sentiment, a lower price is possible.

If AVAX keeps the support intact, a wave of consolidation could follow. That will allow the token to gather enough momentum to move higher. The cryptocurrency has a small resistance of $22.

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