Avalanche's 1.75% Price Increase to $9.46: Key Takeaways for September 16, 2023.

Avalanche's AVAX token saw a 1.75% price increase over the past 24 hours to $9.46, up from $9.30 yesterday. With a market capitalization of $3.35 billion, AVAX remains one of the top cryptocurrencies by market cap. In this report, we will analyze the key metrics behind this latest price movement and uncover insights into Avalanche's mid- term trajectory.

To start, the 24-hour trading volume of AVAX was $54.30 million. This is a moderate amount of volume compared to previous days, indicating steady interest in trading the token. Over the past hour, AVAX price rose a marginal 0.03%, showing some short-term bullish momentum.

Zooming out to the past 7 days paints a different picture, with AVAX down 4.51% week-to-date. The token has seen increased volatility recently, with prices bouncing between support at $8.50 and resistance around $10.

Looking at the 1-month timeframe, AVAX is down 18.50% as the broader cryptocurrency market has pulled back. However, compared to the catastrophic drops of -70% or more seen by other major cryptos, AVAX has shown relative resilience.

Over the past 6 months, AVAX price has fallen 40.48% from its all-time high of $16 set in April 2022. The token has traded in a wide range between $7.50 and $15 over this period as the crypto bear market intensified.

How Will Regulation Shape Avalanche's Price Action?

Regulation remains one of the biggest open questions impacting the price trajectory of AVAX and all cryptocurrencies. Recent high-profile crypto failures have spurred calls for clearer rules around digital assets. How regulators choose to oversee the space could significantly hamper or benefit Avalanche.

$AVAX