The Avalanche price has dropped 3.3% over the last 24 hours to trade at $58.5 as of 4:00 am EST.
AVAX’s performance over the last few days has outperformed that of Bitcoin and other top-capped cryptocurrencies. This performance in Avalanche’s price action comes ahead of the Game Developers’ Conference (GDC), which began on Monday, March 18, in San Francisco.
The conference will have partners of the Avalanche network, such as Merit Circle, Shrapnel and Blood Loop, in attendance, according to Edward Chang, Gaming Director at Avalanche, in an interview with CoinMarketCap.
Chang said:
“Avalanche has positioned itself as a leading blockchain for Web3 gaming after launchingMaple Story, a popular game built atop one of Avalanche’s subnet.”
The Avalanche network could become a reliable platform for Web3 gaming developers seeking to leverage its infrastructure’s power. This will, in turn, increase mass adoption, revolutionize the gaming industry and propel AVAX’s price higher.
Avalanche price analysis
Avalanche price appears still strong as it trades above the rounded bottom chart pattern on March 19. The AVAX breached the technical formation’s neckline at $58 on March 12, rising 16% to the current price of $58.5.
A number of technical indicators show that Avalanche’s upside is not over, starting with the Relative Strength Index (RSI), which is in the positive region and shows that the price is still rising. The price strength at 66 showed that bulls are also in the driver’s seat for the AVAX price.
Avalanche price could extend the turnaround from the current “buy-the-rumour-sell-the-news” scenario to reach a high range of 63. In a highly ambitious case, the layer 1 (L1) token’s price could extend a neck to the upside target of the rounded bottom chart pattern at $70.
On the downside, continued profit-taking could interrupt the rally, causing AVAX to drop back below the technical pattern’s neckline at $50. The ensuing seller momentum could see the price drop to $44, embraced by the 50-day EMA, or in a dire case, flip the $32.10 support into resistance, thereby invalidating the bullish thesis.
