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Avalanche is a layer-one blockchain platform. It is designed to host decentralized applications and custom blockchain networks. It competes with Ethereum to become the most popular blockchain for smart contracts.  It aims to achieve this by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability. It uses a unique consensus mechanism called the Snow protocol which is based on a Proof-of-Stake (PoS) mechanism.  Avalanche price has been on a six-day gaining streak and witnesses a bullish outlook in the short term. The price gained over 17.5% in a week and over 114% in a month. The technical indicators imply that the price has surpassed the 50-day and 200-day EMA which may later act as a dynamic support.  It had a 24-hour trading volume of $733.79 Million with a drop of 5.11% as compared to the previous day. The live market cap is $7.97 Billion and stands 13th among the top cryptos. The volume-to-market cap ratio is 9.57% indicating mild volatility in the market.  Avalanche Price Prediction November 2023 Source: AVAX/USD By TradingView The price action analysis illustrates that the AVAX price trend had turned optimistic after the breakout above the trendline resistance. Earlier, the price trend favored the bears and formed a descending triangle pattern. However, the bulls dominated near the support level and surged the price with volume. The breakout above the trendline resistance triggered a short covering among the sellers and the price experienced a bullish rally. The price prediction for November 2023 showcases a neutral to bullish outlook. The price may reach a high of $25.01 if it continues to surge with the same momentum. However, if the momentum ceases, the price may drop to a low of $15.6.  Avalanche Price Prediction 2023 Source: AVAX/USD By TradingView The most optimistic…

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Filed under: News - @ November 20, 2023 9:14 pm