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Cryptocurrencies Price Prediction: Avalanche, Stellar & Solana – Asian Wrap 23 April

Cryptocurrencies Price Prediction: Avalanche, Stellar & Solana – Asian Wrap 23 April
FXStreet TeamFXStreet TeamFXStreet

Avalanche Price Forecast: AVAX extends correction as Middle East tensions, weak derivatives weigh on sentiment

Avalanche (AVAX) price extends losses, trading below $9.30 on Thursday after being rejected at the key resistance zone the previous day. The risk appetite has dampened as Iran opened fire on three ships in the Strait of Hormuz, as the US maintains a blockade, keeping a lid on crypto markets. Meanwhile, the bearish sentiment strengthens as AVAX’s institutional demand remains muted and as derivatives metrics weaken. 

Stellar Price Forecast: XLM flips south as leverage market loses confidence

Stellar (XLM) extends losses at press time on Thursday, as the 100-day Exponential Moving Average (EMA) at $0.1798 caps short-term recovery, keeping the tone bearish. The leverage market remains bearish on XLM, with active short positions rising. Technically, the reversal from the 100-day EMA threatens a pullback to the consolidation support level at $0.1471.

Solana Price Analysis: SOL tests 50-day EMA with bullish on-chain and derivatives backdrop

Solana (SOL) approaches a key technical hurdle near $87 on Thursday, and a breakout above this level would signal a bullish move ahead. Strengthening on-chain, improving derivatives data, and a constructive technical chart support a positive outlook for SOL in the near term.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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