- AVAX surged by 11.92% in the last 7 days
Coinbase derivatives has now filed for AVAX’s Futures certification with the CFTC
As an experienced analyst, I’m excited about the recent developments surrounding Avalanche (AVAX). In just the last 7 days, AVAX has surged by an impressive 11.92%, defying the downward trend of most altcoins. This price increase can be attributed to several positive factors that have emerged in the market.
AVAX bucked market trends with a persistent rise on the price charts over the past week. While many altcoins experienced significant drops, AVAX showed resilience and positioned itself for further growth in the face of Bitcoin‘s volatility. Factors contributing to AVAX’s positive price trend include [specific reasons or events].
To begin with, Coinbase Derivatives created headlines by submitting regulatory filings to the Commodity Futures Trading Commission (CFTC) for offering US-regulated futures contracts on AVAX. Furthermore, they plan to explore futures trading for LINK, DOT, Stellar, and Shiba Inu as well.
Reaching this achievement significantly enhances investor trust in AVAX as an altcoin, making it more attractive to both institutional and individual investors. The increased interest from major market players further cements AVAX’s reputation as a maturing asset within the crypto landscape.
I’m excited to share that Moongate has recently integrated Avalanche (AVAX) into its platform as well. According to their announcement on X, the team is looking forward to this new collaboration and the possibilities it brings for the crypto community.
“We’re thrilled to share the news that Moongate has newly connected with Avalanche via Aavax. This integration with Avalanche will significantly enhance our platform’s transaction speed and security.”
These advancements serve as encouraging signs for Avalanche (AVAX), carrying the potential to influence market perception and behavior. Analysts are particularly upbeat about this, with several expressing confidence in significant price increases for AVAX. Notably, renowned analyst John Mayer expressed his optimism by stating, […] or something similar to that effect.
Today, the value of $AVAX experienced a significant surge in price before seeing a modest correction. We’ve regained the $28 mark and are now aiming for $30. The current efforts of Avalanche primarily revolve around establishing gaming partnerships. Simultaneously, there’s a small but expanding presence in DeFi apps, along with increasing activity related to NFTs.
What do key indicators suggest?
Currently, the majority of analysts’ forecasts and market trends indicate a positive outlook for AVAX. However, let’s examine the metrics to gain a clearer understanding.
As a researcher studying the cryptocurrency market, I’ve discovered that Avalanche (AVAX) has been exhibiting a positive trend based on AMBCrypto’s analysis. Furthermore, an examination of Coinglass’s data revealed some intriguing insights: long position holders have experienced relatively fewer liquidation events, while short positions have faced more frequent liquidations.
As a researcher studying financial markets, I would interpret an increase in liquidations for short positions as a sign that investors holding short positions are running out of funds. Starting from June 25th, these investors have had to close their short positions, while those with long positions have been able to maintain their holdings and even open new ones. This trend can be seen as a bullish indicator.
As a researcher studying market trends, I’ve noticed some intriguing developments with Avalanche (AVAX) based on data from IntoTheBlock. Over the past week, there has been an accumulation phase for AVAX. Notably, large transactions have increased by a substantial 280% during this timeframe. The resulting buying pressure from these significant transactions has contributed to the upward trend in prices.
What do the price charts say?
As an analyst, I would interpret the current market situation as follows: Due to its relatively low liquidity for extended holding periods, each large transaction represents a significant addition to existing long positions. Consequently, these transactions suggest that investors are actively accumulating assets during this phase.
Over the past week, the On-Balance Volume (OBV) has increased from a bottom of 33 to 37 as of now. An uptrend in the OBV indicates that there’s been more buying volume than selling volume during this period, leading to higher prices and a bullish market trend.
Finally, the Money Flow Index (MFI) surged from 16 on 24 June to 35, at the time of writing.
As an analyst, I would interpret a significant increase in Money Flow Indicator (MFI) as a clear sign of heightened purchasing power in the market. This shift in dynamics can lead us to infer that the selling pressure is starting to recede, paving the way for a potentially bearish trend.
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2024-06-30 06:15