- Avalanche has gained over 4% in the last 24 hours, outperforming the broader crypto market.
- The token has seen a significant price reversal from a key support level at $19.56.
As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. However, the recent surge in Avalanche [AVAX] is something that has caught my attention. With a 4% gain in just 24 hours, AVAX has outperformed the broader market, which is struggling to find its footing.
In the past 24 hours, the Avalanche token (AVAX) has experienced a significant rise of more than 4%, based on data from CoinMarketCap. This substantial increase has placed AVAX among the leading gainers in the cryptocurrency sector at this moment, as the overall market finds it challenging to hold its ground.
AVAX key support still holds
The significant change in price direction from a vital support point at $19.56 on September 6th is significantly boosting optimistic feelings. This shift could indicate that Avalanche (AVAX) might be transitioning into a period of increased hoarding, leading investors to pile up long positions, anticipating the token’s future growth prospects.
If there’s an increase in long positions, and the positive trend caused by this heightened activity continues, it’s possible that Avalanche (AVAX) could surpass the resistance at $24.
Previously, this stage served as a tough barrier. If we can maintain movement above it, it might pave the way for additional profits.
Exploring more aspects of the technical indicators provides additional evidence supporting the positive outlook for AVAX. The stochastic Relative Strength Index (RSI) has moved into the overbought region, suggesting a possible upward momentum.
Metrics paints a bullish picture
Indeed, the surge in large Avalanche transactions indicates a substantial increase in activity that’s been observed. At this critical juncture, major investors seem to be actively entering the market, which could potentially intensify the expected significant price shift.
On the other hand, references to AVAX on social media platforms are growing, as shown by data from Santiment. This growth suggests a continuous uptrend in social activity, which could be a promising indicator of further bullish accumulation.
However, our analysis of the Hyblock net long data showed worrying data.
In simpler terms, the position held by buyers (bulls) for the cryptocurrency AVAX has surpassed 75%, indicating that a significant number of AVAX’s total supply is in the hands of these bullish investors. This situation may lead to either further price increases if they choose to hold onto their positions, or a potential market correction if they decide to sell. The current market scenario suggests that the market might be running out of steam, but the final outcome depends on the decisions made by these long-term investors.
Is your portfolio green? Check the Avalanche Profit Calculator
If the whales holds AVAX for long without shorting, the bullish run will prevail.
The measurements indicate a generally optimistic outlook for the ongoing Avalanche bull run. Should this trend continue, we might be looking at reaching the predicted price point of $29.22.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- POL PREDICTION. POL cryptocurrency
- STEEM PREDICTION. STEEM cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- COW PREDICTION. COW cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
2024-09-10 10:47