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AVAX broke a key resistance with a 10% surge in 48 hours.
Metrics signaled bullish momentum.
As a seasoned crypto investor with a keen eye for market trends and price action, I’m excited about the recent surge of over 10% in just 48 hours by Avalanche (AVAX). The decisive break above the key resistance level at $29.22 has caught my attention and signals potential bullish momentum.
As an analyst, I’ve observed a noteworthy surge of more than 10% in the value of Avalanche [AVAX] within the past 48 hours. This substantial bullish thrust successfully breached the pivotal resistance mark at $29.22. The market has taken notice of this price action and is now closely monitoring AVAX’s trajectory.
At present, AVAX was looking towards the $31 mark as its potential next objective in the supporting price range. Should the resistance at this level give way, it would signal a bullish trend for AVAX, propelling it upwards towards even greater heights.
Whale activity paints a bullish picture
Based on AMBCrypto’s interpretation of IntoTheBlock’s statistics, there has been a notable surge in large-value AVAX transactions. Specifically, over $713.98 million in AVAX transactions priced above $100,000 have transpired within the past week.
This surge in whale activity often precedes significant price movements.
The earnings of holders have significantly increased by 7.69%, resulting in less urgency to sell, as a larger number of them are now in the black.
At the current moment, a considerable proportion, amounting to 72%, of the tokens was held by large wallets, implying that these substantial holders exerted a substantial impact on price fluctuations.
Avalanche ecosystem growth?
Santiment’s data was delved deeper into by AMBCrypto to assess social trends and project advancements. Notably, the Social Volume metric revealed numerous peaks, suggesting a surge in conversations and engagement among crypto enthusiasts.
As a market analyst, I’ve observed that heightened social volume frequently aligns with price fluctuations and can serve as a precursor to additional price growth.
The pace of development in AVAX never slowed down, aligning with continuous enhancements to its ecosystem.
A prolonged period of dedication to this project is an encouraging gesture for those with a long-term investment perspective. It suggests that the token is continuing to evolve and advance through consistent innovation.
Liquidation adds to rally
An analysis by AMBCrypto using Coinglass’ liquidation heatmap revealed that a significant number of liquidation prices lie above the current market value, suggesting potential risk for assets in those price ranges.
A rise beyond these levels might trigger market sell-offs, possibly amplifying AVAX‘s price surge.
Realistic or not, here’s AVAX market cap in BTC’s terms
The heightened Whale involvement and continuous development efforts by AVAX could be indicative of an upcoming bull market.
However, the $31 resistance level could prove to be a significant hurdle in AVAX’s hopes.
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2024-07-01 23:03