- AVAX, in its whimsical dance, has found itself in a bullish embrace, with the stars aligning for a grand market rally.
- Even the whales, those majestic creatures of the crypto sea, have dipped their fins into the AVAX waters, buying up the token with gusto.
Avalanche [AVAX] has had a month more turbulent than a storm at sea, with the asset sinking 27.97%. Yet, as the skies begin to clear, there’s a glimmer of hope for a grand market boom. In the past 24 hours, it has risen a modest 2.05%, like a small wave in the vast ocean.
The mood among investors is turning bullish, much like a bear waking from hibernation, with key metrics like the golden cross adding fuel to the fire, according to AMBCrypto’s research.
Bullish Formation Strengthens
On the chart, AVAX has formed a bullish pattern that could lead to a new high, like a ship breaking through the horizon. This bullish triangle pattern, with its horizontal support and descending resistance, is a sign that the asset is ready to set sail.
At present, AVAX has taken the first step in its bullish journey, reacting off the support level of $24.53. The price is expected to rise, breaking through the descending resistance line and charting a course for new heights.
Two major profit targets lie ahead: the short-term target at $35.52 and the long-term target at $53.95, representing a rally of about 103% from its current position. However, the price might linger at its current levels, trading back and forth within the support range between $22.87 and $24.53, before finally making its grand ascent.
A Slight Decline and Major Rally in Play
The technical indicators, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), have offered their cryptic insights into the possible price movement.
The RSI is currently in a bearish phase, with a reading of 34.21, heading toward a support level at 32.07. Thus, AVAX might dip lower until it reaches this support level, which would then provide a rebound and propel the price higher.
The bullish sentiment in the market has been confirmed with the formation of the golden cross, a rare and auspicious event where the blue MACD line crosses over the orange signal line. At press time, the MACD line stood at 3.03 and the signal line at 3.06.
If the golden cross pattern remains intact, it suggests that the current bullish structure is still in play and the declining RSI is merely a temporary setback.
AVAX Whales Step In
Insights from IntoTheBlock reveal ongoing buying activity from whales, those mysterious giants of the crypto world. In the past 24 hours, large-volume transactions have reached a seven-day high, totaling 569.
These whales, who control a significant portion of the asset, are accumulating AVAX. When such a surge occurs alongside a price increase, it indicates that the majority of whales are buying, like a pod of whales feeding together.
During this period, whales traded a total of 10.77 million AVAX worth $276.82 million. In the coming trading sessions, if this trading volume increases along with the price, it would suggest continued whale accumulation, a sure sign of good things to come.
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2025-02-14 03:07