- AVAX price approaches key resistance at $24.9.
Liquidation data indicates increased market activity.
As a seasoned researcher with years of experience navigating the cryptocurrency market, I must say that the current state of Avalanche (AVAX) is intriguing. The token’s approach to the key resistance at $24.9 has me on the edge of my seat!
The AVAX token is presently close to the crucial price point of about $23.5, leading discussions about possible price fluctuations in reverse.
Starting from July 22nd, the value of AVAX has dropped more than 40%. Investors are keeping a close eye to see if there’s any indication of diminishing downward pressure in the market.
Based on a 4% price shift, it seems like positive momentum could be building up, potentially escalating further as it nears the crucial resistance point at approximately $24.9.
In simpler terms, the stochastic RSI suggests that the market is undervalued (oversold), which could trigger a turnaround leading to a rise in market trends (upward momentum).
Liquidation heatmap signals increased AVAX activity
Based on liquidation heatmap statistics provided by Coinglass, it appears that trading activity in the market has been more prevalent. This data suggests that most liquidations are occurring within the range of approximately $23 to $24.
Market participants are observing this price level, anticipating potential breakouts or rejections.
Long-term holder behavior hints at bullish sentiment
It’s worth noting that the long-term holding pattern for AVAX suggests a possible uptrend might be on the horizon. The distribution of AVAX amongst large investors (whales), regular investors, and retail holders shows an upward trend in investor ownership since the middle of 2022.
Based on the data from IntoTheBlock, the high volume of transactions suggests a rising trend. Although there are ups and downs in significant transactions, the general pattern shows an uptick, implying growing enthusiasm for the Avalanche token at its present value.
Investors are closely watching for indications of a possible price change, as Avalanche (AVAX) nears its significant resistance point at around $23.5.
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The latest 4% increase in price, coupled with growing optimism, suggests a possible bullish trend. Moreover, the behavior of long-term holders and current market movements hint at an upcoming bull run.
However, a rejection at the $23.5 level could lead to a short-term pullback.
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2024-08-04 15:03