- AVAX’s price retested a key level at around $31 on the charts
- Metrics pointed to potential bullish momentum if a key support holds on
As a seasoned crypto investor who has seen my fair share of market cycles and trends, I must admit that I find the current state of Avalanche (AVAX) quite intriguing. After retesting its key level at around $31, AVAX’s recent bullish momentum is hard to ignore, especially with metrics hinting at potential upside if this support holds strong.
Today, Avalanche (AVAX) is drawing attention once more due to recent data and technical assessments suggesting a possible upward trend. Notably, AVAX has displayed strength by rebounding from its significant support point at $31. As of now, the digital currency has ascended to $32.37, representing a 3.78% increase in the past 24 hours.
It’s important to mention that the rise in price occurred following several days where the market moved up and down without significant progress, indicating a period of consolidation. This consolidation period implied that the earlier selling pressure had been neutralized by the market, potentially signaling an imminent upward trend.
To put it simply, that hike suggests that investors are becoming more optimistic, potentially aiming for increased price objectives.
Metrics back the bullish case
As an analyst, I’ve delved into the on-chain metrics of Avalanche (AVAX), and my findings suggest a promising outlook for this altcoin. According to IntoTheBlock, approximately 58% of AVAX holders were in profit when I checked, signifying robust investor confidence at its current price point.
Achieving this degree of profitability suggests that the asset is strong and stable, potentially offering more opportunities for growth or increased value.
Moreover, Santiment’s social data suggests that AVAX has seen an increase in social activity. Over the course of this month, there has been a steady rise in discussions about this altcoin on various social media platforms.
Such a hike in the number of social mentions added to the positive sentiments around AVAX’s market.
Based on the liquidation data provided by Coinglass, AVAX appeared to lean towards a bullish trend, as there were groups of liquidation pools situated above its re-tested level of support.
In simpler terms, these regions act as significant turning points. They might lead to sell-offs by the buying side, further intensifying a bullish market momentum.
What next for AVAX?
To conclude, AVAX’s press time market status and metrics pointed to a potential bullish outlook.
So, if the $31 level maintains its strength and optimistic sentiments persist within the social sphere, Avalanche may keep moving upwards in its price trends.
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2024-11-16 13:11