Will AVAX Hit the Mark of $100 Followed By the Uptrend in Crypto?

• The Avalanche price has performed positively.
• The AVAX crypto price is trading 1840% above its all-time low price.

Avalanche (AVAX) is a scalable, eco-friendly blockchain platform launched in September 2020. It facilitates DeFi applications and enterprise blockchain solutions with quick transaction times and Ethereum compatibility. AVAX serves as a utility token for transactions, network security, and staking. Emin Gün Sirer and Cornell University collaborators created it.

The volatility of the Avalanche crypto is very high at 13.89%, and its market cap has declined by 1.4% in the last 24 hours. The sentiment for the crypto is also bullish, as per Coincodex.

AVAX coin’s market cap dominance is 0.77%, making it the 10th largest cryptocurrency in the world, followed by a market cap of $20.409B. The trading volume for the crypto has further witnessed a decline of 14.3% in the last 24 hours.

AVAX coin is trading with a volume/market cap ratio of 3.85%, and the circulating supply of the crypto is 436.106M AVAX. Also, the max supply of the crypto is 715.748M AVAX, and the fully diluted market cap is $38.679B.

The supply inflation of the coin is 15.87%, and its sentiment is bullish, as per Coincodex. Also, the stablecoins market cap of the crypto is $1.511B. Also, the total value locked for the crypto is $1.171B, and its recorded fees in the last 24 hours are $93.304M.

Avalanche Crypto Derivatives Analysis

The derivatives trading volume for Avalanche crypto has been consistently advancing over the last few days, indicating traders’ strong activity. Despite this, over the last 24 hours, the derivatives trading volume has declined 12.8%.

The open interest in the coin has been trading flat over the last 24 hours, resulting in $477.81M. Furthermore, a higher long liquidation of $726.49K is recorded in the crypto. Against this, the short liquidation for the crypto is worth just $60.95K.

Total Open Interest Vs. Development Activity

The total open interest in crypto has witnessed a considerable advance in the last few days. The development activity for crypto is also on the rise, indicating a surge in the active users of the crypto environment. 

AVAX Crypto Technical Analysis

The price of the AVAX crypto on the weekly time frame broke above the falling wedge pattern and is consistently advancing to higher levels. Since the breakout, the price of the crypto has witnessed an advance of more than 250% and is currently sustaining at higher levels and building up support for further surge in price. 

AVAX/USD Chart by TradingView.com

The EMAs on the daily crypto chart indicate bullish behavior, followed by the golden cross of the 50-day and the 200-day EMAs. Also, the crypto’s price is trading above the 20-day EMA, followed by other crucial EMAs on the chart.

The MACD is witnessing a decline from the higher levels, followed by a bearish crossover of the MACD and the signal line. It indicates the possibility of retracement in the price of the crypto.

The RSI has declined below the 14-day SMA while still sustaining above the 50-level, indicating the overall trend of the crypto is bullish. 

Summary

Avalanche (AVAX) shows bullish potential with positive performance metrics and technical indicators. AVAX maintains a bullish sentiment despite high volatility, which is supported by solid derivatives trading and increasing open interest.

Technical analysis suggests sustained advancement, with price-breaking key patterns and EMAs indicating bullish trends, potentially leading to further surges.

Technical Levels: 

• Support levels: $25.00 and $35.20
• Resistance levels: $98.00 and $126.00

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.