AVAX Price Advances In Recent Days: Will It Continue To Surge

• The AVAX token price was up by 800% from its all-time low price.
• The Avalanche token price sentiment was bullish, as per the analysts.

In the last 1 year, the AVAX token gave huge returns of 150% to its investors. At press time, the token price traded at a level of $25.84. It advanced by 10.9% in the last 24 hours from the press time.

The Avalanche token’s market cap was worth $10.459B when writing. This made it the 12th largest cryptocurrency in the global crypto market. Following the strong market presence, the token had a market dominance of 0.47%.

The token price was highly volatile, resulting in a volatility of 12.76%. Also, the fear and greed index was 34. This showed fear among the token investors. 

The Avalanche token’s circulating supply was 444.787M AVAX, which was followed by supply inflation of 14.20%. The token’s maximum supply was 715.748M AVAX, while the token’s total supply was 444.787M AVAX. This further resulted in a fully diluted market cap of $18.478B.

The token’s 46% of holders were in profit and bought the token at lower prices. Additionally, the token had 54.6K holding addresses at press time, and its top 10 holders held 2% of the maximum supply.

Avalanche Token Derivatives Data Analysis

The Avalanche token also witnessed a surge in trading activity over the last 24 hours. This was followed by a surge of 64% in the token’s derivatives trading volume, resulting in a traded value of $870.29M.

The open interest of the token advanced by 14.7% in the last 24 hours, resulting in $267.17M. This showed a rise in the token’s open positions. 

The token witnessed higher short liquidations in the last 24 hours, resulting in $1.02M against the longs of $185.04K. This indicated buyers’ dominance in the token price in the previous 24 hours.

AVAX Token Technical Analysis

AVAX has experienced a pronounced downtrend, underscoring the sellers’ dominance in its market. This prevailing negative sentiment suggested the possibility of further price declines. It raised concerns among investors and traders alike.

Over the past few months, AVAX has significantly reduced its value, dropping from a swing high of $65.38. This downward momentum has caused the cryptocurrency to breach critical support levels, reinforcing its bearish trajectory.

Despite the prevailing market conditions, there remains a potential for recovery. If AVAX breaks above the $35.00 mark and sustains that level, it could begin a strong upward movement. 

A continued price increase beyond this key resistance level may result in substantial gains. It could signal a possible reversal of the current trend. Such a shift could attract more buyers, potentially altering the market dynamics in favor of AVAX.

AVAX Token Technical Indicator Overview

The AVAX token price broke out above the 20-day and the 50-day EMA on the daily chart. Meanwhile, the 50-day and the 200-day EMAs have traded in a death cross. This exhibited an uncertainty in the token’s price. 

AVAX/USD Chart by TradingView

The supertrend further gave a bullish signal, and the MACD and signal lines formed a bullish cross. Despite this, both metrics of MACD traded negatively, exhibiting weakness in token price.

After hitting the overbought zone, the RSI started to advance from the lower levels to the level of 61 at press time. It also broke out above the 14-day SMA on the shows, showing a bullish momentum rise.

The AVAX token price might take support at the levels of $12.0 and 22.0, followed by the resistances of $41.0 and $50.0.

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.