Avalanche News: AVAX Price Rebound As Whale Activity Ramps Up

• The AVAX price holds steady around the 20-day EMA support and is making attempts for a bounce back.
• Whale accumulation data provides a hint at the upcoming price surge.

The AVAX price recently experienced a 17% decline in a week from the $55 resistance zone. Despite significant profit booking at the highs, AVAX has managed to hold the 20-day EMA mark. Now, it aims for a rebound.

This resilience shows that a potential bounce toward the $50 round mark could be on the horizon. Amidst the bullish market sentiment, the AVAX crypto continued to trade with a bullish bias. It gained an upward momentum during the last few weeks.

When writing, AVAX traded at $44.99, noting a minor drop of over 1.20% in the past 24 hours. It ranked 11 among the top crypto coins with a market cap of $18.44 Billion.

Whale Activity Sparks Hope for AVAX Recovery

Crypto Whale addresses have been accumulating AVAX at lower price levels. Over the past seven days, whales have accumulated 502.45k AVAX coins.

The significant buying by the large holders indicates increased optimism about the ability of the asset to bounce back in the coming days. As a result, the AVAX price could strike the $50 mark and may continue to display outperformance in the upcoming sessions.

Incoming volume in whales usually leads to price movements because these whales buy large quantities when they sense the value. It seems that market participants expect AVAX to rebound. Besides, their recent buying activity can provide an impetus for a price increase in the short term.

AVAX Positioned for Upsurge: An Analyst Weighs in

A recent tweet by More Crypto Online (@Morecryptoonl) highlighted that the AVAX crypto traded in a significant uptrend. Moreover, a break above the $53 mark would permit the bulls to extend gains within the 3rd rising wave. The short-term targets would be $60.65 and $68.34.

However, traders should keep a close eye on it because the next rally is corrective and overlapping, as the wider wave 4 is likely unfolding.

AVAX Price Prediction: Is a Bounce Back Toward $50 Likely?

On the daily timeframe, the AVAX price has been riding in a significant uptrend and persisted in forming the higher high swings. However, the bulls faced rejection around the supply zone of $55, and a retracement of over 17% was noted this week.

Amidst this, the bullish thesis was intact, and the token could recoup recent losses and carry forward the upward movement ahead.

The Relative Strength Index (RSI) had a reading of 52, still displaying neutral indications. Moreover, the Chaikin Money Flow (CMF) indicator still showed positive capital inflows. At press time, it had a reading of 0.16.

What Does the Derivatives Data Reveal?

The Open Interest for the AVAX futures sits at over $600 million on major exchanges and is on the rise towards $700 million.

This increase complemented the rise of the AVAX price. The Open Interest (OI) dropped 4.20% over the past 24 hours. However, the OI-weighted funding rate remains positive at 0.0085%, representing steady demand for long contracts.

Disclaimer

This article is for informational purposes only and provides no 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.