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- The AVAX crypto price has advanced by more than 1300% from its all-time low level.
- Avalanche blockchain’s native token’s price has high volatility in comparison to other cryptocurrencies.
Avalanche (AVAX) is a scalable, eco-friendly smart contracts platform launched in September 2020. It features three chains: C-Chain for DeFi, X-Chain for transactions, and P-Chain for staking. Created by Emin Gün Sirer and Cornell University collaborators, AVAX is a versatile token for transactions, security, and network consensus.
With a decline of 6.19% in the market cap over the last 24 hours, the Avalanche token is trading with a volume/market cap ratio of 10.04%. Also, the trading volume of the crypto has advanced by 59.51%, followed by a volume ranking of #16.
The current market cap of the crypto is $15.262B, and it is the 11th largest cryptocurrency in the global cryptocurrency market. Moreover, the market cap dominance of the crypto is 0.63%.
The fear and greed index for the AVAX crypto indicates greed, and the token was released on September 22, 2020. The all-time high price of the crypto is $146.22, which was achieved two years ago, and the crypto has lost its value by 72% since then.
The total supply of the crypto is 435.952M AVAX, and the maximum supply of the crypto is 720.0M AVAX. Also, the circulating supply of the crypto is 377.263M AVAX, which is just 52.4% of the max supply.
Avalanche Token Derivatives Analysis
The open interest in AVAX crypto has declined by 10.48% over the last 24 hours, and the current open interest in crypto is $286.35M.
The derivatives trading volume for the token has advanced by 72.65%, and the value of the traded volume for the token is $2.30B. Furthermore, the long/short ratio of the crypto is 0.9421.
The long liquidation for the token is very high, representing the sellers’ dominance over the last 24 hours in the token price.
The reported long liquidation for the token is worth $4.34M as per Coinglass, following which the short liquidation for the token is $380.43K.
Technical Analysis of the AVAX Crypto
If we look into the weekly chart of the AVAX token, the price was trading inside a falling wedge pattern for more than 500 days, from June 2022 to the beginning of November 2023.
The token’s price further broke out above the pattern and has consistently risen. Since the breakout, the trading price has advanced by more than 150% and is currently trading at a level of $40.59 at the time of writing.
AVAX/USD Chart by TradingView
The AVAX token price is taking support at the 20-day and the 50-day EMAs while the price is trading above the 200-day EMA. The EMAs are trading in a golden cross, indicating a strong uptrend on the charts.
The MACD indicator indicates uncertainty on the charts as the MACD and the signal lines are on the verge of formation of a bearish cross. The height of the histograms is also declining, indicating declining strength in the crypto.
The RSI is currently taking support at the 50-level and has recently declined below the 14-day SMA. Although the RSI indicator is following a bullish cycle, the token’s price seems to be losing momentum for the upside in the short-term scenario.
Despite the decline in the momentum, the bigger picture of the technicals represents bullishness in the Avalanche token price.
Summary
Avalanche (AVAX) exhibits bullish potential despite short-term uncertainty. With a remarkable 1300% rise from its all-time low, AVAX’s ecosystem and technical indicators suggest upward momentum.
The breakout in the token price on the weekly time frame above the falling wedge pattern indicates the possibility of further advance in the crypto price in the future.
Technical Levels:
- Support levels: $8.30 and $27.20
- Resistance levels: $98.30 and $127.60
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.
