Avalanche (AVAX), the native token of the Avalanche blockchain, has experienced a remarkable price increase of 27.39% over the past seven days, attracting the attention of traders and investors. AVAX is currently facing strong resistance at the EMA50 daily level and shows promising signs of potential upward momentum. As buyers accumulate AVAX in anticipation of a breakout, optimism in the market is growing.
According to the latest data, Avalanche is trading at $15.45 per AVAX, showcasing impressive price growth in the past week. With a circulating supply of 345,845,505.008 AVAX, the token’s total market capitalization amounts to $5,294,894,681.68. Furthermore, AVAX has seen a significant increase in trading volume, which has risen by $2,091,996,941.63 or 381.96% in the last 24 hours. Approximately $547,703,576.77 worth of AVAX was traded in the past day.
The EMA50 daily level has proven to be a significant resistance point for the coin, posing a substantial challenge for buyers to overcome. However, the increasing accumulation of AVAX by buyers suggests a positive sentiment and faith in the token’s potential to break through the resistance level. Traders have noted similarities between AVAX and other successful cryptocurrencies, drawing comparisons that indicate a potentially significant price surge.
Considering the technical indicators, AVAX’s Relative Strength Index (RSI) stands at 65, in the neutral range between the oversold range of 50 and the overbought range of 75. The Moving Average Convergence Divergence (MACD) is currently in the buying zone, signaling a bullish trend. Moreover, the histogram bars are green, indicating an upcoming upward trend. If the bulls persist, the cryptocurrency is likely to experience sustained upward movement in the coming days.
The ongoing accumulation of AVAX demonstrates the growing interest and confidence of investors in the underlying technology and future growth potential of the token. By strategically positioning themselves in key support regions, buyers aim to benefit from the expected breakout and potential price increase. This accumulation activity is a positive indicator for AVAX and reinforces the belief that the token’s price could experience a significant upward movement.
Market participants are closely observing Avalanche and have noted similarities between its current price pattern and other successful cryptocurrencies. In particular, the comparison with SOL, which experienced a significant surge after successfully breaking through a crucial resistance level, contributes to the overall optimistic sentiment surrounding AVAX. These comparisons contribute to the growing optimism in the market.
While the accumulation of AVAX and the expectation of a breakout are encouraging signs, it is important to acknowledge the high volatility of the cryptocurrency market and the potential influence of various market forces. Traders should exercise caution and consider other technical indicators and market factors that may impact the price development of AVAX.
Please note that the content of this website should not be considered as investment advice. Investing carries risks and your capital is at risk.
Featured image by iStock, chart by TradingView.