Avalanche (AVAX) Token Surges by Over 4%, Target Level of $29.22 Could Be in Sight
- WBOYOriginal
- 2024-09-10 18:28:14661browse
The Avalanche [AVAX] token has surged by over 4% in the last 24 hours, according to CoinMarketCap. This impressive gain has put AVAX among the top
output: The Avalanche [AVAX] token has seen a price increase of over 4% in the last 24 hours, placing it among the top gainers in the crypto space at press time, as the broader market appeared to be struggling to maintain its footing.
This gain comes as a crucial support level at $19.56 on 6th September appears to have held and led to a price reversal from that level.
This reversal signaled the beginning of a new phase of accumulation, with traders entering long positions in anticipation of AVAX’s long-term potential.
If this bullish momentum continues, with sustained buying pressure and technical indicators remaining favorable, AVAX could successfully break above the $24 resistance level.
This level has acted as a strong resistance in the past, and a sustained move above it could open the door for further gains.
A deeper dive into the technical indicators reveals further reasons for AVAX optimism. The stochastic RSI indicator crossed into the overbought territory, indicating a potential bullish trend.
This optimism is also supported by the increasing large transactions, as highlighted by IntoTheBlock’s LIQ metric.
The market is at a decisive point, and big players are flocking the market. This adds fuel to the anticipated big price movement.
Meanwhile, AVAX social mentions are on the rise with the social volume data from Santiment, which indicates a steady increase in social volumes.
This is a positive signal for a bullish accumulation continuation.
However, our analysis of the Hyblock net long data showed worrying data.
The net long standing was at 84%, and this is a sign of market exhaustion. AVAX bulls have taken more than 75% of the coins open positions.
This could land either way depending on their holding duration.
If the whales holds AVAX for long without shorting, the bullish run will prevail.
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