Avalanche’s own token AVAX has recently taken its place among the top winners in the Avalanche ecosystem. This was good news for the token as it gave investors hope for better days in the future. Interestingly, AVAX’s daily chart reflected this development as the price rose more than 2% in the past 24 hours.

According to CoinMarketCapAVAX was trading at $16.06 at press time with a market cap of $4,765,778,732. AVAX was also recently listed on Gemini, one of the largest exchanges in the world, further expanding AVAX’s reach to the global audience and investors.

__________________________________________________________________________________________________

Here are AMBCryptos Price prediction for avalanche [AVAX] for 2023-24

__________________________________________________________________________________________________

AVAX investors: Time for a good night’s sleep

As these developments took place, some statistics were supported AVAX, indicating a price hike in the coming days. The volume of AVAX, for example, has risen slightly in recent days after a decline in the past week. This was a positive signal for the blockchain.

Source: Santiment

Not only this, but AVAX’s Binance funding ratio also registered an increase recently, indicating higher demand from the derivatives market.

Source: Santiment

However, AVAX ran into some roadblocks. A few stats suggested a price correction was imminent. Example AVAX‘s development activity picked up a southern momentum in the past week.

Furthermore, AVAX’s NFT space also witnessed a demise last week as AVAX’s total NFT trading count registered a decline southwards after rising.

Price may reveal the actual photo!

Take a look at AVAX‘s daily chart revealed an ambiguous picture as a few market indicators indicated a price increase while the rest suggested the opposite. For example, AVAX’s Exponential Moving Average (EMA) showed that the 20-day EMA was well below the 55-day EMA, reflecting a bearish edge in the market.

The Money Flow Index (MFI) was also below the neutral mark, which was another bearish signal. Interestingly, the moving average convergence divergence (MACD) showed a struggle between the bears and the bulls.

A green flag for AVAX was that the Chaikin Money Flow (CMF) registered an uptick. In addition, after moving near the oversold zone, the token’s Relative Strength Index (RSI) rose, giving hope to investors.

Source: TradingView





This post Is AVAX Gearing Up To Run A Marathon With Bulls? These developments suggest…

was published first on https://ambcrypto.com/is-avax-gearing-up-to-run-a-marathon-with-bulls-these-developments-suggest/

Author

Write A Comment