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- 1 The AVAX coin signifies a buying momentum and is trying to uplift gains above the $50 mark.
- 2 The volatility reveals intense fluctuations, and the coin witnessed a bounce this week.
The Avalanche coin (AVAX) price reflected a bounce from the 50-day EMA support zone and surged over 28% this week. Furthermore, the AVAX coin has retested the $50 mark, and buyers intend to cross the mark. However, the bulls still need aggressive momentum to surpass the hurdle, and the AVAX price is hovering below it. For the past weeks, the Avalanche coin has regained momentum and witnessed a significant reversal on the charts.
At press time, the Avalanche coin (AVAX) price was trading at $47.57 with an intraday gain of 12.89%, indicating neutrality on the charts. It has a monthly return ratio of 18.78% and 194.68% on a yearly basis. The pair of AVAX/BTC is at 0.000659 BTC, and the market cap is $17.93 Billion. Analysts are bullish and suggest the AVAX coin price will continue to acquire bullish waves and may soon replicate a sharp rally above the $50 mark.
AVAX Reflects a Buy on Dips Scenario; Is a Breakout Possible Above $50?
Since the beginning of this month, the data indicates that trading volume has taken a wing and keeps rising, which signifies the rise in buying interest. The coin witnessed higher high swings and bounced over 40% in the last ten trading sessions with a surge in volume. The intraday volume was noted at $2.14 Billion, a rise of over 247.78%, revealing massive buying momentum. However, the average volume was nearly $1.60 billion throughout this week.
Avalanche Price Volatility and Market Cap Keep Rising
The coin witnessed sharp fluctuations in the price volatility curve, leading to an upliftment in the price this week. Following the price growth, the volatility keeps rising and jumps over 75% to 0.053, whereas the RSI curve stays near 65 in the overbought zone. The market cap persists in advancing and increases to $18.02 Billion, revealing the positive metrics of the coin.
What Do the Development Activity and Open Interest (OI) Suggest?
The Avalanche coin glimpses an increase in the development activity, and a jump of over 45% to 113 was noted in the last ten trading sessions. Moreover, the development activity contributors count rate elevates and rises to 4. Additionally, the derivatives market glimpsed a long buildup activity, and the open interest rose over 27.22% to $398.57 in the intraday session.
The circulating supply of the AVAX is 377.30 Million, whereas the total supply is 435.99 Million. The Volume to Market cap ratio is 0.0986, and the coin stands at 11 per the ranking in the crypto market.
Avalanche Looks Promising Above $50; Can Bulls Succeed?
The price chart indicates a recovery in the coin price, leading to a bounce above the 23.6% Fibonacci retracement level, and is heading to the 38.2% zone. Additionally, the coin has surpassed the key moving averages and reveals a bullish outlook for the upcoming sessions.
Summary
The Avalanche coin (AVAX) has gained momentum and is near to registering a breakout above the $50 mark. Additionally, the trend is intact, and buyers will continue to deliver the up move in the following sessions.
Technical Levels
Support Levels: $42 and $35
Resistance Levels: $51 and $60
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
