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- 1 The Avalanche price made a breakdown below the 20-day EMA, suggesting weakness.
- 2 The AVAX crypto was trading close to $47.39, reporting a positive intraday development of 4.59%.
The Avalanche price jumped nearly 4.59% in Intraday and is recovering losses on Saturday. The bulls are attempting to regain control over the trend and reclaim dominance above the 50-day exponential moving average.
The recent sessions saw a sudden fall due to profit-taking as the price loomed downwards after a consolidation near the highs. The selling pressure received was backed by momentum, due to which the 50-day EMA could not hold the price, and a breakdown was noted on the charts.
However, the bulls seem aggressive in Intraday, have recovered nearly 4.59%, and may reestablish themselves above the 50-day EMA if the momentum continues. The long-term trend outlook is still bullish so that it may attract short-term traders and investors at a discounted price.
The Avalanche crypto may resume on the higher side if the price bottoms near the 50-day EMA. The buyers must establish their presence at the lower levels to prevent further falls and reverse its course.
Avalanche Crypto Development Activity Insights
The developer activity and developer activity count suggest the updates and changes occurring in the AVAX crypto. The developer’s activity curve displayed a positive trajectory in February and March, indicating a healthy development in crypto.
The developer’s activity contributors count was 22 by the end of February. However, the developer’s count decreased in March month and dropped back to a count of 11. The 50% drop in the developers count slowed the development activity, and a bearish curve was observed in the last month.
Open Interest Contracts Noted a Significant Profit booking.
As per the Open interest vs AVAX price chart, the Open Interest contracts were 222.56 Million USD in the 1st week of February. The OI data saw continuous growth in February and March. Open contracts reached 540.2 Million USD in the third week of March. The Avalanche crypto price also went parallelly and experienced an increase of nearly 80%.
However, there has been a significant drop in the number of OI contracts in the last couple of weeks. Correspondingly, the AVAX price has noted a decline of nearly 20% in the period.
AVAX Crypto Sentiments Analysis
As per the Santiment website, the negative sentiment dominated until January. However, the weighted sentiment jumped over the zero line and turned positive in February. The AVAX price noted significant growth in the period.
The weighted sentiment curve dropped in the last couple of weeks and fell back to zero. The overall sentiment has turned neutral as per the sentiment data.
Avalanche Price Prediction April 2024.
The Avalanche price prediction for April 2024 shows that the crypto may advance to a high of $70.8 if buyers surpass the hurdle of $61.20 on the higher side. At the same time, the less optimistic analysts estimate a price target of $38.9 on the lower side after the breakdown below $44.47.
Conclusion
The AVAX crypto has started recovering after registering a fall of over 20% in the last few weeks. The price is up nearly 4.59% in Intraday and might show more gains by the session’s end. The bulls are attempting to reclaim their dominance above the 50-day EMA in order to keep the trend in their favor.
The long-term trend outlook is still bullish above the 200-day EMA and might attract more buyers at a discounted price. If the bulls establish themselves near the 50-day EMA, the upside trend may resume.
Technical levels:
- Support levels: $44.47 and $38.90.
- Resistance levels: $61.20 and $70.08.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
