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- 1 AVAX price displays a rebound from the 200 day EMA mark.
- 2 Buyers have gained momentum and are eyeing to retain the $50 mark.
The AVAX price held on to the 200 day EMA mark and rebounded from the 200 day EMA mark, directing buyer accumulation in the last sessions. Moreover, the token has witnessed a notable spike of over 6% and is eyeing to hit the $50 mark. This sudden spike led sellers in trouble and short covering data was witnessed on the charts. The price action signifies a reversal from the demand zone of $35.
At press time, the Avalanche token (AVAX) price traded at $37.75 with an intraday gain of 6.78%, reflecting a rebound on the charts. It has a monthly return ratio of -21.10% and 48.36% on a yearly basis. The pair of AVAX/BTC is at 0.000578 BTC, and the market cap is $14.26 Billion. Analysts are neutral and suggest that the AVAX token may retain the $50 mark and will outperform ahead.
AVAX Price Volume Profile Analysis On Daily Chart
Per the Santiment data, the AVAX crypto showcases a retracement, and sellers have pushed the token toward the demand zone of $50. Afterward, the buyers have revived the momentum and delivered a noteworthy rebound of over 20% in the last three sessions. The intraday trading volume jumped over 7.29% to $483.23 Million.
Price Volatility and Weighted Sentiment Outlook
Amidst the price rebound , the AVAX crypto displays a decline in the price volatility curve this week. The price volatility curve noted a drop of over 56.90% to 0.013. However, the weighted sentiment looks neutral and stayed near the midline around -0.619.
Social Dominance and Social Volume AI Overview
Social dominance data dropped over 2.40% to 0.0376%, noting an increase in the discussion reports. However, the social volume AI data noted a bounce over 2.89% and jumped to 41.
Development Activity and Total Open Interest Insights
The development data witnessed a minimal decline of over 14.67% and dragged to the midline around 202, showing a neutral outlook. However, the derivative data signifies long buildup, the open interest spiked over 2.79% to $202.38 Million in the last 24 hrs.
Per the Fib levels, the AVAX price has retested its 23.6% zone and rebounded from the mid bollinger band support zone. Similarly, the RSI curve stayed in the oversold region, and a positive crossover was noted on the charts.
The total supply of the AVAX token is 436.68 Million, whereas the volume-to-market cap ratio is 0.0340, and it is ranked 13 in terms of market cap in the global crypto market.
Summary
The Avalanche token price has regained strength and bounced from the 200 day EMA mark, signifying buying momentum. Furthermore, the short covering data suggests that the token may stretch the up move and will retain the $50 mark shortly.
Technical Levels
Support Levels: $35 and $30
Resistance Levels: $46 and $50
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
