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- 1 Avalanche crypto price might reach $50 shortly, as fresh buying triggers.
- 2 AVAX price surpassed the trendline mark of $35 and signifies bull accumulation.
The Avalanche (AVAX) price replicates fresh buying momentum and has crossed the trendline mark of $35 this week. The AVAX price has crossed the 50 day and 100 day EMAs and rebounded from $30.
The price action highlighted that the AVAX crypto has completed its correction phase and triggered a bounce. Amidst the bearish market, the AVAX crypto retained the 50 day EMA mark and is displaying neutral cues.
At press time, the Avalanche crypto (AVAX) price traded at $36.74 with an intraday gain of 2.39%, reflecting a significant bounce. It has a monthly return ratio of -28.90% and 94.35% yearly.
The pair of AVAX/BTC is at 0.000578 BTC, and the market cap is $14.01 Billion. Analysts are neutral and suggest that the AVAX crypto may gain momentum and will surpass the $50 mark ahead.
Can AVAX Resist Selloff Amid Bearish Market Sentiments?
On the daily charts, the Avalanche crypto has made a double bottom formation and rebounded from the $30 mark. The trading volume spiked over 33.20% to $470.13 Million and reflected bull accumulation.
Source: Santiment
Looking at the price action, the ongoing downtrend is significantly changing hands and buyers are back into the battle.
Per the data from IntoTheBlock, the GIOM indicator revealed that around 7.34% positions are still active and reflect a supply range around $43, which is the prompt hurdle for the bulls.
However, 52.38% of the 62,000 active addresses are looking to cover their gains, whereas 48% of active addresses are still secured.
Understanding The Market Dynamics
For weeks, the AVAX crypto was in a downtrend and has corrected over 40% last month. Meanwhile, the price still traded above the neutral trajectory and is still up to the bulls. The price volatility curve witnessed a 3.29% decline and dragged below the midline to 0.012.
Source: Santiment
Similarly, the weighted sentiment data looked negative and is delivering the bearish cues over the past few weeks. Meanwhile, the trend is neutral and buyers need to close above the $40 mark to flip the trend.
Avalanche’s market cap soared over 0.56% to $14.05 billion, whereas the total supply was noted at 439.01 million. However, the coin ranked at 13 per the market cap listing.
Conclusion
The Avalanche (AVAX) price has crossed the 50 day EMA mark and has delivered a fresh spike of over 2% intraday. Meanwhile, the seller army has held on to their grip and are looking for a push to break the buyers’ strength.
Technical Levels
Support Levels: $30 and $27
Resistance Levels: $40 and $45
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
