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Avalanche Failed To Overtake 200-Day EMA: What’s Next For AVAX?

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The Avalanche (AVAX) price has retested its demand trajectory multiple times and reverted from the $30 mark. However, the buyers failed to cross the 200-day EMA mark and faced resistance there.

However, the technicals are giving a positive outlook and suggesting that AVAX crypto might register a trendline breakout above $40 and deliver bullish momentum soon.

At press time, the Avalanche crypto (AVAX) price traded at $33.56 with an intraday gain of 5.89%, reflecting mixed cues and staying near the oversold region. It has a monthly return ratio of -28.90% and 124.37% yearly.

The pair of AVAX/BTC is at 0.000552 BTC, and the market cap is $12.80 Billion. Analysts are neutral and suggest that the AVAX crypto may soon cross the 200-day EMA mark and reach the $50 mark.

Avalanche Might Register Breakout: Key Metrics Suggest

The buyers have resisted the selloff for the past sessions and started accumulating. This week, ups and downs in the price action was noted, and buyers are struggling to cross the 200-day EMA mark.

A break and close above the $38 mark would validate the up move and may register a breakout ahead. Additionally, the AVAX crypto has completed the correction phase and may outperform in the following sessions.

Source: TradingView

Following the range-bound price action, the trading volume remained flat at $401.29 Million.

Avalanche (AVAX) Daily Transaction Remained Neutral

Source: Artemis

For the past weeks, the daily transactions of the Avalanche (AVAX) remained flat, signifying a decline in usage of the Network.

Daily Active Addresses Showed Follow-On Decline

Source: Artemis

Per the above data, the drop in the active addresses showed a consistent drop, resulting in a fall in price. The intraday value of addresses stood at 41.7k.

Slump In Popularity 

For weeks, the social volume of the Avalanche (AVAX) showed significant slippage and is highlighting the decline in investor popularity on social platforms.

Meanwhile, the development activity of the Avalanche (AVAX) crypto displays neutral data, and the value stood close to the midline, near 29.76.

Futures Open Interest Outlook

This week, the derivative segment signifies long unwinding activity, and the open interest dropped over 6.78% to $205.58 Million.

Source: coinglass 

The immediate support levels for the Avalanche (AVAX) are $30 and $28, whereas the key upside hurdle is around $35, followed by $40

Conclusion

The Avalanche (AVAX) crypto price highlights no significant change in the price action throughout the week. Moreover, uncertainty in the price action makes investors worry. 

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. 

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