AVAX's price momentum is strong, and investor optimism bodes well for future gains in the cryptocurrency market
Avalanche (AVAX) is a layer-one blockchain that has seen significant price growth recently, in line with the bullish trend across the industry. The market is optimistic and expects further price gains as AVAX shows a strong recovery. Meanwhile, the cryptocurrency market is also recovering, with many leading digital currencies showing positive momentum through green candlesticks. This upward trend reflects renewed investor confidence in the top cryptocurrencies.
Prices are avalanching; are there more increases to come?
Avalanche's price has recently surged, showing a strong upward trend in the blockchain sector. This positive trend is in line with the broader market optimism. Investors are becoming more confident and expect Avalanche to grow further as it recovers strongly. The recovery is evident in the wider cryptocurrency market as major cryptocurrencies such as Bitcoin and Ethereum are also showing gains. Bitcoin's current value is over $60,000, and Ethereum's price is stable above $2,300.
Other Altcoin, including Solana, Toncoin, and Cardano, are similarly bullish. AVAX has gained 14% over the past month, despite a slight decline last week. This shows strong momentum, reflecting growing investor interest in top digital currencies. Avalanche’s price has been hovering around $24, showing strong support levels. AVAX is priced at $23.86, up slightly by 2% over the past 24 hours, showing strong resilience amid market volatility.
Retailers support market rebound
The moving average convergence divergence (MACD) and relative strength index (RSI) indicate that market sentiment among traders is strengthening. The MACD recently formed a golden crossover, which is often a precursor to a rally, and the MACD line is now at positive 0.23, suggesting that prices will rise further.
Additionally, the RSI (a momentum oscillator that assesses the speed and magnitude of price changes on a scale from 0 to 100) has rebounded from its neutral level of 50. This rebound is currently trending upwards, which bodes positively for the market and suggests the potential for higher prices in the coming sessions.
Strong market interest
According to Coinglass, there has been a significant increase in funds flowing into the market, showing strong momentum in the market. This surge is reflected in the open interest (OI), which tracks the total number of unsettled derivative contracts. As of press time, OI has risen by 3.58%.
Such increases usually lead to higher asset prices. If OI continues to climb, AVAX could trend towards the $40 mark.
Avalanche will break new barriers
The Altcoin has traded between a low of $23.18 and a high of $24.46 on the day. This price action comes amid a general rally in the cryptocurrency market, with AVAX recovering significantly from its intraday lows. The Moving Average Convergence Divergence (MACD) indicator is also showing positive signs. The MACD line has crossed above its signal line, which is a bullish sign that typically indicates increasing buying momentum.
Santiment’s chart shows two key metrics for Avalanche. It shows the price of AVAX and the percentage of the stablecoin supply held by whales, defined as holders with more than $5 million in assets. As the price of AVAX fluctuated throughout the period, a large spike in whale stablecoin holdings can be seen. This peak occurred around late June to early July. This suggests a potential correlation between whale activity and AVAX price changes.
The price of Avalanche is at a critical point in its market trajectory, with $25 acting as an important barrier. If this threshold is crossed, its value could rise to $30. If the bullish trend continues, the Avalanche price prediction could reach $50 by the end of this month. With strong market support, its price could rise to $60 in the upcoming rally.
In simple terms
The current surge in whale activity coincides with Avalanche's price increase in late June. Technical indicators are showing bullish signals, indicating that buying momentum is building. Technical indicators and other indicators support the bullish outlook, and the market is generally rising. Currently, AVAX price is approaching the key $25 resistance level. As the bullish trend continues, it will push AVAX to test the key resistance level of $25, thereby driving the price further up.
