- AVAX Crypto is trading more than 90% below its all-time high price.
- Avalanche crypto is a Layer 1 category crypto.
As per Coingecko, the market cap dominance of the AVAX crypto is 0.314% resulting in a market cap rank of #20. The volume/market cap rank of the crypto is 0.0612. Following this, the market cap of the crypto has declined by 3.08% in the last 24 hours.
Also, the spot trading volume for the AVAX crypto has declined by 48.90% resulting in $226.646M. This phenomenon has resulted in a ranking of 25th for the trading volume in the Coinmarketcap.
The circulating supply of the AVAX crypto is 355.150M AVAX which is just 49.33% of the max supply. This is followed by a fully diluted market cap of $8.390B. The AVAX token hit an all-time high of $146.22 in November 2021. Further, the crypto hit the all-time low price of $2.79 which is 323% above the all-time lows.
Avalanche Derivatives Analysis
The derivatives trading volume for the AVAX crypto has declined by 40.26% in the last 24 hours. This has resulted in $417.90M leading to a decline of 7.44% in the open interest. The long/short ratio of the crypto is 0.9186 which denotes that the crypto has witnessed higher long liquidation.
AVAX Crypto Technical Analysis
After witnessing a consistent decline in the token price, the AVAX crypto is currently forming higher highs on the charts. Recently, the price has broken out above the crucial resistance level, which denotes a change in trend for bullish.
The crypto also has advanced above the 50-day EMA and is currently facing resistance at the 200-day EMA. If the crypto price breaks above the 200-day EMA, it might change its trend and continue to advance to higher levels.
The RSI for the AVAX crypto has advanced to the overbought levels which represents the presence of buyers in the market. It has also advanced above the 14-day SMA line.
Conclusion
The AVAX crypto is making bullish price action on the charts and is trying to advance to higher levels. Despite this, it has witnessed a huge long liquidation in the last 24 hours which is a bad factor for the crypto. Thus, if the AVAX token breaks above the level of $12.5180, it might continue to advance to higher levels and we might get to see higher levels on the charts.
Technical Levels
- Support levels– $6.00 and $8.718
- Resistance levels– $14.880 and $21.3240
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. Investing in or trading crypto or stocks comes with a risk of financial loss.