- AVAX coin was transacted largely according to IntoTheBlock.
- The current trend is uptrend as the bullish investors are in control.
- The bulls are near a resistance level, see whether the breakout is near.
There has been a recent surge in the Avalanche (AVAX/USDT), which can be attributed to the announcements made by major companies like Visa, Shopify, and J.P. Morgan. AVAX has been performing exceptionally well among the top altcoins and many analysts are optimistic about its future.
The number of large AVAX transactions is increasing, indicating a positive outlook for the bulls, as per IntoTheBlock. A well-known crypto trader has predicted further rallies for innovative contract protocol Avalanche (AVAX) and AI-focused aAVAXoin Fetch.ai (FET).
Some cryptocurrency analysts on X are optimistic about the future of AVAX, as it has shown remarkable performance compared to other major altcoins.
Large AVAX transaction taking place
According to IntoTheBlock’s analysis, there has been a surge in large AVAX transactions, with almost 1,000 transactions exceeding $100k last week. Although it is still not at the levels of the previous bull market, this increase is a positive indication for bullish investors.
A famous anonymous crypto trader has expressed positive sentiments about two altcoins, namely Avalanche (AVAX) and Fetch.ai (FET).
Both of these have a focus on innovative contract protocols and artificial intelligence (AI). The trader believes that Avalanche will likely continue its upward trajectory, with the token breaking out of its resistance at $39 on the weekly chart. The trader predicts that AVAX will soon hit $55 and $60.
Investors are showing an increased interest in Solana and Avalanche, with funds providing exposure to the two receiving $3 million and $2 million respectively. However, Bitcoin remains the primary focus for most investors.
Technical Analysis & Prediction of AVAX Coin Price
The AVAX coin is under the grip of bulls as the technical analysis prevails. The current trend is positive as the trendline is showing. The immediate resistance level for the AXAX coin price is at $43.7 while the 2nd resistance level is at $96.3.
Pivot | Classic | Fibonacci | Camarilla | Woodie |
S3 | — | 5.180 | 17.590 | 0.690 |
S2 | 5.180 | 10.450 | 18.860 | 5.780 |
S1 | 13.280 | 13.710 | 20.120 | 14.500 |
P | 18.990 | 18.990 | 18.990 | 19.590 |
R1 | 27.090 | 24.260 | 22.660 | 28.310 |
R2 | 32.800 | 27.520 | 23.920 | 33.400 |
R3 | 46.610 | 32.800 | 25.190 | 42.000 |
Similarly, the support levels are $31.3 and $10.9 for the first and second support respectively. The RSI on the other hand is already in the overbought levels, which indicates that the bullish strength is strong. Moreover, the 50-day and the 150-day EMAs have done a bullish crossover.
Conclusion
Avalanche (AVAX/USDT) has surged recently, thanks to announcements by Visa, Shopify, and J.P. Morgan. The trader predicts that the token will continue to rise, breaking out of its resistance at $39 on the weekly chart.
Technical Levels
- Support Levels: $31.3 and $10.9
- Resistance Levels: $43.7 and $96.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.