- Avalanche has high liquidity based on its market cap.
- The AVAX crypto has witnessed huge long liquidation in the last 24 hours.
Avalanche (AVAX) is a high-performance, eco-friendly blockchain platform launched in September 2020. It features three main chains: C-Chain for DeFi, X-Chain for fast transactions, and P-Chain for staking.
AVAX, created by Emin Gün Sirer and developed at Cornell University, powers transactions, secures the network and facilitates DeFi applications and enterprise deployments.
The market cap of the Avalanche coin has declined by 4.6% in the last 24 hours, resulting in $14.289B. It makes AVAX the 9th largest cryptocurrency in the world.
The trading volume of the crypto has witnessed a decline of 15.8% in the last 24 hours, resulting in a traded volume of $547.544M. This results in a volume/market cap ratio of 3.85%, and the fully diluted market cap of the crypto is $28.030B.
The current circulating supply of the crypto is 51.04% of the max supply, resulting in 367.475M AVAX. Also, the coin’s total supply is 435.805M AVAX, followed by a maximum supply of 720.0M AVAX.
The supply inflation of the crypto is relatively high, resulting in 22.21%, and the market cap dominance of the crypto is 0.79%, followed by a high volatility of 7.04%. Also, the Total Value Locked for the crypto is $863.37M, and the stablecoins market cap of the crypto is $1.097B.
Avalanche Crypto Derivatives Analysis
The long/short ratio of the AVAX crypto is 0.9257, and the long liquidation witnessed by the coin is worth $964.30K in the last 24 hours. Furthermore, the derivatives trading volume of the crypto has declined by 17.9%, resulting in $780.07M.
The open interest of the crypto has declined by 3.6% in the last 24 hours, followed by the short liquidation of $62.51K.
AVAX Crypto Technical Analysis
The AVAX crypto price consistently declined from the higher levels and declined by more than 90% from the all-time highs. After a massive decline in the price, it started to rebound and made its journey from $8 to $50 in 98 days.
Through this journey, the price of the AVAX crypto formed a bullish structure, followed by the formation of the higher high structure on the chart. Considering the most recent price action, the price has broken above the crucial swing high and is currently sustaining above the same.
AVAX/USD Chart by TradingView
The AVAX crypto price is trading above the 50-day and 200-day EMAs, followed by a golden cross. The following behavior of the momentum indicator shows an advancing trend in the price.
The MACD is also bullish on the daily chart, followed by a bullish cross of the MACD and the signal line. The histograms are also bullish on the chart, followed by the MACD line trading above zero level.
The RSI has advanced above the 50 level and is consistently advancing by taking support at the same level. It also has broken above the 14-day SMA and is currently at 58.9. The following behavior of the RSI indicates optimism in the crypto trend.
Summary
The AVAX crypto price exhibits bullish momentum, sustaining above its crucial swing high. It rebounded from lows to $50 in 98 days, forming a bullish structure and higher highs. Trading above the 50-day and 200-day EMAs with a golden cross, the MACD and RSI indicators are bullish, supporting an optimistic trend.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.