- Avalanche crypto has performed positively compared to its token sale price.
- The AVAX crypto price has advanced by 1296% from its all-time low price.
Avalanche is an open-source blockchain platform for DeFi and enterprise solutions, boasting rapid transaction speeds and Ethereum compatibility. Its ecosystem includes the Contract Chain (C-Chain) for DeFi, the Exchange Chain (X-Chain) for transfers, and the Platform Chain (P-Chain) for staking. AVAX, launched in September 2020, serves as currency and network security.
Avalanche crypto has very high volatility, which results in 16.7%, and its market cap dominance is 0.60%. This further results in a market cap value of $14.66B, making it the 12th most prominent cryptocurrency globally.
The traded volume for the crypto has further witnessed an advance of 11.1% in the last 24 hours. The value of the traded volume for Avalanche crypto is $434.426M, and the ranking of the crypto traded volume is #15, as per CoinMarketCap.
Also, the crypto’s volume/market cap ratio is 3.05%, and the crypto sentiment is bullish. The fear and greed index further indicates greed among the investors for the Avalanche crypto.
The supply inflation of the crypto is high, resulting in 15.89%, while the circulating supply of the crypto is 378.013M AVAX, which is just 52.81% of the maximum supply. Moreover, the total and maximum supply of the Avalanche crypto is 436.703M, and the maximum supply of the crypto is 715.748M AVAX.
The total value locked for the Avalanche crypto is $1.014B, and the stablecoins market cap is $1.772B. Also, it has a fully diluted market cap of $27.605B, and the bridged TVL of the token is worth $3.86B.
Avalanche Crypto Derivatives Analysis
The trading volume of crypto derivatives has been consistently rising over the last few days, and it has witnessed an advance of 14.4% in the previous 24 hours. Furthermore, the open interest for Avalanche has slightly advanced by 0.69%, resulting in $190.11M.
The long/short ratio for the crypto is 0.9771, and the long liquidation for the crypto is worth $165.64K, while the short liquidation for the crypto is worth $253.31K recorded in the last 24 hours.
Price Vs. Volume Analysis of AVAX Crypto
The volume for the Avalanche crypto has witnessed massive advances over the last few weeks, and there was a good surge in March. The price of the crypto has also been consistently rising following the same. That indicates buyers’ engagement in the crypto.
AVAX Crypto Technical Analysis
The AVAX crypto price forms a higher high swing pattern on the charts, followed by the price sustaining above the breakout level. Following the most recent swing high of $65.00, the crypto price has declined by 30%.
Looking at the most recent price action, a doji candle is formed on the weekly crypto chart, and if the price of the AVAX crypto further breaks above the high of doji, a further rising momentum might be seen.
AVAX/USD Chart by TradingView
After declining below the 200-day EMA, the crypto price has rebounded above the following EMA. The crypto price needs to break above the 50-day EMA to continue to surge to higher levels.
The MACD indicator further shows uncertainty in the trend as the MACD and the signal line have declined below the zero level. Furthermore, the following levels have formed a bullish cross.
The RSI is advancing from the lower levels of the oversold zone and has also broken above the 14-day SMA. This further shows that buyers are getting into crypto, and if the RSI breaks above the 50 level further, it might lead to a further surge in crypto prices.
Summary
Avalanche showcases bullish signs with a remarkable 1296% surge from its all-time low, indicating strong buyer engagement. The crypto’s high volatility, rising trading volume, and positive sentiment suggest growing investor interest. Technical analysis reveals potential upward momentum, with the price forming higher highs and favorable candlestick patterns.
Technical Levels:
- Support levels: $25.00 and $32.00
- Resistance levels: $65.00 and $98.00
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.