- AVAX crypto price dropped 10.05% during the weekly trading session.
- The current price is hovering above the $31.78 bullish point of interest (POI).
- Trading volume has reached $563 million, with an increment of 1.06% in the last 24 hours.
Avalanche (AVAX) is a layer-1 blockchain that rivals Ethereum by aiming for higher transactions. It functions as a platform for custom blockchain protocols and decentralized applications (dApps).
The layer-1 blockchain offers a higher output of up to 6,500 transactions per second (TPS) without compromising scalability. AVAX is a native token to the blockchain that follows its own Avalanche consensus mechanism.
Supply Changes, Valuation & Distribution of Avalanche May 2024
The cryptocurrency has a maximum supply of tokens locked at 715 million. There are 438.19 million tokens that have been created. It has released over 379 million AVAX tokens in current circulation, which hardly covers 53.02% of the total supply. The current market capitalization stands at $12.46 billion.
Avalanche Crypto ranks under the top 15 most dominant cryptocurrencies in terms of market cap. The total diluted valuation of the AVAX token is estimated at around $23.52 billion.
24-hour trading volume is ranking 16th out of 9,852 active cryptocurrencies. At present, the crypto reflects sufficient liquidity with a 4.58% VMR ratio in the current phase.
The allocation of AVAX crypto tokens has been widely distributed in the following ways:-
- 50.00% is allocated to Staking Reward
- 10.00% is allocated to Team
- 1.00% is allocated to Public Sale Option A1
- 8.30% is allocated to Public Sale Option A2
- 0.67% is allocated to Public Sale Option B
- 9.26% is allocated to Foundation
- 7.00% is allocated to Community & Developer Endowment
- 5.00% is allocated to Strategic Partners
- 3.50% is allocated to Private Sale
- 2.50% is allocated to Seed sale
- 2.50% is allocated to Airdrop
- 0.27% is allocated to the Testnet Incentive Program
Technical Analysis of the Avalanche (AVAX/USD)
AVAX price slipped below the key exponential moving averages, indicating bearish sentiments in technical terms. The 50-day EMA can act as a dynamic resistance for the current price.
Avalanche crypto price faced strong resistance from the $65.53 level after the $50.41 major resistance level breakout. The price reflected over 50% fall to the $31.78 demand zone. The current price is hovering above that zone.
If the price breaks above the $40.04 level, it may be seen as reaching toward the $50.41 level. For a bearish look, the price should close below the $27.38 support level.
The relative strength index (RSI) shows a weak momentum in the current trading sessions. The RSI and SMA lines are sloping close to each other, reflecting a neutral perspective.
Summary
The Avalanche Crypto has experienced bearish sentiments since March 19, 2024. The crypto recorded over 35% negative profitability during the monthly trading session. At present, the AVAX price sustains above the $31.78 demand zone.
Regarding the technicals, If the price breaks above the $40.04 level, it may be seen as reaching toward the $50.41 level. For a bearish look, the price should close below the $27.38 support level.
Technical Levels
- Resistance Levels: $40.04 and $65.53
- Support Levels: $27.38 and $22.11
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.