- Avalanche crypto price sustains above the $31.78 demand zone, trading at $33.57.
- Moving averages suggest a strong bearish signal in the current phase.
- AVAX/USDT cryptocurrency pair holds the higher liquidity in popular exchanges like Binance.
Launched in September 2020, Avalanche (AVAX) is a Layer-1 blockchain platform, a rival of the Ethereum blockchain. The platform supports decentralized applications (dApps) and smart contracts and aims to surpass Ethereum by scaling up transactions up to 6,500 TPS.
In the previous month, the AVAX crypto price faced initial profit bookings from investors and traders, resulting in declines in value. However, the current month would be the decisional point break for the bears and bulls.
AVAX Crypto, Performance, Supply Changes, Valuation & Distribution
In terms of current market cap, the crypto ranks under the top 15 most dominant cryptocurrencies across the globe. The trading volume has reached over $387 Million, with an increase of 24.33%. This reflects the increasing interest of traders in the current phase. AVAX crypto shows sufficient liquidity with a VMR of 2.98%.
The crypto has released 381 Million tokens in current circulation, worth $12.73 Billion. However, the AVAX price has underperformed in the global cryptocurrency market and similar Layer-1 cryptocurrencies. The maximum supply of the AVAX tokens is capped at 715 Million, and the total diluted valuation is estimated at around $23.96 Billion.
The initial distribution of Avalanche (AVAX) tokens is broadly categorized following ways:
![Avax](https://themarketperiodical.com/wp-content/uploads/2024/05/image-176.png)
- 50.00% is allocated to the Staking Reward.
- 10.00% is allocated to the Team.
- 1.00% is allocated to the Public Sale Option A1.
- 8.30% is allocated to the Public Sale Option A2.
- 0.67% is allocated to the Public Sale Option B.
- 9.26% is allocated to the Foundation.
- 7.00% is allocated to the Community & Developer Endowment.
- 5.00% is allocated to the Strategic Partners.
- 3.50% is allocated to the Private Sale.
- 2.50% is allocated to the Seed sale.
- 2.50% is allocated to the Airdrop.
- 0.27% is allocated to the Testnet Incentive Program.
Crypto Whales own 87.39% of the current circulation supply of AVAX tokens, and the remaining 12.61% are for investors and traders.
Technical Analysis of the Avalanche (AVAX/USD)
![Avax](https://themarketperiodical.com/wp-content/uploads/2024/05/image-178-1024x447.png)
The short-term outlook lies below the key exponential moving averages on the bearish side. Currently, the price slipped below the 50-day and 200-day EMAs, indicating bearish sentiments in technical terms.
AVAX price is sustaining above the $31.78 major demand zone after facing a bearish rally from the $65.53 resistance level. The price has given a breakout from a trendline forming above, but the current movement seems weak. At present, the price needs a strong bullish impulsion to sustain the uptrend. Otherwise, constant declines may be faced.
The relative strength index (RSI) has shown a bullish divergence in the price momentum. However, the RSI and SMA lines made multiple crossovers, indicating uncertainty in strength.
Summary
The Avalanche crypto price has come to a point where buyers and sellers reflect equal domination. The cryptocurrency sustains above the $31.78 major demand zone. The technical market speculations suggest a bullish and bearish outlook for the current crypto price.
Technical Levels
The immediate resistance for AVAX price at the time of writing was $50.41, while the $27.38 level is the next resistance. A rise in bullish sentiments in price can be expected if the price makes past the upper resistance level. Similarly, a drop below the mentioned support level can lead to a price pullback to further low support levels.
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.