- The AVAX crypto price has traded in a crucial supply zone at press time.
- The price of Avalanche crypto is up by 920% from its all-time low.
Avalanche (AVAX) is a scalable, eco-friendly blockchain platform launched in September 2020. It supports DeFi and enterprise applications with rapid transaction times.
Its three chains (C-Chain, X-Chain, and P-Chain) facilitate smart contracts, fund transfers, and staking. Emin Gün Sirer and Cornell University developed it.
![AVAX](https://themarketperiodical.com/wp-content/uploads/2024/07/image-17.png)
Avalanche has 54.74% of its maximum supply circulating in the market, followed by a maximum supply of 715.748M AVAX. It further results in a fully diluted market cap of $20.271B.
The crypto has been dormant over the last 24 hours, and no significant change in price data has been witnessed. The crypto volume has seen a slight decline of 3.7% in the previous 24 hours, followed by a decline of 4.6% in the market cap.
Additionally, the crypto’s volume/market cap ratio is 2.51%, which shows medium liquidity in the crypto, valuing $282.878M against a market cap of $11.167B.
Avalanche is also the 11th largest cryptocurrency in the global crypto market and has a strong market presence. It has a market cap dominance of 0.48% while the supply inflation of the crypto is high, resulting in 13.81%.
Blockchain Data Overview of Avalanche Crypto
The decline in the total value locked for the Avalanche crypto can be seen over time, followed by a decline in the crypto stablecoin market cap.
![AVAX](https://themarketperiodical.com/wp-content/uploads/2024/07/image-18.png)
The token trading volume has declined over time. It shows a decline in the number of traders and investors engaging with it.
The turnover of Avalanche has also declined over time, as per the Token Terminal chart. This shows that there has been a decline in crypto service usage.
What Do Indicators Show About Avalanche?
At press time, the data of IntoTheBlock shows that 51% of the holders of the Avalanche crypto are in profit while 48% are incurring losses.
![Avalanche](https://themarketperiodical.com/wp-content/uploads/2024/07/image-19.png)
Additionally, large holders and whales hold 72% of the crypto supply. Moreover, 45% of the crypto investors have been holding AVAX for more than 1 year, while only less than 1% have held it for less than one month.
This shows that investors have optimistic long-term expectations from crypto and are expecting higher prices in the future.
The on-chain further shows that the money concentration of the crypto is higher and that the bid-ask volume imbalance is also biased toward bulls.
AVAX Crypto Technical Analysis
AVAX is experiencing a strong downtrend, reflecting the dominance of sellers in its market. This negative sentiment indicates the possibility of further price declines.
![](https://themarketperiodical.com/wp-content/uploads/2024/07/image-20-1024x456.png)
Over recent months, the overall price chart for AVAX shows a significant decrease from a swing high of $65.38. This downturn has led to the cryptocurrency falling below crucial support levels and continuing its downward trajectory.
However, if AVAX breaks above the $42.00 level and maintains that position, it could signal a strong upward surge.
The sustained trading price above the following key resistance level may lead to considerable gains in the crypto price. This potential shift in market dynamics would indicate a reversal of the current trend and possibly attract more buyers.
AVAX/USD Chart by TradingView
A fresh death crossover of the 50-day and 200-day EMAs is evident on the daily chart of AVAX. This technical pattern, indicating a bearish trend, is further confirmed as the price of AVAX remains below these moving averages, demonstrating strong declining momentum.
The MACD and the signal line have also shifted to a negative trajectory. Additionally, the metrics have formed a bullish cross while the histograms are declining. This shows uncertainty in the price trend.
Furthermore, the RSI has dropped below 50, signifying strong downward momentum in AVAX’s price. It also hit the oversold zone, reinforcing the overall bearish sentiment in the market.
Summary
AVAX, despite strong fundamentals, is experiencing a bearish trend with a fresh death cross of the 50-day and 200-day EMAs, a negative MACD trajectory, and an RSI below 50.
The decline in trading volume and market cap indicates potential further price declines, reflecting strong seller dominance and negative market sentiment.
The AVAX crypto support levels are $12.0 and $18.80, followed by the resistances of $42.0 and $50.0.
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.