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AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?

The open interest for AVAX has been on a consistent rise over the last month, carrying the price of the altcoin along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price.

AVAX Open Interest Surge To $224 Million

According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX.

Binance actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period.

AVAX open interest

ByBit exchange accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day.

The largest jump in open interest was recorded on the Bitmex exchange as it rose 17.78% to bring the crypto exchange’s total open interest to 55,340 AVAX with $1.53 million. Altogether, the open interest in the altcoin has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month.

AVAX price chart from Tradingview.com (Open interest)

Can Price Cross $30?

The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the open interest crossed $220 million was in May 2022 when the price was still trading above $50.

Also, taking a look at AVAX’s historical performance, it shows that whenever the open interest has risen quickly, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55.

If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning the altcoin could be trading well below its fair value.

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Bullish Sentiment Surrounds AVAX Price As Republic Adopts Avalanche Blockchain

Tech firm Republic has recently announced its mission to democratize private market investing, with the selection of Avalanche as the platform for launching its profit-sharing digital asset, the Republic Note (R/Note).

The R/Note is a revenue-sharing digital security that is backed by Republic’s private equity portfolio, which includes over 750 assets.

Republic And Avalanche Forge Partnership

According to Republic’s announcement, Avalanche was chosen for several key reasons. Firstly, its scalability and speed ensure that Republic Note holders can enjoy seamless and cost-effective transactions. 

Notably, Avalanche has established partnerships with renowned brands like Amazon Web Services and Mastercard, highlighting its technical capabilities.

Additionally, Republic plans to launch a dedicated Subnet on Avalanche next year, offering a purpose-built network specifically designed for the Republic Note. 

This will provide enhanced security, privacy, and regulatory compliance, creating a robust digital security environment.

Mission alignment between Republic and Ava Labs, the team behind Avalanche, is another crucial factor. Per the announcement, both entities share a commitment to fostering a more inclusive future for financial markets through tokenization.

Furthermore, Avalanche’s “eco-friendliness” sets it apart from other blockchains, consuming significantly less energy, per the announcement. 

The pre-sale of Republic Notes has already attracted participation from thousands of individual retail investors, resulting in pre-sales exceeding $30 million. The public listing of the Republic Note is scheduled for December. 

Optimism For AVAX Price

The partnership between Republic and Ava Labs is anticipated to have a positive impact on the AVAX price. The launch of the Republic Note on Avalanche’s platform establishes a strong foundation for expanding its reach to a global audience of investors. 

Despite a 5% decline in the past 24 hours, AVAX has outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), with a 130% rally over the past 30 days, positioning itself as one of the industry’s top performers.

Avalanche

However, it is important to note that AVAX has recently undergone a correction, and its ability to surpass the $20.64 level will be crucial in determining its prospects amidst the ongoing bullish momentum.

Resistance levels at $21.59 and $22.74 have proven challenging for AVAX to breach and consolidate since February 2023.

Overall, the forthcoming launch of the Republic Note on Avalanche’s mainnet is a significant milestone in making the asset accessible to pre-sale participants who have contributed over $30 million. 

It remains to be seen whether this partnership can further bolster AVAX’s price and reinforce the positive trend observed over the past 30 days, potentially driving AVAX to new yearly highs in 2023.

The collaboration between Republic and Ava Labs underscores their shared vision of democratizing access to private markets through tokenization. 

Featured image from Shutterstock, chart from TradingView.com

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AVAX Price Prediction: Avalanche Bulls Are Just Getting Started

AVAX price rallied over 50% and climbed above $22.50. The price might correct lower but there could be more upsides above $25.

  • AVAX price is showing a few positive signs above the $20 level against the US dollar.
  • The price is trading above $22 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $20.50 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
  • The pair could continue to rise if there is a clear move above the $24.50 and $25.00 resistance levels.

AVAX Price Doubles In Value In Few Days

After forming a base above the $10.00 level, Avalanche’s AVAX started a major rally, outperforming Bitcoin and Ethereum. There was a clear move above the $15 and $20 resistance levels.

The price gained over 50% in the past few days and even cleared the $22.50 resistance. A new multi-week high was formed near $24.70 and the price is now consolidating gains. There was a minor decline below the $22.50 level.

The price declined below the 23.6% Fib retracement level of the upward move from the $15.59 swing low to the $24.70 high. However, the bulls were active above $20.00.

AVAX price is now trading above $22.00 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $20.50 on the 4-hour chart of the AVAX/USD pair. On the upside, an immediate resistance is near the $24.50 zone.

AVAX Price Prediction

Source: AVAXUSD on TradingView.com

The next major resistance is forming near the $25.00 zone. If there is an upside break above the $24.50 and $25.00 levels, the price could surge over 20%. In the stated case, the price could rise steadily towards the $30 level.

Dips Limited in Avalanche?

If AVAX price fails to continue higher above the $24.50 or $25.00 levels, it could start a downside correction. Immediate support on the downside is near the $22.50 level.

The main support is near the $20.50 zone. A downside break below the $20.50 level could open the doors for a fresh decline towards $18. The next major support is near the $15.50 level.

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.

Major Support Levels – $22.50 and $20.50.

Major Resistance Levels – $24.50, $25.00, and $30.00.

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AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock

While most altcoins are looking toward a recovery from the recent market crash, the AVAX price seems to be gearing up for the opposite. The reason behind this is the massive token unlock that is set to occur this week, which will undoubtedly place more sell pressure on the already struggling price of the digital asset.

$102 Million In AVAX Set To Be Unlocked

The Avalanche network, like a lot of others, has locked a portion of its total token supply to be released into circulation on a periodic basis. Given that these unlock events can put bearish pressure on a token, they can often be a signal to exit.

For AVAX, the next token unlock event is set to take place on August 26, five days from now. But the most interesting thing about this event is the number of tokens set to be brought into circulation. According to the token tracking website Token Unlocks, a total of 9.54 million tokens are set to be unlocked on Saturday. This accounts for 2.77% of the total circulating supply of the asset, worth $102.29 million at current prices.

AVAX token unlock

The website also shows that the unlocked tokens are being distributed in four allocations. These include 1.13 million tokens ($12.06 million) for airdrop, 1.67 million tokens (17.87 million) for Foundation, 2.25 million tokens ($24.12 million) for strategic partners, and 4.5 million tokens ($48.24 million) for the team.

With this unlock, over 55% of the total token supply will be unlocked, leaving less than 45% of the supply locked. And as these 9.54 million tokens make their way to the market, it could be very bad for investors.

Will AVAX Price Be Impacted?

Given the allocation of the $102 million in tokens set to be unlocked, it is likely that a large chunk of it is going to hit the open market. As a result of such a large amount of selling, the AVAX price will certainly be impacted, making an already bad situation worse.

This will likely see the price of the digital asset fall below $10 for the first time since July 2021. Trading in the single-digit will see AVAX holders plunged further into losses, even though the vast majority are already sitting in the red, according to data from IntoTheBlock.

AVAX’s indicators are also incredibly bearish at this point with the price sitting below the 100-day and 200-day simple moving averages. This rules out a recovery for the digital asset in the short term, especially with the unlock event coming up.

At the time of writing, the AVAX price is sitting tentatively at $10.56, down 13.15% in the last week.

AVAX price chart from Tradingview.com

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Avalanche Breaks $14 Price Level, Yet Remains Hinged On Crucial Resistance

During the recent weekend, Avalanche (AVAX) witnessed a significant surge in selling pressure, resulting in a bearish breakout. As a consequence, the price of AVAX dipped close to a multi-month low of $13.8.

However, on the 24-hour chart, the altcoin displayed a slight upward movement, showing some appreciation. On the other hand, the weekly chart depicted lacklustre performance for AVAX.

The technical outlook for Avalanche remains bearish, as both demand and accumulation levels have remained low. The price action of AVAX has been influenced by the undecided nature of Bitcoin (BTC), which recently re-entered the $27,000 range.

This has caused other altcoins, including AVAX, to exhibit uncertainty on their respective charts. The overhead resistance level for AVAX holds significant importance, as surpassing this level could trigger a rally for the altcoin.

Conversely, if sellers exert further pressure, AVAX may break its consolidation and fall below its immediate support level, thereby strengthening the bearish sentiment.

Broader market strength is necessary for AVAX to reclaim its overhead ceiling. The decline in the market capitalization of AVAX indicates a decrease in buying strength at the current time.

Avalanche Price Analysis: One-Day Chart

Avalanche

At the time of writing, AVAX was priced at $14.70. It is currently trading in close proximity to its immediate resistance level of $15. A breakthrough above $15 has the potential to propel the altcoin towards $15.80 and ultimately $16.

The involvement of buyers in the market is crucial to generate demand and facilitate AVAX’s upward price movement. On the downside, if AVAX fails to sustain its current price level, it may find support at $14 before potentially trading below that level. The recent trading session showed a decline in the amount of AVAX traded, indicating the dominance of sellers in the market.

Technical Analysis

Avalanche

Throughout May and part of April, AVAX experienced consistently low buying pressure, reflecting a limited demand for the altcoin. The Relative Strength Index (RSI) was below the 40-mark, indicating that sellers had a greater presence than buyers at the time of writing.

Furthermore, the AVAX price fell below the 20-Simple Moving Average (20-SMA) line, demonstrating that sellers were the driving force behind the price momentum in the market.

A significant move above the $15 price level would help AVAX surpass the 20-SMA line, suggesting a potential shift in momentum and possibly attracting more buying interest.

Avalanche

Although AVAX recently returned to the $14 price zone, there are no clear indications of buying strength according to technical indicators.

The Moving Average Convergence Divergence (MACD), provides insights into price momentum. It formed only one green histogram, which does not necessarily signify buy signals at this point.

The Bollinger Bands, which reflect price volatility and fluctuations, have remained wide, indicating that the possibility of price fluctuations cannot be ruled out in the upcoming trading sessions.

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Avalanche Nearing Key Support, Is It Expecting Recovery Anytime Soon?

Avalanche (AVAX) has experienced a bearish week with several price floors being lost. However, in the last 24 hours, AVAX has moved up by 1.5%, suggesting a sideways trading session. The technical analysis indicates that bears still have control over AVAX, with decreased demand and accumulation.

Buyers have lost interest due to previous bearish influence. Bitcoin’s price has been indecisive, losing the $27,000 price zone. Major altcoins have followed this trend. Although BTC has shown some recovery, overall market weakness has impacted buyer sentiment in the altcoin market.

AVAX is currently trading near a crucial support level, and further selling pressure could lead to significant value loss in upcoming trading sessions. Buyers need to intervene for the price to initiate a recovery.

The market capitalization of AVAX has also declined, indicating increased selling strength on the chart.

Avalanche Price Analysis: One-Day Chart

Avalanche

At the time of writing, AVAX was priced at $15.40. Following a modest recovery, AVAX has surpassed the $15 threshold and is now positioned near its critical support level of $14. The altcoin faces resistance at the $16 mark, and if it manages to surpass this level, it could potentially reach $18 and subsequently $20.

Crossing $16 would signal increased strength for the bulls. Conversely, a decline from the current level would push the coin below $15 and eventually toward $14, strengthening the bears.

With a slight uptick in demand, AVAX may make an attempt to breach the $16 threshold. The trading volume for AVAX in the previous session was relatively low, indicating a reduced presence of buyers in the market.

Technical Analysis

Avalanche

Throughout this month, AVAX has lacked significant buying strength. Currently, the Relative Strength Index (RSI) is slightly above the 40-mark but below the half-line. Although there has been a slight increase in the RSI, sellers have been the driving force behind the price momentum in the market.

This aligns with the observation that the price of AVAX has fallen below the 20-Simple Moving Average line, indicating that sellers continue to drive the price momentum in the market.

Avalanche

Despite a slight price increase in the past 24 hours, AVAX still shows sell signals on the chart. The Moving Average Convergence Divergence (MACD), an indicator of price momentum and reversals, has formed red histograms, indicating sell signals for the altcoin. This suggests a potential price decline before a recovery.

The Bollinger Bands, which represent price volatility and potential fluctuations, have remained wide, indicating that AVAX can anticipate price changes in upcoming trading sessions.

The upper band serves as a price ceiling, aligning with the resistance level at $16.

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Avalanche Struggles Under $18 – More Losses Seem Likely

Over the last few days, Avalanche has experienced significant losses, plunging by almost 20%. On a weekly timeframe, AVAX has lost 10% of its market value. Although the daily timeframe indicates that AVAX has made a slight upward movement on its chart, with an appreciation of 1.6%, the technical outlook for Avalanche remains bearish.

Buyers have been cautious about price movements while sellers have dominated the market, leading to a decrease in both demand and accumulation on the daily chart. In order for the Avalanche price to experience some relief, it needs to break above the $18 mark.

However, the $17 price level has acted as a supply zone for the altcoin. If bulls cannot defend the current price mark of the altcoin, the bears may take full control of the asset’s price.

Similar to other prominent altcoins, major market movers have been struggling to break their crucial resistance levels. The decline in AVAX’s market capitalization indicates a decrease in buying pressure in the market.

Avalanche Price Analysis: One-Day Chart

Avalanche

At the time of writing, AVAX was priced at $17.17. The immediate resistance for the altcoin was at $18, and if breached, could lead to a push towards $19, thereby strengthening the bulls.

However, if Avalanche continued to trade sideways, a fall below the $17 level was expected. In such a case, the next support level for the asset was $15.

The altcoin’s recovery was dependent on buyers stepping in to push its price above the $18 mark. The recent amount of AVAX traded was red, which suggested an increase in selling pressure in the market.

Technical Analysis

Avalanche

Over the past week, there has been a significant drop in demand for the altcoin, leading to a decline in its value. Despite efforts by bullish investors to regain buying strength, it is essential to surpass immediate resistance to make progress.

The Relative Strength Index indicates that sellers outnumber buyers, with the index below the 50-mark. Though there has been a minor upswing, the bearish influence continues to dominate.

Additionally, the AVAX price remains below the 20-Simple Moving Average, indicating that sellers are gaining momentum and steering the market’s price action.

Avalanche

In addition, further technical indicators suggest that bearish momentum is prevailing. The Moving Average Convergence Divergence indicator shows the price momentum and reversals in the market. On the one-day chart, red histograms have formed, indicating sell signals.

The Directional Movement Index determines the price direction, and currently, the -DI line (orange) is above the +DI line (blue), resulting in a negative DMI reading. The Average Directional Index (red) is above the 20-mark, indicating that the price momentum is gaining strength.

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Avalanche Partners With Amazon, What’s Next For The Price?

Avalanche and its dApp ecosystem shall now be supported by Amazon Web Services (AWS), which also comprises one-click node deployment through the AWS marketplace.

With this partnership with AWS, Ava Labs can help customers deploy custom offerings linked to over 100,000 partners spread across 150 countries.

Technically, the Avalanche node operators can operate in AWS GovCloud for the FedRAMP compliance use case, which is an essential pre-requisite for many enterprises and governments.

This partnership will help scale blockchain adoption among many enterprises, government organizations, and other institutions.

Howard Wright, the VP and Global Head of startups at AWS, stated:

Looking forward, web3 and blockchain are inevitable. No one can call the time or date or quarter that it’s going to happen and it’ll be mainstream, but we’ve seen the cycles of growth before. The velocity of this one seems like it’s accelerating and we’re just excited to be a part of this.

Through the partnership, individuals will find it much easier to launch and manage nodes on Avalanche; additionally, it will strengthen and make the network more flexible for developers to work on. This new development has positively affected the altcoin’s price, but it is yet to be seen if the coin can sustain this price sentiment.

Avalanche Technical Analysis

Avalanche

The news of AWS being incorporated into the Avalanche ecosystem has instantly spiked investor interest. The daily chart of AVAX displays a 6.6% gain, which can be termed a rally.

This has made the coin break past the $13.60 resistance level, and now AVAX is valued at $14.40. It is yet to be seen if the coin manages to breach the $15 mark, acting as a resistance mark for the coin. A fall from the current price will bring the altcoin down to $13.70.

The Relative Strength Index was overbought, which means the asset was overvalued. The overvalued condition can be attributed to the newest development. Usually, once the asset is overbought, the price corrects itself.

Due to bullish sentiment, AVAX shot past the 20-Simple Moving Average line (SMA), indicating that buyers have been driving the price momentum in the market. Not just the 20-SMA, the altcoin was parked above the 50-SMA due to excessive demand.

Avalanche

The Moving Average Convergence Divergence suggests price momentum and a trend reversal. The indicator formed a few green histograms, which are buy signals for the coin. The most recent histogram increased in size, anticipating the rise in the price of the asset.

Investors could quickly take this as a signal for entry as the price would increase over the next few trading sessions before it started to retrace.

The Directional Movement Index reads the price direction, and it was bullish. The +DI line (blue) was above the -DI line (orange).

The Average Directional Index (red) was near 20 with a slight uptick, confirming that although the price witnessed a northbound movement, the price direction lacks substantial strength.

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AVAX Eyes The Next Resistance, Is It Time To Go Long?

The Avalanche (AVAX) price has been undetermined for quite a number of weeks now. The altcoin is now logging gains on the daily chart as it rose over 3% in that time frame. The coin shows signs of optimism ever since it moved up from the $12.90 support mark.

The technical outlook for AVAX displayed signs of demand and buy signals for traders. If demand continues to rise and buying sentiment increases over the immediate trading sessions, the chance of AVAX piercing through other resistance levels will strengthen further.

As the coin continues to secure higher highs and higher lows, the bulls still remain in charge of the asset. However, if AVAX starts to consolidate below the $13 price level, then the altcoin can register depreciation.

Progressive price momentum demands AVAX breach the $14.30 resistance mark. Once AVAX successfully manages to challenge that level, the bulls will stick around for longer. The market capitalisation of the altcoin already registered an upsurge which is tied to an increase in accumulation.

Avalanche Price Analysis: One-Day Chart

Avalanche

The immediate overhead price ceiling that Avalanche price needs to breach stood at $13.90. This move would ensure another rally to $14.60. Once the coin moves past that level, accumulation will increase considerably.

Traders had ample entry points in the market; for instance when AVAX dipped to $12. Over the upcoming trading sessions, investors can manage to see returns on the chart.

On the other hand, if due to lack of demand AVAX starts to consolidate, the next level for the coin would be at $12.20 and then to $11. This would mean an 18% fall in price for AVAX.

AVAX was trading at $13.48 at the time of writing.

AVAX Technical Analysis

Avalanche

Although the technical outlook pointed to positive price action, demand slightly fell on the daily chart. The Relative Strength Index (RSI) just dipped a little and rested on the half-line. This meant that buying power and selling strength were even.

Other indicators have, however, sided with increased demand. The altcoin was above the 20-day Simple Moving Average as it crossed the $13.40 price mark. This was an indication that the buyers were still driving the price momentum in the market.

Avalanche

Despite the RSI remaining neutral, other indicators have depicted that bulls were still fighting to push the price above $13.60. The Moving Average Convergence Divergence defines the price momentum and trend reversal.

Related Reading: Ethereum Active Addresses At Highest Since May 2021, Good News For ETH?

MACD underwent a bullish crossover and that meant a buy signal for traders which could also correlate with an incoming increase in price for the coin. The Parabolic SAR determines the price direction. The indicator formed dots below the price candlestick which suggested an uptrend for Avalanche price.

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Avalanche Price Can Gain Further Momentum If The Bulls Barrel Past $19

Avalanche price has shown bullish strength over the last 24 hours. It has been one of the few altcoins that have remained positive despite most altcoins losing value over the past day.

In the past day alone, the altcoin has appreciated by close to 4%. In the last week, AVAX rallied over 16%.

It is important that Avalanche continues to race upward for positive price action to remain in the market. The technical outlook for the coin showed that bulls were in complete control of the asset.

Demand for the coin jumped north and buying strength kept registering northbound movement on the chart. The chance of a price pullback cannot be ruled out just yet.

It is crucial for AVAX to move past the $19 price mark. Going past this price mark will help Avalanche price remain bullish.

Tough resistance for Avalanche was at $19.60, and moving past that would make it easy for the coin to touch the $20 price level.

The global cryptocurrency market cap today is $1.06 trillion, with a 0.0% change in the last 24 hours.

Avalanche Price Analysis: One-Day Chart

Avalanche Price

Avalanche was priced at $18.90 on the one-day chart | Source: AVAXUSD on TradingView

AVAX was trading at $18.90 at the time of writing. The bulls are trying hard to move past the immediate resistance mark for the coin.

By doing so, Avalanche will be under a bullish influence over the next trading sessions. Overhead resistance for the coin stood at $19.07 and then at $19.60.

Crossing these two hurdles will take AVAX to the $20 price mark. On the flip side, if AVAX has to lose its current price level, it could be dragged down to $17.

Beneath the $17 price mark, the coin would fall close to $16. The amount of Avalanche traded in the past trading sessions indicates that the coin has registered increased buying strength.

Technical Analysis

Avalanche Price

Avalanche registered considerable buying strength on the one-day chart | Source: AVAXUSD on TradingView

The altcoin’s buying power was last as strong as it is now in the month of August. That signified a multi-month high in the number of buyers.

The Relative Strength Index zoomed past its half-line and was almost about to enter the overbought zone as it was heading close to the 80-mark.

Avalanche price was above the 20-SMA line, signifying that demand had increased for the coin and buyers were driving the price momentum in the market.

Avalanche Price

Avalanche noted buy signal on the one-day chart | Source: AVAXUSD on TradingView

AVAX has said that buyers were quite positive at the time of writing. The coin registered buy signal on its one-day chart.

Moving Average Convergence Divergence indicates the price momentum and direction of the asset.

The MACD was positive as it pictured green histograms above the half line, which also acted as the buy signal for the coin.

The Chaikin Money Flow suggests the quantity of capital inflows and outflows on the chart. CMF was on the zero line, meaning an even amount of capital inflows and outflows.

Featured Image From Shrimpy Academy, Charts From Tradingview

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Avalanche Price Remains Positive But Could Experience Bearish Pull At This Level

Avalanche price has depicted positive movement over the last 24 hours. Over the past 24 hours, the coin has appreciated by 3%.

In the last week, AVAX shot up in double digits, which helped the coin break its sideways trading.

The bulls now have control of the coin, but the altcoin is expected to break past a few trading levels to ensure that the bullish momentum continues on the chart.

The technical outlook was also on the side of the bulls because Avalanche had gained buyers ever since it started to move up on its chart.

The demand for the altcoin has also helped AVAX to slowly climb above its resistance mark, which now acts as a support for the coin.

The coin’s strong support was at $15 at the time, but once it broke through, there could be some resistance between the $18 and $19 price range.

If demand for AVAX remains constant, it might manage to topple those levels, which could help the altcoin to break free from lateral trading.

The global cryptocurrency market cap today was at $1.03 trillion, with a 0.8% negative change in the last 24 hours.

Avalanche Price Analysis: One-Day Chart

Avalanche Price

Avalanche was priced at $17.76 on the one-day chart | Source: AVAXUSD on TradingView

AVAX was trading at $17.76 at the time of writing. The altcoin has experienced significant resistance at the $17 mark, but the bulls have now managed to stay above that price level.

To continue the bullish thesis, Avalanche has to move past the $18 price mark, which acts as the immediate resistance for the coin.

There could be a chance of the coin experiencing a lack of demand at that price level.

Once AVAX breaks past $18, it is a clear path to $20.

On the other hand, if the price retraces, AVAX could briefly stay above the $16 price mark before it falls to the $15 price level.

The amount of Avalance traded in the last session was positive, signifying that buying strength was also on the increase.

Technical Analysis

Avalanche Price

Avalanche registered increased buying strength on the one-day chart | Source: AVAXUSD on TradingView

Buying pressure for Avalanche price registered a steep recovery on the one-day chart. Buyers came straight back into the market as AVAX logged gains.

The Relative Strength Index was positive as the indicator barreled up above the half-line, signaling that buyers have taken over the altcoin.

Avalanche price were also above the 20-SMA line, which is considered bullish due to increased demand. Buyers were driving the price momentum in the market.

Avalanche Price

Avalanche displayed buy signal on the one-day chart | Source: AVAXUSD on TradingView

Avalanche price also displayed buy signal for the coin on its chart, indicating that if buyers act on it, the coin can move north again.

The Awesome Oscillator indicates the price momentum and the strength of the price movement. AO was positive as it pictured green histograms that also represented the buy signal for AVAX.

Bollinger Bands show price fluctuation and the chances of further volatility. The bands were super constricted on the chart. This sign is often accompanied by explosive price action over upcoming trading sessions.

Featured Image From Vecteezy, Charts From TradingView

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Avalanche (AVAX) May Be Down, But It’s Not Out, Here’s Why

Avalanche (AVAX) has been hit pretty hard since the bear market started. The digital asset which reached an all-time high of $146 back in November of 2021 is not trading just below $15. This has led to a decline in confidence in the digital asset. However, protocols such as Avalanche have shown over time that they can sometimes be underestimated and the latest announcement from the project proves this.

Avalanche Keeps Building

Normally, during the bull market when there is decreased participation in the space, a lot of protocols tend to not build as much as they usually would. However, Avalanche has continued to develop products and has announced the launch of Core Web.

One major barrier to entry for users who are new to the decentralized finance (DeFi) space is how hard it is to navigate the space. Getting things done and trading in DeFi can often be a convoluted process, which is why Avalanche has launched Core Web to address this.

It is a new suite of products that would allow DeFi users to be able to manage all of their tokens in one place, as well as their NFTs. Core Web would make it possible for users to carry out multiple actions without having to switch between multiple sites and apps. 

AVAX trading at $14.8 | Source: AVAXUSD on TradingView.com

Users will be able to access hundreds of decentralized applications (DApps) on the Avalanche network, as well as being able to access the subnets. Additionally, it doesn’t just work for Avalanche but also with the Bitcoin and Ethereum networks. Users will be able to swap, trade, bridge, and switch between any EVM-compatible network using Core Web.

Betting On AVAX 

AVAX, the native token of the Avalanche ecosystem, has lost a significant portion of its all-time high value over the course of 2022. At current prices, the cryptocurrency is sitting more than 89% below its all-time high price and there is no reprieve in sight for the digital asset.

The TVL in Avalanche has also followed the trend of its price too. It hit an all-time high of $12.21 billion back in December 2021. Its TVL is currently sitting at $1.3 billion at the time of this writing, an over 89% decline.

However, with the developments going on, there is still a lot of value in holding AVAX. It is also important to keep in mind how whales are viewing the digital asset though. Data from WhaleStats show that Avalanche whales only hold around $27,000 worth of AVAX presently. If this is to be viewed as an indicator of investors’ sentiment towards the token, it is very bearish for AVAX. The price is down about 50% in the last 30 days and if AVAX is unable to hold $14.5, it is possible that there could be a decline below $13 in the future of the cryptocurrency. 

Featured image from Binance Academy, chart from TradingView.com

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Avalanche Price Steadies Above $22, Could Attempt To Touch $26

Avalanche price action has remained bearish on the chart at the time of writing. AVAX has maintained the price above its support line of $22. Right after the coin surged and revisited the $24 mark, it started to retrace on its chart.

This is a price correction as Avalanche price showed appreciation over the last two weeks. At the moment Avalanche is witnessing a profit booking which has caused buying strength to fade away over the last few days.

Incase Avalanche price manages to push above the $25 price zone, the bullish force might gain strength. Buyers can again find their way back to the market if AVAX falls on its chart which in turn could trigger another rally.

Broader crypto market strength also remains low with BTC crawling below the $23,000 price mark. Ethereum too extended losses over the last 24 hours. Most altcoins followed the same price trajectory.

For Avalanche price to reclaim its immediate resistance of $24.8, strength from buyers remain crucial. The global cryptocurrency market cap today is at $1.1 Trillion with a 2.5% fall in the last 24 hours.

Avalanche Price Analysis: Four Hour Chart
Avalanche was priced at $23.12 on the four hour chart | Source: AVAXUSD on TradingView

AVAX was trading at $23.12 at the press time. It displayed a correction after it witnessed a rally in the past two weeks. Immediate support for the coin was at $22 and continued selling pressure could push Avalanche price to $21.

Overhead resistance for Avalanche was at $24.8, a break above that level could catapult Avalanche price to $26. The coin has been struggling to break past the aforementioned price level for multiple weeks now.

At the moment, sellers have flocked the market for profit booking as Avalanche price registered an upswing just two weeks ago. The volume of Avalanche traded in the past session was less compared to the session before that. This could hint towards fall in buying strength.

Technical Analysis
Avalanche displayed fall in the number of buyers on the four hour chart | Source: AVAXUSD on TradingView

The altcoin’s buying strength was low on its chart. The recent profit booking was the reason why sellers outnumbered buyers. Technical indicators signalled the same reading. The Relative Strength Index was parked a little below the half-line which meant that selling pressure was higher than buying pressure.

Avalanche price peeped slightly above the 20-SMA line, this could be a mixed signal. A reading above the 20-SMA means bullish, a reading below that means sellers were driving the price momentum in the market.

Avalanche flashed buy signal on the four hour chart | Source: AVAXUSD on TradingView

The other technical indicators painted a mixed signal. The Chaikin Money Flow that is concerned with the capital inflows and outflows was seen to be in a positive zone. CMF’s reading above the zero-line indicated that capital inflows exceeded outflows at the time of writing.

Moving Average Convergence Divergence depicts the price momentum and change in price direction. MACD also underwent a bullish crossover and formed green histograms. Green histograms were signs of buying signal for the coin. This also meant that if buyers acted on it, AVAX would register gains.

Featured image from Kalkine Media, chart from TradingView.com

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Deloitte Survey Clearly Shows Crypto Payments Are The Next Big Thing In Commerce

A new Deloitte survey titled “Merchants getting ready for crypto” contains extremely bullish news. It clearly shows that businesses of all sizes are getting ready for all kinds of crypto payments. And the vast majority believe that they will become ubiquitous in the next few years. Merchants, they are just like us. Deloitte produced the survey in association with PayPal, which is telling and arises questions. 

“Survey respondents are very optimistic about digital currencies in the consumer market, reporting broad agreement that accepting digital currency payments is already a point of differentiation, and are expected to see broad near-term adoption,” Deloitte concludes. Besides that, merchants see “benefits such as speed of payments and cost efficiencies.” Which shows they’re not in just for the flashy “differentiation,” and already see all of the benefits it could bring to them. 

As for the methodology, let’s quote the document:

“The survey focuses on US consumer businesses, with annual revenues ranging from below $10 million to $500 million and above, asking their views on digital currency payments and the investments they’ve made in payment infrastructure, as well as their plans for the years ahead.”

So, these are medium to big-sized players we’re dealing with here. Deloitte doesn’t differentiate between bitcoin and crypto, and doesn’t specify exactly which cryptocurrencies the merchants are talking about. The survey company makes a point of separating stablecoins from the rest of the cryptocurrencies, though.

Results: Deloitte And Merchants

  • “Around two-thirds (64%) of our surveyed merchants indicated that their customers have significant interest in using digital currencies for payments.” These are staggering numbers, considering the majority of the population doesn’t even know what a stablecoin is. If merchants are perceiving this tendency, chances are it does exist. 
  • “83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.” We agree wholeheartedly, Deloitte.
  • “More than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.” We’re willing to bet not many people in crypto suspects that the numbers are this high. If they did, they’d be even more bullish.  
  • ”Around 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.” We agree wholeheartedly, Deloitte. In five years we’ll live in a new universe, and crypto will be one of the catalysts.
  • “Nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.” The positive attitude is there and plans are underway.

How could you not be bullish? 

AVAX price chart on Bittrex | Source: AVAX/USD on TradingView.com
Results: This Is What Adoption Looks Like

  • “An overwhelming majority of those who currently accept cryptocurrency as a payment instrument (93%) have already seen a positive impact on their business’s customer metrics, such as customer base growth and brand perception.” This is as close to unanimously as we’re going to get, Delloite. The hype is real.
  • “They expect to derive value from their digital currency adoption in three distinct ways: improved customer experience (48% of respondents), increased customer base (46%), and brand is perceived as cutting edge (40%).“ No comments on this one.
  • “It is worth noting that 86% see a significant benefit to their finance and cash management for accepting digital currency payments.” The key word is crucial here 
  • “In fact, 26% have already integrated digital currencies in their finance functionality such as revenue cycle and treasury, and 61% plan to do it over the next 24 months.” If the government permits it. 
  • “Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.” As it should be, Delloite. As it should be.
  • “Slightly more than a quarter (26%) of the organizations surveyed for this report have already begun integrating digital currency into their finance department functionality, but more than a third of respondents (39%) plan to begin integration within a year.” Considering holding cryptocurrencies is a high-risk maneuver, these are phenomenal numbers.

And that’s what Deloitte and the companies that they interviewed had for us. Here’s hoping they provide us with new mind-blowing material sooner than later.

Featured Image: Screenshot from the study | Charts by TradingView