Avalanche Cryptocurrency AVAX Jumps 12% with Increased Trading Volume
Avalanche's native cryptocurrency AVAX increased by 12% in the last 24 hours, with daily trading volumes rising 185% to nearly $400 million. The market cap surpassed $9.07 billion.
- On-chain metrics indicate a bullish outlook for AVAX.
- The long-short ratio for AVAX hit a one-month high at 1.18.
- AVAX maintained a price above $21.39, recovering nearly 50% of its monthly losses.
- If it closes above $20.99, a potential rally of 17% towards $24.99 could occur, with further gains possible up to $30.
- The daily Relative Strength Index (RSI) is at 53, signaling positive momentum.
- The Moving Average Convergence Divergence (MACD) confirmed a bullish crossover last week.
- The funding rate rose from -0.0065% to 0.0051%, indicating upward pressure on prices.
- VanEck filed for an Avalanche ETF, suggesting future market developments.
Source: TradingView
Source: CoinGlass
Source: CoinGlass