Avalanche (AVAX) Trading Volume Skyrockets Amid Sustained Price Growth

0 7

Avalanche (AVAX) is gaining today as it seeks to retain its gains in the last 24 hours. Its trading volume is up by over 18% today, possibly sustaining its price recovery attempt.

Notably, AVAX entered the month of May with a bullish momentum trading at $16.66 on May 1, 2023. However, the bears have kept AVAX’s price at $14 since May 18. 

It now approaches the $15 price level seeking to rediscover its positive price form. The increased trading volume today implies that more activities are ongoing on the network.

This surging interest in the network might help AVAX sustain its uptrend.  A return to $21 remains likely for the asset in the long term.

AVAX Price Moves

AVAX is gaining today, forming a higher high on the daily chart. The bulls are intent on mounting a recovery rally. However, the bears are still active in the market.

Related Reading: How Does Current Bitcoin Rally Compare With Historical Ones?

Since AVAX still trades below its 50-day and 200-day Simple Moving Averages (SMA), the asset will likely see a further price decline in the short and long term. The SMA’s display sell signals prompting traders to take short positions in the market today.

However, some indicators are pointing to a price recovery for AVAX soon. For instance, the Relative Strength Index (RSI) is 38.53 and close to the oversold region. 

The RSI indicator mirrors the bearish trend that began on May 18, 2023, but the indicator is moving upwards, hinting at a potential trend reversal for the asset.  

Although the AVAX’s Moving Average Convergence/Divergence (MACD) is just breaking above its signal line and showing convergence, its histogram bars display small green bars hinting at a potential trend reversal to the upside. 

A close look at the chart structure shows that AVAX entered a downtrend on April 19, 2023. But it found support on May 22, sparking hope for a price recovery. 

What’s Ahead For Avalanche?

AVAX has found valuable support at the $14.29 price level, a pivot point for the asset. It is currently trading above its closest resistance level of $14.29. However, the bears are still active in the market, intent on keeping it below the next resistance level of $15.21.

Avalanche (AVAX) Trading Volume Skyrockets Amid Sustained Price Growth

knife

From historical price behavior, AVAX pivoted on the $14.29 support on March 11, 2023, rallying to $21.29 on April 18, with dips in between. It replayed the same action on May 22 and will likely rally again to the $21 price level in the longer time frame.

Note that crypto assets are volatile and can deviate from historical price action. Therefore sound technical and fundamental analysis is essential for trading.

Featured image from Pixabay and chart from Tradingview.com

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,085.24
ethereum
Ethereum (ETH) $ 3,532.80
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 601.56
solana
Solana (SOL) $ 183.54
staked-ether
Lido Staked Ether (STETH) $ 3,530.88
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.600374
dogecoin
Dogecoin (DOGE) $ 0.140737
the-open-network
Toncoin (TON) $ 7.15
cardano
Cardano (ADA) $ 0.442354
avalanche-2
Avalanche (AVAX) $ 32.61
tron
TRON (TRX) $ 0.134511
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,098.25
chainlink
Chainlink (LINK) $ 14.94
polkadot
Polkadot (DOT) $ 6.42
bitcoin-cash
Bitcoin Cash (BCH) $ 399.42
near
NEAR Protocol (NEAR) $ 6.34
uniswap
Uniswap (UNI) $ 8.14
litecoin
Litecoin (LTC) $ 73.80
dai
Dai (DAI) $ 0.999982
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.69
wrapped-eeth
Wrapped eETH (WEETH) $ 3,687.00
matic-network
Polygon (MATIC) $ 0.54832
internet-computer
Internet Computer (ICP) $ 10.79
kaspa
Kaspa (KAS) $ 0.179228
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.48
ethereum-classic
Ethereum Classic (ETC) $ 24.17
aptos
Aptos (APT) $ 7.51
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.10592
monero
Monero (XMR) $ 163.97
blockstack
Stacks (STX) $ 1.99
mantle
Mantle (MNT) $ 0.881344
render-token
Render (RNDR) $ 7.19
dogwifcoin
dogwifhat (WIF) $ 2.80
filecoin
Filecoin (FIL) $ 4.78
injective-protocol
Injective (INJ) $ 27.81
arbitrum
Arbitrum (ARB) $ 0.802625
maker
Maker (MKR) $ 2,885.21
hedera-hashgraph
Hedera (HBAR) $ 0.074421
immutable-x
Immutable (IMX) $ 1.69
crypto-com-chain
Cronos (CRO) $ 0.09522
okb
OKB (OKB) $ 42.44
cosmos
Cosmos Hub (ATOM) $ 6.51
bittensor
Bittensor (TAO) $ 353.70
vechain
VeChain (VET) $ 0.030789
bonk
Bonk (BONK) $ 0.000033
arweave
Arweave (AR) $ 34.17
optimism
Optimism (OP) $ 1.97
sui
Sui (SUI) $ 0.8525
the-graph
The Graph (GRT) $ 0.220457
floki
FLOKI (FLOKI) $ 0.000209
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,952.31
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,579.46
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,664.72
lido-dao
Lido DAO (LDO) $ 1.95
theta-token
Theta Network (THETA) $ 1.66
thorchain
THORChain (RUNE) $ 4.89
notcoin
Notcoin (NOT) $ 0.016047
bitget-token
Bitget Token (BGB) $ 1.15
ondo-finance
Ondo (ONDO) $ 1.09
fantom
Fantom (FTM) $ 0.540919
aave
Aave (AAVE) $ 99.77
coredaoorg
Core (CORE) $ 1.64
jasmycoin
JasmyCoin (JASMY) $ 0.03042
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.145008
celestia
Celestia (TIA) $ 6.74
pyth-network
Pyth Network (PYTH) $ 0.36783
algorand
Algorand (ALGO) $ 0.160065
sei-network
Sei (SEI) $ 0.392764
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,524.18
mantra-dao
MANTRA (OM) $ 1.38
quant-network
Quant (QNT) $ 76.46
gatechain-token
Gate (GT) $ 7.85
elrond-erd-2
MultiversX (EGLD) $ 36.87
flow
Flow (FLOW) $ 0.656371
beam-2
Beam (BEAM) $ 0.019558
gala
GALA (GALA) $ 0.026568
msol
Marinade Staked SOL (MSOL) $ 220.30
kucoin-shares
KuCoin (KCS) $ 10.00
axie-infinity
Axie Infinity (AXS) $ 6.43
bitcoin-sv
Bitcoin SV (BSV) $ 47.87
popcat
Popcat (POPCAT) $ 0.954497
eos
EOS (EOS) $ 0.611905
flare-networks
Flare (FLR) $ 0.020347
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,590.52
ethereum-name-service
Ethereum Name Service (ENS) $ 27.18
tokenize-xchange
Tokenize Xchange (TKX) $ 11.08
dydx-chain
dYdX (DYDX) $ 1.46
bittorrent
BitTorrent (BTT) $ 0.00000090644286
ordinals
ORDI (ORDI) $ 41.47
akash-network
Akash Network (AKT) $ 3.57
neo
NEO (NEO) $ 12.10
mog-coin
Mog Coin (MOG) $ 0.000002