Avalanche (AVAX) Price Analysis: Is AVAX on the Cusp of a Massive Surge?

Avalanche [AVAX]  has recently displayed bullish momentum. With its price climbing by over 5% in the past day, there is growing speculation about whether

output: Despite a price increase of over 5% in the last 24 hours, on-chain data reveals mixed sentiments regarding a potential massive surge for Avalanche (AVAX).

Here's an analysis of the recent on-chain developments:

AVAX price بالا رفته است by 1% in the last 24 hours, currently trading at $27.06. With a market capitalization of around $10.54 billion, the token has seen a significant price increase of over 5% in the past day.

According to IntoTheBlock data, 49% of AVAX holders are currently in profit at the present market price. Transactions greater than $110K over the last 24 hours show a total of $461 million in on-chain حركة.

On-chain data reveals bearish signals for AVAX

According to IntoTheBlock, the on-chain sentiment and trading signals for AVAX are predominantly bearish.

This sentiment is driven by several bearish on-chain and exchange signals, including a net negative growth in network transactions and a bearish bid-ask volume imbalance, indicating increasing selling pressure.

However, the overall sentiment is mixed.

AVAX’s price, as depicted in the chart above, is trading below all the averages, indicating a strong bearish trend in the short term. The RSI at 40 indicates that the asset is neither overbought nor oversold, rendering the price action neutral.

The Bollinger Bands show that AVAX has mostly traded within the bands, indicating stable volatility. Minor downtrends are observed with periodic breaks below the lower Bollinger Band, suggesting that the bears are fully in charge.

Derivative trading activity for AVAX plunged

The derivatives market for AVAX also faced challenges. Trading volume decreased significantly by 52.41%, reaching $352.50 million, indicating a reduction in trading activity.

This could suggest a decrease in interest or a consolidation phase following recent price movements.

Interestingly, the Binance AVAX/USDT pair had a higher ratio of long positions (1.7824), indicating bullishness among traders for this pair.

Also, AVAX's Accumulation/Distribution Line is sloping down, a trend that is usually bearish.

This indicates that there may be a higher level of distribution than accumulation, suggesting selling pressure or a lack of new buying interest, which is a bearish signal.

The MACD, a trend-following momentum indicator, showed a bearish crossover (where the MACD line crosses below the signal line), which is typically considered a sell signal. Traders are not bullish on AVAX.

News source：https://www.kdj.com/cryptocurrencies-news/articles/avalanche-avax-price-analysis-avax-cusp-massive-surge.html

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