- AVAX owners bought huge volumes when the price of tokens hit $57.
- The rise of $100 was in the cards, but first a possible correction.
Price of Avalanche [AVAX] It increased by 13,133% when it reached the milestone of $50. The altcoin price did not get to that level without the help of some other factors.
According to IntoTheBlock’s analysis, the increase in volume of large transactions was a significant factor driving up the price. In a blog post, the crypto intelligence platform mentioned that on March 11th, the transaction volume reached $329,000,000.
AVAX also said that it was the largest amount of cryptocurrency that has been reached since December 2023. AVAX was able to increase its price despite large volume, which is not always the case.
Close is 2x but not A
AVAX not only saw a rise in the number of large holders, but it also experienced more pressure to buy than ever before. If this trend continues in the short term, the price of the cryptocurrency could double.
It is also important to remember that this prediction did not appear out of nowhere. AMBCrypto evaluates this possibility in a technical sense.
The 4-hour analysisAVAX initially touched $57 on March 12. However, attempts to breach the main resistance were unsuccessful. Bulls attempted to test the area again at press time. A close of $59.92 or higher could be achieved if the bulls successfully test this region.
The price may fall to support $47.53 if the rejection is repeated. Previously, Relative Strength Index hit overbought region. The reading dropped when it reached the zone. causing AVAX ‘s price to drop.
AVAX could lose $50 if the oscillator keeps falling. The Exponential Moving average (EMA) showed other signals. The 20 EMA crossed the 50 EMA.
The token is kept under constant surveillance by the bears
The bullish trend is still going strong, if you hold a position such as this. AVAX may rebound so long as its price doesn’t drop below $45.89. The Funding Rate is also positive. This indicates that AVAX could break through the area of resistance.
AMBCrypto observed that the traders were willing to take high-risk positions at a price of $57 or more. The market could be reversing as it is difficult for the price to gain a bullish trend.
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AVAX may drop below $50 should this scenario not be changed. The Cumulative Liquidation Levels Delta was also positive, resulting in a slight bearish bias.
The price of cryptocurrency could drop to as little as $45 in a very bearish scenario. The value of the cryptocurrency could still reach triple digits.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com