- AVAX has increased its price by over 11% within the past 24 hours.
- On the whole, most metrics look bullish.
Avalanche [AVAX] Recent price spikes in AVAX’s stock surprised investors. AVAX may have been planning the breakout of this stock for several months, despite what might appear to be a sudden price surge.
Check out how the token will grow in this bull market.
Avalanche’s latest bull run
The Avalanche bulls were clearly in control last week as the price of the token soared more than 19% over the past seven days. AVAX’s price soared 11% in just the last 24 hours.
AVAX has been a popular product for many years. trading At $32.09, with a total market cap of $12.6 billion it is the 11th biggest crypto. According to IntoTheBlock, this meant that over 55% Avalanche’s investors made a profit. data.
World of Charts is a well-known crypto analyst. tweet AVAX’s recent bull run may have been triggered by the fact that it broke through a bullish trend.
Avalanche, according to the tweets, has been consolidating in the pattern from March until a couple of days ago. This recent upward trend could lead to a price hike of twofold in coming days if the data are believed.
Avalanche can you do 2x rallies?
AMBCrypto decided to examine the data of the token on the chain, as the above analysis indicated a potential 2x increase.
AVAX’s trading volume and price increased together, forming the basis for the bull run. AVAX’s popularity is reflected in the increase of its social volume.
Weighted sentiment for the token also increased, indicating that sentiments in favor of bullishness around this token increased. The increase in blockchain development was another bullish sign, since it showed that developers are working harder to enhance the technology.
AVAX was testing support around $31.4, according to our analysis. AVAX’s price could rise to $41 if the rest is successful.
Money Flow Index, or MFI, was nearing the point of being overbought. This could cause a surge in selling pressure. In addition, Chaikin Money Flow also recorded a downward trend.
These indicators showed that AVAX was likely to lose its positive momentum soon and suffer a downward price trend.
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Hyblock’s analysis showed that AVAX would need to reach a price above $33 in order for liquidation levels to increase.
In general, price changes are caused by an increase in the liquidation of assets. AVAX may still drop below $26 if a bullish takeover occurs.
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Source: ambcrypto.com