Binance, in the early hours of 14 October, announced that it would support the Avalanche [AVAX] network upgrade. According to the statement by the crypto exchange, the 18 October event would not result in halting AVAX trades. However, users would not be able to withdraw or deposit the token. In light of the development, the AVAX price increased 6.42% to $16.14 […]
of what happened when AVAX had its security upgrade. However, the volume seemed to follow a similar pattern.that AVAX’s volume increased 91.76% to $355.59 million in the last 24 hours. This suggested a rising interest in the token.
However, it seemed that retail investors were the most active in accumulation. In contrast, whales had reduced their interest. According to indications from Santiment, the whale total supply percentage was 41.94%.Per the four-hour chart, AVAX momentum was in a solid buying state. The Relative Strength Index indicated that, at 53.24, AVAX had overcome its former high selling pressure.
As for the Moving Average Convergence Divergence , the buyer momentum maintained a solid position . However, there was a risk of reverting to a bearish state since both the buyers’ and sellers’ edges were not above the zero histogram point. The Exponential Moving Average also agreed with the signs of a bearish drop in the short term. At press time, the 20 EMA was below the 50 EMA .
At this rate, it was likely that AVAX could succumb to trading in the reds. In the mid-term, AVAX showed a bullish recovery as the 200 EMA remained above the 20 and 50 EMAs.Subscribe to get it daily in your inbox.
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