Avalanche [AVAX] surprised investors recently as its price skyrocketed in the last 24 hours as it broke above bull pattern.
surprised investors recently as its price skyrocketed in the last 24 hours. Though this might look like a sudden surge, the latest data suggests that AVAX has been planning for this breakout for months.Avalanche bulls clearly took control of the market last week, as the token’s price surged by more than 19% in the last seven days. This got even better in the past 24 hours alone, as AVAX surged by a whopping 11%.at $32.09 with a market capitalization of over $12.
AVAX’s trading volume increased along with its price, acting as a foundation for the bull rally. Its social volume increased, reflecting a rise in AVAX’s popularity. The token’s weighted sentiment also improved, which indicated that bullish sentiment around the token increased. Another bullish signal was the rise in development activity, as it meant that developers were making more efforts to improve the blockchain.Our analysis of AVAX’s daily chart revealed that it was testing its support at $31.4. A successful rest could result in AVAX touching $41 again.
However, the Money Flow Index was about to enter the overbought zone, which could increase selling pressure on the token. On top of that, the Chaikin Money Flow also registered a downtick.Our analysis of Hyblock Capital’s data revealed that it would be crucial for AVAX to go above $33, as liquidation would rise at that point.
Generally, a rise in liquidation causes price corrections. Nonetheless, in the event of a bearish takeover, AVAX might drop to $26.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.Subscribe to get it daily in your inbox.
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