Amid the ongoing bull run, recent data revealed that whales are now stepping into Avalanche (AVAX), indicating a potentially bullish signal. Currently, most cryptocurrencies are experiencing bullish breakouts, and with recent whale participation, it appears that AVAX may follow suit.
Why AVAX Price is Increasing?
On November 9, 2024, the large transaction volume of AVAX skyrocketed by 338% over the past 24 hours, according to the data from the on-chain analytics firm IntoTheBlock. Large transaction volume is a key metric that indicates whales and notable investors are making significant transactions, suggesting a bullish signal in the current bull market.
Additionally, an examination of all the parameters by IntoTheBlock further indicates a bullish signal for AVAX.
One important point traders need to know is that this significant large transaction volume is observed when the AVAX price is near a breakout of the crucial resistance level.
Avalanche (AVAX) Technical Analysis and Upcoming Levels
According to the expert technical analysis, AVAX is near a strong resistance level of $30. Historically, this level has acted as a point of selling pressure for the asset, resulting in notable price declines. Since June 2024, AVAX has reached this level more than five times, and each time it experienced selling pressure and a price decline.
However, this time few expect the same kind of price momentum, but looking at the current overall market sentiment it appears that this time history will not repeat itself.
Based on the recent price action, if AVAX breaches this resistance level and closes a daily candle above the $31.20 level, there is a strong possibility that the asset could soar by nearly 35%, reaching the $42 level in the coming days.
Currently, AVAX is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, on the four-hour time frame, a golden crossover has appeared, suggesting a potential upside rally in the coming days.
Current Price Momentum
At press time, AVAX is trading near $28.80 and has registered a price surge of over 3.15% in the past 24 hours. During the same period, its trading volume dropped by 10% indicating lower participation from traders and investors compared to the previous days.
Meanwhile, AVAX’s open interest has jumped by 5.9% over the past 24 hours, suggesting growing interest from traders as they increase their open positions.
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