Is AVAX ready to run a marathon with the bulls? This development suggests…

Original AVAX Avalanche Code Recently its place among the top winners in the avalanche ecosystem. This was good news for the token as it gave investors hope for better days to come. Interestingly, the AVAX daily chart reflects this development as the price is up more than 2% in the last 24 hours.

according to CoinMarketCapAt the time of writing, AVAX is trading at $16.06 with a market capitalization of $4,765,778,732. AVAX was also recently listed on Gemini, one of the largest stock exchanges in the world, increasing AVAX’s reach to the global audience and investors.


Here AMBCryptos Avalanche Price Prediction [AVAX] for the year 2023-24


AVAX Investors: It’s time for a good night’s sleep

While this development was taking place, some metrics supported it faxThis indicates that prices will rise in the coming days. For example, after falling over the past week, AVAX volume has increased slightly over the past few days. This was a positive sign for the blockchain.

Source: feeling

Not only that, but AVAXโ€™s Binance funding rate has also increased recently, which indicates a high demand from the derivatives market.

Source: feeling

But AVAX has encountered some barriers. Some metrics indicated that a price correction is on the way. typical faxDevelopment activity has taken off south over the past week.

In addition, AVAX’s NFT space also saw a decline last week as AVAX’s total NFT trading posted a move south after rising.

The price can reveal the actual picture

a look at faxThe daily chart showed a mixed picture, with some market indicators pointing to higher prices, while the rest indicated otherwise. For example, AVAX’s Exponential Moving Average (EMA) showed that the 20-day EMA was well below the 55-day EMA, reflecting a bearish edge in the market.

The Money Flow Index (MFI) also settled below the neutral mark, which was another bearish signal. Interestingly, the Moving Average Convergence Divergence (MACD) showed a battle between the bears and the bulls.

The green flag for AVAX was that Chaikin Money Flow (CMF) posted an uptrend. In addition, the symbol’s Relative Strength Index (RSI) rose, after approaching the oversold territory, giving investors hope.

Source: TradingView

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