Avalanche (AVAX)
Ticker: AVAX
Category: L-1 Blockchain
Market Cap: $5,980,994,113
Circulating Supply: 326,154,296
Max Supply: 720,000,000
Price Update: AVAX price at the time of writing (11th April, 13:00) is $18.33 with 24-hour trading volume of $158,627,134. AVAX price is up by 4.49% in the last 24 hours. It has a circulating supply of 326 million tokens with 45% tokens in the market.
Key Insights:
In February 2023, when the price of Avalanche (AVAX) reached $21, there was minimal social volume and sentiments were stagnant. However, during the current pullback, there has been a notable increase in both social volume and positive weighted sentiments in the AVAX market.
Source: Sanbase
Technical Analysis: Avalanche (AVAX)
Source: Tradingview
With Reference to above Chart:
- AVAX had a significant rally in February 2023 during a general altcoin rally, but sustained by a double top formation.
- In March, while BTC was moving and most tokens were declining, AVAX experienced a pullback to the 0.618 Fibonacci levels at $15.3.
- The pullback to the 0.618 Fibonacci levels suggests the formation of an impulsive Elliott Wave structure.
- AVAX has completed wave 1, followed by an ABC correction, and is currently forming an ascending triangle, with the 200 EMA serving as support in the 4-hour timeframe.
- The ascending triangle formation, combined with strong movement in BTC markets, increases the chances of AVAX breaking upwards.
- Currently, the 200 EMA on the daily timeframe and inclined resistance at $19.1 are hindering momentum, but this resistance is expected to break in 1-2 attempts with small pullbacks.
- Long position can be considered between $18.34-$17.05, with Futures Traders potentially looking for a 7-8% movement towards $19.6. With invalidation at $17.
- Spot Traders can look for longer time frame ranges around $21.5 upward, which would ideally be 15-18% gains. With major support at $16.
Note: AVAX is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade AVAX Futures on CoinDCX Go app now
Trade AVAX Futures on CoinDCX Pro app now
Disclaimer:
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
