Avalanche Attracts Whales : A Comeback on the Horizon ?
IntoTheBlock’s on-chain data reveals significant participation of whales and investors on the Avalanche network. The volume of significant transactions has surged by 169%, indicating a growing interest in AVAX. This increased trading activity is accompanied by a bullish technical signal, suggesting significant upside potential for the token.
At the time of writing, AVAX is trading around $20.05, down by 2.50% over the last 24 hours. However, its trading volume has risen by 22% over the same period, indicating investor enthusiasm.
Technically, AVAX shows signs of recovery on both short and long timeframes. However, its upward trend will only be confirmed if it manages to close a daily candle above the $21 threshold. In that case, AVAX could then skyrocket by 21% to reach $25.15. And if the momentum continues, the token could even climb an additional 25% to $31.40.
AVAX Signals Divide Traders
AVAX is currently below the 200-period exponential moving average, suggesting a downtrend. Additionally, its RSI is near 56, hinting at a possible bullish reversal. The definitive confirmation of AVAX’s positive trend will depend on its ability to close a daily candle above $21. Otherwise, the rally could be at risk.
If you are considering buying AVAX, here’s a simple guide on how you can do it:
- Create an account on Bitget by signing up with an email address and completing the verification.
- Deposit funds, either via credit card, bank transfer, or by transferring existing cryptocurrencies.
- Access the Spot market, search for the AVAX/USDT pair, and set the desired amount.
- Finalize the purchase and find your tokens directly in your account.
Before investing, it’s always recommended to stay informed and adjust your strategy based on the market conditions.
