Connect with us


Avalanche receives whales’ love, will it be enough to save AVAX from bears?



Avalanche receives whales' love, will it be enough to save AVAX from bears?
Source: StockAI

  • AVAX was among the top 10 cryptos in terms of trading volume among the top 500 BSC whales.
  • Performance on the price and metrics front remained promising over the last week.

Avalanche [AVAX] became popular among whales once more. As per WhaleStats, a Twitter account that posts updates regarding whale activity, it was recently revealed that AVAX was among the top 10 cryptos in terms of trading volume among the top 500 BSC whales. 

AVAX managed to remain a topic of discussion not only among whales but also in the crypto community at large, as the token made it to the list of cryptos by trending searches in the last seven days.

Read Avalanche’s [AVAX] Price Prediction 2023-24

These went in favor

A major reason behind whales’ interest and AVAX’s popularity can be its recent price action as its weekly chart was painted green. According to CoinMarketCap, AVAX’s price surged by more than 6% in the last seven days and at the time of writing, it was trading at $17.16 with a market capitalization of over $5.3 billion.

While the price action looked promising, several of the on-chain metrics supported AVAX throughout the last week as well. 

For instance, the four-week price volatility increased considerably, thanks to the surge. Both the DyDx and Binance funding rates spiked quite a few times last week, reflecting higher demand for AVAX in the derivatives market.

Negative sentiments around AVAX registered a gradual decline, which too was a positive signal. Furthermore, data from DeFiLama revealed that Avalanche’s TVL was increasing. Interestingly, Avalanche also recently announced that the first concentrated liquidity vaults went live on SteakHut, an innovative liquidity management platform. 

Source: Santiment

How much are 1,10,100 XRPs worth today

Bulls vs Bears

While the metrics remained in AVAX’s favor throughout the week, things might take a U-turn soon, as suggested by a few market indicators. CryptoQuant’s data revealed that AVAX’s Relative Strength Index (RSI) was in an overbought position, which is a major bearish signal.

The Money Flow Index (MFI) also followed the RSI and was resting in the overbought zone. AVAX’s Chaikin Money Flow (CMF) registered a downtick and was headed toward the neutral mark.

Moreover, the MACD displayed the possibility of a bearish crossover soon, further suggesting a price decline in the coming days. Nonetheless, the Exponential Moving Average (EMA) Ribbon was still bullish as the 20-day EMA was above the 55-day EMA.

Source: TradingView

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.