Avalanche Sustains 7-Day Upswing – Can AVAX Easily Breach $26?
July 22 2022 - 4:57AM
NEWSBTC
Avalanche (AVAX) trails behind the plunge of Bitcoin (BTC), has
also shaved 6% off its price in the last 24 hours. On the brighter
side, AVAX/USD is looking solid and rising following yesterday’s
plunge which suggests a correction before a potential uptrend. AVAX
is currently trading at $25.10, up 7 percent in the last seven
days, data from Coingecko show, Friday. But people should be on the
lookout for the $25 zone. If the price can go back to that level or
above that range, then there is a high probability for a bull
run. Suggested Reading | Binance Coin
Trading Volume Up 35% As BNB Spikes To $274 Will AVAX Continue Its
Retracement Or Maintain An Upside? A week ago, AVAX was seen to
have bounced back following its wedge formation. A breakout was
also hinted following a strong consistent rally. Now, Avalanche was
able to run a strong breakout right above the resistance line. It
was a robust upside but quite limited following its recent
pullback. It had its weekly high set at $26.30 but maneuvered a
slight retracement showing the current market condition. So, the
question now is if AVAX will continue its retracement or go all-in
with its upside? The recent breakout of AVAX is a positive sign
that the price has surpassed a pivotal restriction point. The most
recent reversal of AVAX happened right after the Money Flow Index
(MFI) has intercepted the distribution zone. There was an
amplification of selling pressure seen in the crypto market during
the last few days which gave the bulls some breathing space
following their latest run. However, this deprived them of the
opportunity to go higher. AVAX total market cap at $7.05 billion on
the daily chart | Source: TradingView.com The current retracement
depicts the HODLing activity of majority of AVAX holders which
could be a preparation towards bullish recovery after it slumped in
June. Nevertheless, AVAX is seen to grow stronger due to its
aggressive network expansion. There is a robust development
activity going in which has been maintained by Avalance this July
which encourages strong flow of AVAX and aptitude to maintain a
ferocious price action despite pullbacks. Suggested Reading |
Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55 AVAX
Growing Exponentially July has been a good month so far for
Avalanche especially after seeing phenomenal growth in terms of NFT
trading volumes. Yes, NFT trade volumes have seen exponential
growth in the past two weeks which have contributed a lot of the
increased demand for AVAX. More so, the absence of massive sell-off
is a good indicator that the market sentiment still favors the
bulls. The future is indeed very promising for AVAX especially with
its formidable utility power, energy efficiency, and massive
growth. Featured image from The Daily Hodl, chart from
TradingView.com
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