Bittime – Recently, Avalanche (AVAX) price broke through the lower boundary of the ascending channel, a development after several weeks of price testing this level. Making investors hope for a 20% increase. The following is a review of Aaryamann Shrivastava's observations.
However, sentiment among investors remains optimistic as they seek to turn previous resistance levels into new support levels, with the aim of turning the tide from losses to profits.
Positive Outlook for Avalanche (AVAX)
Avalanche's valuation growth potential is becoming increasingly visible, thanks to increased confidence among AVAX investors. This change in sentiment is reflected in a shift in ownership from short- and medium-term investors to those who typically hold assets for at least a year.
Source:IntoTheBlock
In the past three weeks, long-term AVAX holders have accumulated more than 4% of the total circulating supply for more than a year. This equates to an addition of 4.2 million AVAX worth approximately $161 million in their wallet, bringing total holdings to 20.72 million AVAX.
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Price Drop Does Not Reduce Optimism of AVAX Coin Holders
Despite recent price declines, this accumulation shows that AVAX investors remain optimistic and anticipate a market recovery. Market indicators, especially the Moving Average Convergence Divergence (MACD), reflect positive investor sentiment with bullish signals. MACD is a technical indicator that is widely used to identify changes in momentum and potential trend reversals in an asset or security.
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Currently, MACD shows a bullish crossover with green bars on the histogram. This is the first time such a signal has appeared in the past month, possibly signaling the start of an upward rally.
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Forecast for AVAX: Back to the Top?
Currently trading at $38, Avalanche price is close to reaching the $40 threshold. Based on bullish indicators, there is potential for further upside. AVAX faces resistance at $44, but if it manages to break through, we could see a rally towards the $48 to $50 range, which is in line with the lower limit of the previously established ascending channel.
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If this upward movement occurs, it would represent a 20.31% increase in Avalanche's price, provided continued support from investors.
Conclusion
Even though Avalanche (AVAX) price recently broke the lower boundary of its uptrend, investors remain optimistic. Investors hope to turn resistance into new support and steer the price in a positive direction. Investor confidence is evident from the accumulation of AVAX by long-term holders, who have added more than 4% of the circulating supply to their wallets.
Market indicators such as MACD provide bullish signals, indicating the potential start of a rally. If AVAX can break through resistance at $44, it is possible that the price will rise to the $48 to $50 range, which would mark an increase of about 20.31% from the current price, assuming investor support continues.
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Avalanche(AVAX) is available on Bittime with the market pair AVAX/IDR . To be able to buy AVAX IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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