{"id":24497,"date":"2023-05-23T14:52:36","date_gmt":"2023-05-23T18:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24497"},"modified":"2023-05-23T14:52:36","modified_gmt":"2023-05-23T18:52:36","slug":"avalanche-avax-trading-volume-skyrockets-amid-sustained-price-growth","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/23\/avalanche-avax-trading-volume-skyrockets-amid-sustained-price-growth\/","title":{"rendered":"Avalanche (AVAX) Trading Volume Skyrockets Amid Sustained Price Growth"},"content":{"rendered":"

Avalanche (AVAX) is gaining today<\/a> as it seeks to retain its gains in the last 24 hours. Its trading volume is up by over 18% today, possibly sustaining its price recovery attempt.<\/p>\n

Notably, AVAX entered the month of May with a bullish momentum trading at $16.66 on May 1, 2023. However, the bears have kept AVAX\u2019s price at $14 since May 18.\u00a0<\/p>\n

It now approaches the $15 price level seeking to rediscover its positive price form. The increased trading volume today implies that more activities are ongoing on the network.<\/p>\n

This surging interest in the network might help AVAX sustain its uptrend.\u00a0 A return to $21 remains likely for the asset in the long term.<\/p>\n

AVAX Price Moves<\/h2>\n

AVAX is gaining today, forming a higher high on the daily chart. The bulls are intent on mounting a recovery rally. However, the bears are still active in the market.<\/p>\n

Related Reading: How Does Current Bitcoin Rally Compare With Historical Ones?<\/a><\/p>\n

Since AVAX still trades below its 50-day and 200-day Simple Moving Averages (SMA), the asset will likely see a further price decline in the short and long term. The SMA\u2019s display sell signals prompting traders to take short positions in the market today.<\/p>\n

However, some indicators are pointing to a price recovery for AVAX soon. For instance, the Relative Strength Index (RSI) is 38.53 and close to the oversold region.\u00a0<\/p>\n

The RSI indicator mirrors the bearish trend that began on May 18, 2023, but the indicator is moving upwards, hinting at a potential trend reversal for the asset.\u00a0\u00a0<\/p>\n

Although the AVAX\u2019s Moving Average Convergence\/Divergence (MACD) is just breaking above its signal line and showing convergence, its histogram bars display small green bars hinting at a potential trend reversal to the upside.\u00a0<\/p>\n

A close look at the chart structure shows that AVAX entered a downtrend on April 19, 2023. But it found support on May 22, sparking hope for a price recovery.\u00a0<\/p>\n

What\u2019s Ahead For Avalanche?<\/h2>\n

AVAX has found valuable support at the $14.29 price level, a pivot point for the asset. It is currently trading above its closest resistance level of $14.29.\u00a0However, the bears are still active in the market, intent on keeping it below the next resistance level of $15.21.<\/p>\n

From historical price behavior, AVAX pivoted on the $14.29 support on March 11, 2023, rallying to $21.29 on April 18, with dips in between. It replayed the same action on May 22 and will likely rally again to the $21 price level in the longer time frame.<\/p>\n

Note that crypto assets are volatile and can deviate from historical price action. Therefore sound technical and fundamental analysis is essential for trading.<\/p>\n

Featured image from Pixabay and chart from Tradingview.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Avalanche (AVAX) is gaining today<\/a> as it seeks to retain its gains in the last 24 hours. Its trading volume is up by over 18% today, possibly sustaining its price recovery attempt.<\/p>\n

Notably, AVAX entered the month of May with a bullish momentum trading at $16.66 on May 1, 2023. However, the bears have kept AVAX\u2019s price at $14 since May 18.\u00a0<\/p>\n

It now approaches the $15 price level seeking to rediscover its positive price form. The increased trading volume today implies that more activities are ongoing on the network.<\/p>\n

This surging interest in the network might help AVAX sustain its uptrend.\u00a0 A return to $21 remains likely for the asset in the long term.<\/p>\n

AVAX Price Moves<\/h2>\n

AVAX is gaining today, forming a higher high on the daily chart. The bulls are intent on mounting a recovery rally. However, the bears are still active in the market.<\/p>\n

Related Reading: How Does Current Bitcoin Rally Compare With Historical Ones?<\/a><\/p>\n

Since AVAX still trades below its 50-day and 200-day Simple Moving Averages (SMA), the asset will likely see a further price decline in the short and long term. The SMA\u2019s display sell signals prompting traders to take short positions in the market today.<\/p>\n

However, some indicators are pointing to a price recovery for AVAX soon. For instance, the Relative Strength Index (RSI) is 38.53 and close to the oversold region.\u00a0<\/p>\n

The RSI indicator mirrors the bearish trend that began on May 18, 2023, but the indicator is moving upwards, hinting at a potential trend reversal for the asset.\u00a0\u00a0<\/p>\n

Although the AVAX\u2019s Moving Average Convergence\/Divergence (MACD) is just breaking above its signal line and showing convergence, its histogram bars display small green bars hinting at a potential trend reversal to the upside.\u00a0<\/p>\n

A close look at the chart structure shows that AVAX entered a downtrend on April 19, 2023. But it found support on May 22, sparking hope for a price recovery.\u00a0<\/p>\n

What\u2019s Ahead For Avalanche?<\/h2>\n

AVAX has found valuable support at the $14.29 price level, a pivot point for the asset. It is currently trading above its closest resistance level of $14.29.\u00a0However, the bears are still active in the market, intent on keeping it below the next resistance level of $15.21.<\/p>\n

From historical price behavior, AVAX pivoted on the $14.29 support on March 11, 2023, rallying to $21.29 on April 18, with dips in between. It replayed the same action on May 22 and will likely rally again to the $21 price level in the longer time frame.<\/p>\n

Note that crypto assets are volatile and can deviate from historical price action. Therefore sound technical and fundamental analysis is essential for trading.<\/p>\n

Featured image from Pixabay and chart from Tradingview.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24497","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24497"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24497\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24497"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}