{"id":32859,"date":"2023-11-21T01:52:42","date_gmt":"2023-11-21T05:52:42","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32859"},"modified":"2023-11-21T01:52:42","modified_gmt":"2023-11-21T05:52:42","slug":"avax-open-interest-climbs-10-4-to-224-million-is-30-possible","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/21\/avax-open-interest-climbs-10-4-to-224-million-is-30-possible\/","title":{"rendered":"AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?"},"content":{"rendered":"

The open interest for AVAX<\/a> has been on a consistent rise over the last month, carrying the price of the altcoin<\/a> along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price.<\/p>\n

AVAX Open Interest Surge To $224 Million<\/h2>\n

According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX.<\/p>\n

Binance<\/a> actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period.<\/p>\n\n

ByBit exchange<\/a> accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day.<\/p>\n

The largest jump in open interest was recorded on the Bitmex exchange<\/a> as it rose 17.78% to bring the crypto exchange\u2019s total open interest to 55,340 AVAX with $1.53 million. Altogether, the open interest in the altcoin<\/a> has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month.<\/p>\n\n

Can Price Cross $30?<\/h2>\n

The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the open interest<\/a> crossed $220 million was in May 2022 when the price was still trading above $50.<\/p>\n

Also, taking a look at AVAX\u2019s historical performance, it shows that whenever the open interest has risen quickly<\/a>, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55.<\/p>\n

If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning the altcoin<\/a> could be trading well below its fair value.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The open interest for AVAX<\/a> has been on a consistent rise over the last month, carrying the price of the altcoin<\/a> along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price.<\/p>\n

AVAX Open Interest Surge To $224 Million<\/h2>\n

According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX.<\/p>\n

Binance<\/a> actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period.<\/p>\n

ByBit exchange<\/a> accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day.<\/p>\n

The largest jump in open interest was recorded on the Bitmex exchange<\/a> as it rose 17.78% to bring the crypto exchange\u2019s total open interest to 55,340 AVAX with $1.53 million. Altogether, the open interest in the altcoin<\/a> has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month.<\/p>\n

Can Price Cross $30?<\/h2>\n

The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the open interest<\/a> crossed $220 million was in May 2022 when the price was still trading above $50.<\/p>\n

Also, taking a look at AVAX\u2019s historical performance, it shows that whenever the open interest has risen quickly<\/a>, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55.<\/p>\n

If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning the altcoin<\/a> could be trading well below its fair value.<\/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-32859","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\/32859","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=32859"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32859\/revisions"}],"predecessor-version":[{"id":32869,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32859\/revisions\/32869"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32859"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}