In recent days, Avalanche (AVAX) has experienced a remarkable price rally, captivating the attention of traders and investors alike. This upward momentum suggests that the rally is poised to continue in the near future. The bullish outlook has led to a significant surge in Open Interest, marking a pivotal moment for the cryptocurrency.
Record Surge in Open Interest
According to on-chain analytics firm Coinglass, AVAX’s open interest has soared to an impressive $441.09 million, marking its highest point since May 2024. This surge is noteworthy, especially following the election of pro-crypto Donald Trump as President of the United States, which saw open interest rise from $262 million to the current level of $441.09 million.
As of November 22, 2024, AVAX’s open interest has increased by 21% in just the past 24 hours and 14.56% in the past four hours. This substantial rise indicates a growing interest from traders, as bullish price patterns continue to emerge.
Why is AVAX Price Increasing?
One potential catalyst for the increased interest in AVAX is its recent breakout from a consolidation zone. This breakout has cleared the way for the altcoin to potentially gain an additional 30% in value over the coming days.
Avalanche’s (AVAX) Technical Analysis and Upcoming Levels
Examining AVAX’s daily chart reveals a breakout from a strong resistance level of $32 on November 11, 2024. Since then, the altcoin has traded within a narrow range of $32 to $36, reflecting a period of consolidation. However, with renewed interest from traders and investors, AVAX has now broken out of this range, shifting market sentiment towards a more bullish outlook.
Based on recent price action and historical momentum, there is a compelling possibility that AVAX could soar by 30%, potentially reaching the $50 mark in the coming days. Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, signaling an uptrend. Additionally, the Relative Strength Index (RSI) suggests that AVAX still has room for further rallying in the near future.
Current Price Momentum
At the time of writing, AVAX is trading near $39.55, having experienced a price surge of over 12% in the past 24 hours. During the same period, AVAX’s trading volume has surged by 52%, indicating heightened participation from traders and investors in light of the bullish outlook.
Overall, the recent developments surrounding AVAX highlight the growing confidence among market participants and suggest that Avalanche could continue its upward trajectory. As traders and investors keep a keen eye on this promising altcoin, AVAX’s price action will likely remain a focal point in the cryptocurrency market.
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