AVAX Price- Whale Activity and Market Trends Hint at Rebound
AVAX Price– Avalanche (AVAX) has been struggling recently, with its price dropping consistently over the past few days. However, despite the decline, there are growing signs that the market could turn around soon. Traders are closely watching to see if Avalanche (AVAX) can recover from its current slump.
As of writing, Avalanche (AVAX) is priced at $18.71, having fallen by 2.13% in the last 24 hours. Over the past week, it has seen a significant drop of nearly 10%. Despite the ongoing downtrend, some indicators suggest that a potential reversal might be on the horizon.
Whale Activity and Market Sentiment
One key factor influencing AVAX’s price movement is whale activity. Despite the downward trend, large investors have been actively accumulating the asset. In just the last 24 hours, there were 314 large transactions, signaling increased buying interest. On March 19, the 7-day high of large transactions reached 353, showing a notable rise in accumulation. This growing buying pressure might suggest a potential price reversal, especially as market sentiment shifts.
Avalanche Foundation Changes Affecting Investor Confidence
Another factor contributing to AVAX’s current struggle is the recent resignation of three board members from the Avalanche Foundation. Although the team has reassured investors that the project remains on track, uncertainty still lingers, which has led to some selling pressure.
Technical Indicators and Market Trends
Currently, AVAX’s trading volume stands at $213.47 million, a 38.92% drop. However, any sudden spike in volume could signal renewed buying interest. Open Interest, which tracks active futures contracts, currently sits at $341.27 million, showing a decline. If Open Interest increases alongside a price surge, it could indicate that more traders are entering the market, possibly signaling a bullish shift.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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