Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

AVAX Open Interest Explodes, 30% Price Rally Incoming?

Share This Post

Avalanche Price Analysis

The post AVAX Open Interest Explodes, 30% Price Rally Incoming? appeared first on Coinpedia Fintech News

After experiencing a notable upside rally in recent days, Avalanche’s (AVAX) price action confirms that the rally is likely to continue in the coming days. This bullish outlook has attracted significant attention from traders and investors, leading to a record surge in Open Interest.

Record Surge in Open Interest 

According to the on-chain analytics firm Coinglass, AVAX’s open interest has skyrocketed to $441.09 million, the highest since May 2024. Notably, following the election of pro-crypto Donald Trump as President of the United States, its open interest surged from $262 million to the current $441.09 million.

Source: Coinglass

As of November 22, 2024, AVAX’s open interest has jumped by 21% in the past 24 hours and 14.56% in the past four hours. This significant rise in OI suggests growing interest from traders amid a bullish price action pattern.

Why AVAX Price is Increasing?

The potential reason for traders’ interest in AVAX is the recent breakout from its consolidation zone, which has cleared the path for the altcoin to potentially soar 30% in the coming days.

Avalanche’s (AVAX) Technical Analysis and Upcoming Level

According to AVAX’s daily chart, it has broken out from a strong resistance level of $32 on November 11, 2024. Since then, the altcoin has traded within a tight range of $32 to $36.

Source: Trading View

With notable interest from traders and investors, today, AVAX has broken out of that tight range, shifting market sentiment towards bullishness.

Based on recent price action and historical momentum, there is a strong possibility that AVAX could soar by 30%, potentially reaching the $50 level in the coming days.

Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Additionally, its Relative Strength Index (RSI) suggests that AVAX still has room to rally in the coming days.

Current Price Momentum

At press time, the asset is trading near $39.55 and gained a price surge of over 12% in the past 24 hours. During the same period, AVAX’s trading volume surged by 52%, indicating heightened participation from traders and investors amid a bullish outlook.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana Slammed By Whale Dump—Can It Recover Or Is More Pain Ahead?

Solana’s price has fallen to $116, marking a 12% decrease over the past week amid growing concerns about large investors selling their holdings According to reports, several major

Fartcoin Roars Back With 24% Surge: Eyes Locked On $1 As Momentum Builds.

The post Fartcoin Roars Back With 24% Surge: Eyes Locked On $1 As Momentum Builds appeared first on Coinpedia Fintech News Fartcoin (FART), the AI-backed memecoin cryptocurrency, blasted onto the

Justin Sun Accuses First Digital Trust of $100M Deficit and Fraud

The post Justin Sun Accuses First Digital Trust of $100M Deficit and Fraud appeared first on Coinpedia Fintech News Tron founder Justin Sun has publicly accused First Digital Trust (FDT), a Hong

XRP Price Today: Can It Break Out or Will the Bearish Trend Continue?

The post XRP Price Today: Can It Break Out or Will the Bearish Trend Continue appeared first on Coinpedia Fintech News The crypto market has been all over the place recently, and XRP is no exception

Top Altcoins to Watch in April 2025

The post Top Altcoins to Watch in April 2025 appeared first on Coinpedia Fintech News Crypto markets had a wild week – prices jumped, dipped, and then bounced back, all before Trump’s new

XRP outperforms market as Coinbase seeks CFTC approval for futures trading

Coinbase Derivatives has taken a major step toward expanding its crypto offerings by filing with the US Commodity Futures Trading Commission (CFTC) to launch an XRP futures contract If the CFTC gives