Avalanche

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Avalanche (AVAX) price still hovers below the 200-day EMA mark.</a> </li> 
 <li> <span>2</span> <a>AVAX is mirroring a double bottom formation, but confirmation awaits.</a> </li> 
</ul>  
<p>The<strong> Avalanche (AVAX) price</strong> has retested its demand trajectory multiple times and reverted from the $30 mark. However, the buyers failed to cross the 200-day EMA mark and faced resistance there.</p> 
<p>However, the technicals are giving a positive outlook and suggesting that <strong>AVAX crypto</strong> might register a trendline breakout above $40 and deliver bullish momentum soon.</p> 
<p>At press time, the <strong><a href="https://www.thecoinrepublic.com/2024/03/27/will-avalanche-crypto-succeed-in-sustaining-at-support-rise/" target="_blank" rel="noreferrer noopener">Avalanche crypto</a> (AVAX</strong>) price traded at $33.56 with an intraday gain of 5.89%, reflecting mixed cues and staying near the oversold region. It has a monthly return ratio of -28.90% and 124.37% yearly.</p> 
<p>The pair of AVAX/BTC is at 0.000552 BTC, and the market cap is $12.80 Billion. Analysts are neutral and suggest that the <strong>AVAX crypto</strong> may soon cross the 200-day EMA mark and reach the $50 mark.</p> 
<h2 class="wp-block-heading" id="strong-avalanche-might-register-breakout-key-metrics-suggest-strong"><strong>Avalanche Might Register Breakout: Key Metrics Suggest</strong></h2> 
<p>The buyers have resisted the selloff for the past sessions and started accumulating. This week, ups and downs in the price action was noted, and buyers are struggling to cross the 200-day EMA mark.</p> 
<p>A break and close above the $38 mark would validate the up move and may register a breakout ahead. Additionally, the <strong>AVAX crypto</strong> has completed the correction phase and may outperform in the following sessions.</p>    
<p><a href="https://www.tradingview.com/chart/AVAXUSDT/Bz0M87N5-AVAX-Price/"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/"></a><a href="https://www.tradingview.com/"></a></p>  
<p class="has-text-align-center">Source: TradingView</p> 
<p>Following the <strong>range-bound price action</strong>, the trading volume remained flat at $401.29 Million.</p> 
<h3 class="wp-block-heading" id="strong-avalanche-avax-daily-transaction-remained-neutral-strong"><strong>Avalanche (AVAX) Daily Transaction Remained Neutral</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/Fh8qrbzBOvx18yH_p43x2RMgTaUAaJTw7rY_I9U1ubb2n7TrxwQ0grt8gam7pvSwyx4fpIbnvNrWMS5YXzIa8bWvuUPt7OdUdZjbxWqEHlj50NU8J3sjsheYlq8lMjGRXr8Q4pRg7kktG0w26ZdsEQ4" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: Artemis</p> 
<p>For the past weeks, the daily transactions of the Avalanche (AVAX) remained flat, signifying a decline in usage of the Network.</p> 
<h3 class="wp-block-heading" id="strong-daily-active-addresses-showed-follow-on-decline-strong"><strong>Daily Active Addresses Showed Follow-On Decline</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/Pcc1Rb7ST4fNiG6PHvkw1IdLzd-XXDzH_iBWK5GKoLTBMcPuJj3YiLVk_WaiBwMeVWqQK7opPO4PyQ68iBCh3aIXwQev960C2WYjWdSa8B7pbHx96NahFBJWAb6KfRq9edw_S4CUCEO2VvFLmq59SWQ" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: Artemis</p> 
<p>Per the above data, the drop in the active addresses showed a consistent drop, resulting in a fall in price. The intraday value of addresses stood at 41.7k.</p> 
<h3 class="wp-block-heading" id="strong-slump-in-popularity-strong"><strong>Slump In Popularity&nbsp;</strong></h3> 
<p>For weeks, the social volume of the Avalanche (AVAX) showed significant slippage and is highlighting the decline in investor popularity on social platforms.</p> <iframe loading="lazy" title="Santiment Chart: Social Volume (AVAX), Development Activity (AVAX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=pepe&amp;pt=PEPE&amp;df=2023-11-11T18%3A29%3A59.743Z&amp;dt=2024-05-11T18%3A29%3A59.743Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_volume_total%3Bavalanche%3BAVAX%5D%3B%5B1%3Bdev_activity%3Bavalanche%3BAVAX%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22node%22%3A%22line%22%2C%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D" scrolling="no"></iframe> 
<p>Meanwhile, the development activity of the Avalanche (AVAX) crypto displays neutral data, and the value stood close to the midline, near 29.76.</p> 
<h3 class="wp-block-heading" id="strong-futures-open-interest-outlook-strong"><strong>Futures Open Interest Outlook</strong></h3> 
<p>This week, the derivative segment signifies long unwinding activity, and the open interest dropped over 6.78% to $205.58 Million.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/HOzntKUrEu-slGF9pI3l5da7P1dheBCn7cYBosvk301gIVsBCev2EPccokpuidvnR7ccbHRXTaD_0GUv1PyimpLyrVX5eLpzuhnhtUXPOgOUCmcra6udsWVWZe8GwQNTGpLCl6xuOhIAaZDS2rrkDn0" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: coinglass&nbsp;</p> 
<p>The immediate support levels for the Avalanche (AVAX) are $30 and $28, whereas the key upside hurdle is around $35, followed by $40</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The Avalanche (AVAX) crypto price highlights no significant change in the price action throughout the week. Moreover, uncertainty in the price action makes investors worry.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Avalanche Failed To Overtake 200-Day EMA: What’s Next For AVAX?

Table of Contents

Thecoinrepublic.com

Other articles published on May 11, 2024

Is Ripple CTO Satoshi Nakamoto? Revealed

Dogecoin, Dogwifhat prices soaring; KangaMoon hype rises in the meme coin space

Can Shiba Inu (SHIB) Still Achieve a 5X Increase, or Should Investors Look for New Opportunities ...

Tron Price Prediction for Today, May 11 – TRX Technical Analysis

Ethereum Whale Faces $6.5 Million Loss

Cardano (ADA) Sees Varied Market Movements

Join our free newsletter for daily crypto updates!