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Reading: Avalanche Cryptocurrency Surges Over 6% in 24 Hours
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COINTURK NEWS > Avalanche (AVAX) > Avalanche Cryptocurrency Surges Over 6% in 24 Hours
Avalanche (AVAX)

Avalanche Cryptocurrency Surges Over 6% in 24 Hours

In Brief

  • Avalanche (AVAX) surpasses $38 with a 6% increase.

  • Technical analysis suggests a potential breakout for AVAX.

  • Investors should watch key levels and manage risks.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Currently the ninth most valuable cryptocurrency, Avalanche (AVAX), has risen over 6% in the last 24 hours, surpassing $38. This upward movement could be just the beginning of a larger surge for AVAX holders. So, what levels of movement could be possible?

Contents
Signs of Rise Indicate Potential BreakoutKey Levels to WatchFunding Rate Dynamics

Signs of Rise Indicate Potential Breakout

Our analysis on the daily AVAX/USD chart points to a potential breakout scenario. Bulls are preparing to challenge the $39 resistance level, and a successful breakout could likely elevate AVAX to $43.85. Conversely, if there is a rejection, a pullback towards the next support zone at $33.85 could occur.

The Relative Strength Index (RSI) is currently at 54.42, indicating a revival in buying momentum. Additional support comes from the Awesome Oscillator (AO), which has been indicating increasing upward momentum for AVAX since it rose from negative levels. Moreover, the Directional Movement Index (DMI) supports the bullish outlook by showing more buyer aggression compared to sellers in the market.

Key Levels to Watch

While the Average Directional Index (ADX) continues to remain relatively weak at 13.49, a rise above 25 with the +DMI staying above the -DMI could confirm AVAX’s path towards $40. However, the Liquidation Heat Map highlights potential obstacles, with large-scale liquidations expected around $37.

Investors with high leverage and low margin balances are particularly at risk, especially if AVAX surpasses $38. Additionally, changes in volume could indicate potential price fluctuations. Furthermore, a decrease in volume could likely lead to a pullback, while an increase in volume could potentially propel AVAX towards the $50 mark.

Funding Rate Dynamics

On-chain data shows a positive Funding Rate for AVAX, indicating that long positions are paying a funding fee to short positions. This bullish indicator further supports the potential for a continuous price increase.

In conclusion, while AVAX shows promising signs of upward momentum, investors should be vigilant about key resistance levels, potential liquidation risks, and fluctuations in volume and funding rates. As always, it is important to remember that careful risk management is essential when navigating the volatile cryptocurrency market.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 10 February, 2024 - 2:10 am 10 February, 2024 - 2:10 am
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