Token

Flow

Avalanche

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/avax-token-price-rises-sharply" data-wpel-link="internal" rel="noopener noreferrer nofollow">AVAX Token Price Rises Sharply</a><br></p>
<p style="text-align: justify">The native token of the popular Layer-1 network <a href="https://en.bitcoinhaber.net/avalanche-and-alipay-forge-alliance-to-elevate-digital-shopping" data-wpel-link="internal" rel="noopener noreferrer nofollow">Avalanche</a>, AVAX, has surged to $28.44. This analysis explores recent data grounded in robust fundamentals. Avalanche isn’t the only altcoin seeing a boost in the last 24 hours; several top 20 <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> cap projects have also experienced gains. Insights from Santiment and IntoTheBlock shed light on these developments.</p>
<h2 id="what-drives-the-avax-surge">What Drives the AVAX Surge?</h2>
<p style="text-align: justify">Santiment’s <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> that Avalanche’s social volume has skyrocketed since June 27, maintaining high levels at present. Social dominance, which measures the frequency of searches for a cryptocurrency, often spikes with significant developments. Currently, the organic nature of this rise indicates growing confidence. If this trend continues, AVAX could bypass a correction and achieve a substantial price hike, surpassing the 6.32% increase seen in the last 24 hours. Historical trends suggest that similar surges have previously driven the token to $36.80 on June 6.</p>
<p style="text-align: justify">The In/Out of the Money Around Price (IOMAP) indicator also hints at a short-term value increase for AVAX. IOMAP tracks the price ranges at which holders acquired their tokens. The data shows that 4,100 addresses purchased 2.62 million AVAX at an average price of $28.54, while 53,540 addresses acquired 1.21 million tokens at a weighted price of $27.29 during the same period.</p>
<h2 id="analyzing-avax-charts">Analyzing AVAX Charts</h2>
<p style="text-align: justify">The daily AVAX/USD chart aligns with the on-chain analysis, backed by the Fibonacci Retracement indicator, which predicts potential price targets or reversal points. As of now, AVAX is nearing the resistance level at $28.54, corresponding to the 0.238 Fibonacci level. Additionally, the Chaikin Money Flow (CMF) has exited negative territory.</p>
<p style="text-align: justify">During this phase, the AVAX price could hit an initial target of $31.39 and may reach $36.01 if bulls overcome general resistance. However, this forecast could become invalid if demand for AVAX dwindles. The CMF also points out a potential downside; if it hits 0.20, the token could be overbought, driving the price down to $25.59.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<ul>
 <li>Santiment data shows a significant rise in social volume for AVAX, indicating growing interest and confidence.</li>
 <li>Historical trends suggest that a continuous rise in social volume could lead to substantial price increases.</li>
 <li>IOMAP data supports the potential for short-term gains, with significant purchase volumes at key price levels.</li>
 <li>The AVAX/USD chart and Fibonacci Retracement indicator align in forecasting upward movement, subject to market dynamics.</li>
</ul>
<p style="text-align: justify">In conclusion, if social volume and market interest in AVAX continue to grow, the token could see significant price increases in the near term. However, traders should be cautious of potential overbuying scenarios that could lead to price corrections.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/avax-token-price-rises-sharply" data-wpel-link="internal" rel="noopener noreferrer nofollow">AVAX Token Price Rises Sharply</a></h5>

AVAX Token Price Rises Sharply

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