The AVAX price has dropped by 7% in the past day and by 2% in the last hour, as the cryptocurrency market loses some of its recent gains in a selloff today.
Despite the decline, AVAX remains up by an impressive 70% in the past week and by 138% in a month, making it one of the best-performing major tokens over these periods.
Yet it seems that traders are taking profits today in the face of potential delays to two Bitcoin ETF applications, with AVAX likely to fall along with most other coins.
However, there are various newer cryptocurrencies that could rise strongly even amid a sluggish market, with TG.Casino’s increasingly successful presale indicating that it could enjoy some big exchange listings.
Is It Too Late to Buy Avalanche? AVAX Price Surges 70%
Even with today’s slippage, AVAX remains in a strong position with ongoing momentum, as signalled by its indicators.
Its RSI (purple) has returned to 80 after dipping a little earlier in the week, showing substantial buying pressure.
At the same time, the coin’s 30-day average (yellow) has just crossed over its 200-day (blue), a sign that a breakout rally is currently beginning.
One of the most bullish signs you can see on the chart above is AVAX’s trading volume, which has risen from a lowly $140 million in mid-October to around $2 billion today.
Needless to say, this reveals some considerable demand for AVAX, with much of this likely coming from whales.
A whale deposited 449,668 $AVAX($10.3M) to #Binance 1 hour ago, and would have realized a profit of ~$3.8M if sold.
The whale withdrew 534,669 $AVAX($7.72M) at $14.45 from #Binance on Nov 23&24, 2022 and June 6, 2023.
Traders should be mindful, however, that some whales may be preparing to sell, given the rises AVAX has enjoyed in the past couple of weeks.
This perhaps accounts for why AVAX (along with most other coins) has fallen today, yet the medium- and long-term direction of the coin continues to be: up.
Indeed, the market had oversold AVAX for too long prior to recent rallies, with the coin’s fundamentals among the strongest in the market.
For instance, Citigroup used the Avalanche network as part of a trial into using blockchain tech for FX trades, a sign of the considerable adoption AVAX is likely to attract in the coming months and years.
Citi has tested the use of blockchain infrastructure to price and execute simulated FX trades on Avalanche Evergreen Subnets.
This Proof of Concept from @Citi is part of Project Guardian, a collaboration by the Monetary Authority of Singapore (MAS) & the financial industry. 🧵👇 pic.twitter.com/dVnmfG562r
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