Altcoins
AVAX is up 11.92% over the past 7 days.
- AVAX has jumped 11.92% in the last 7 days
- Coinbase Derivatives has now filed for certification of AVAX Futures with the CFTC
Avalanche (AVAX) continues to defy market trends with a sustained rise in the charts. Although most altcoins have seen sharp declines, AVAX remains strong and well-positioned to climb despite BTC volatility. Over the past 7 days alone, various factors have led to AVAX’s positive price trajectory.
For starters, Coinbase Derivatives recently made headlines after officially filing certifications with the CFTC to offer U.S.-regulated futures contracts for AVAX. Coinbase we will also look at LINK, DOT, Stellar and Shiba Inu futures.
This is a major milestone as it will boost investor confidence in the altcoin. Additionally, institutional and other retail investors will view AVAX as a mature asset that is attracting the attention of major market players.
That’s not all either, because Moon Gate also announced its integration of AVAX. In an article on X, his team said:
“We are excited to announce that Moongate has just been integrated into @avax! With #Avalanche, we are bringing a new level of transaction efficiency and security to our platform.
These developments are positive signs for AVAX, which can potentially affect market sentiment and activities. In fact, these moves have left analysts optimistic, with many now predicting huge gains for AVAX. John Mayerfor example, shared,
“$AVAX price rallied sharply today before paring gains slightly in steady volume. We’ve reclaimed $28; next, we should aim for $30. #Avalanche is currently focused on gaming partnerships, with small but growing #DeFi apps and growing #NFT activity.”
What do the key indicators suggest?
While most analyst projections and market developments are in AVAX’s favor, what do the metrics say?
Source: Coinglass
AMBCrypto’s analysis found that AVAX is on an upward trajectory and will continue to be. Our analysis of Coinglass data also revealed lower liquidation rates for long position holders and higher liquidation for short positions.
Larger liquidations of short positions are a sign that investors betting against the market are running out of money. Since June 25, short position holders have been forced to close their positions while long position holders continue to hold them and open new ones. This can be interpreted as a bullish signal.
Source: IntoTheBlock
According to IntoTheBlock, AVAX has been in an accumulation phase over the past 7 days. During this period, large transactions have surged by 280%. These activities have led to greater buying pressure, thus pushing the price higher.
What do the price tables say?
Since the market has low liquidity for long positions, a higher number of large trades indicates an accumulation phase.
Source: Tradingview
Over the past 7 days, the OBV has also moved from a low of 33 to 37 at press time. The rising OBV is a sign of volume on the buying side, leading to higher prices and bullish behavior.
Source: Tradingview
Finally, the Money Flow Index (MFI) rose from 16 on June 24 to 35 at the time of writing.
A sharp rise in the MFI typically indicates increasing buying activity, leading to a transition from higher selling pressure to a bear market.