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Avalanche (AVAX) Faces Consolidation After 15% Rally, While WienerAI Presale Crossed $2.3 Million

Jordan Avery by Jordan Avery
May 19, 2024
in Press Releases
Reading Time: 3 mins read
0
Avalanche, Price Forecast, AVAX, Investor Sentiment, WienerAI, Memecoin, Cryptocurrency, Market Analysis,AI, Trading
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Avalanche (AVAX) price is likely to continue to move sideways due to the lack of significant growth incentives. However, Sentiment among AVAX holders is also gradually turning bearish as short-term investors dominate the supply. On the other hand, a fresh memecoin on the scene, WienerAI, is achieving remarkable triumphs with its early-bird presale.

Investors are Getting Ready to Sell Avalanche

Avalanche’s price could soon feel the impact of investor behavior, with supply dominated by short-term holders, who are known to hold their holdings for one month or less. In the case of AVAX, they hold almost 28% of the total circulating supply, or 107 million tokens.

Avalanche (AVAX) Faces Consolidation After 15% Rally, While WienerAI Presale Crossed $2.3 Million
AVAX supply distribution. Source: IntoTheBlock

Additionally, the altcoin risks facing significant resistance at $38. According to the Global In/Out of the Money (GIOM) indicator, approximately 12.47 million coins were purchased at this price. If holders decide to exit their positions, the upward momentum may fizzle out.

GIOM AVAX. Source: IntoTheBlock
GIOM AVAX. Source: IntoTheBlock

Avalanche (AVAX) Price Forecast: Consolidation Ahead

Avalanche’s price has risen more than 15% over the past few days. At the time of writing AVAX price is trading at $36.5, meanwhile, the $31 mark became the lower limit of the consolidation range in which the altcoin has been for a month. The upper limit is located at $39.

aVAX-AVALANCHE
coinmarketcap

Over the past month, AVAX tried to break out of consolidation three times, but failed each time. This will continue until the 50-day exponential moving average (EMA) crosses the 200-day EMA. However, the bearish thesis could be refuted if investors decide to hold or accumulate tokens. In this case, Avalanche will break out of the range, potentially confirming $39 as support.

WienerAI Presale Rockets Past 2.3 Million Benchmark

The pre-launch phase of WienerAI memecoin, preceding its official debut, has attracted substantial interest from initial adopters and investors keen to jump in at the ground level of what promises to be a groundbreaking addition to the cryptocurrency ecosystem. Additionally, exceeding the 2.3 million mark during the presale signifies not just the fervor surrounding the project but also the burgeoning desire for creative and unorthodox digital assets. Furthermore, WienerAI, a project that merges predictive technology with an intuitive AI interface to empower cryptocurrency traders, has surpassed the 2.3 million mark in its presale.

About WienerAI Presale Progress

WienerAI’s technology empowers users to swiftly scour the crypto market for promising prospects. Users can consult WienerAI to identify their next trade, and the platform furnishes market analysis to assist them in making well-informed choices. Additionally, WienerAI facilitates effortless and MEV-free swaps via decentralized exchanges.

wienerai-presale11

The project utilizes $WAI, an ERC20 token on the Ethereum Blockchain, as its primary token. $WAI fuels the WienerAI trading bot. WienerAI underscores the immense potential of AI in the financial sector, stressing that current functionalities are merely a peek at what the future holds. Moreover, the project emphasizes Wiener’s limitless upgradability and its adaptable technological design, guaranteeing WienerAI stays at the forefront of AI advancements in the trading domain.

Tags: AiavalancheAVAXcryptocurrencyinvestor sentimentMarket AnalysisMemecoinprice forecastTradingWienerAI
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