• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Saturday, May 31, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Avalanche (AVAX) Pumps 15%! Will It Overcome Resistance?

Jordan Avery by Jordan Avery
May 17, 2024
in News
Reading Time: 3 mins read
0
Avalanche (AVAX) Pumps 15%! Will It Overcome Resistance?
Share on TwitterShare on Facebook

Avalanche (AVAX) price is expected to remain consolidated owing to the lack of substantial growth expected from the altcoin. The currency holders also exhibit a selling sentiment since short-term investors dominate the supply.

Avalanche Investors Wants to Sell

Avalanche’s price could soon observe the impact of investors’ behavior; the supply is dominated by short-term holders known to hold their supply for one month or less. 

avalanche-avax 1

This makes their holdings susceptible to selling. In the case of AVAX, nearly 28% of all circulating AVAX is in their hands. Forty percent of the coin is still held by mid-term investors who hold their assets for over a month and less than a year. However, 28% still makes up for over 107 million AVAX, making these investors a major threat to Avalanche’s price.

Avalanche AVAX

Secondly, Avalanche’s price will face significant resistance owing to a massive demand barrier. According to the Global In/Out of the Money indicator (GIOM), about 12.47 million AVAX await profits. This supply was bought at an average price of $38, making it worth over $473 million.

Avalanche GIOM. Source: IntoTheBlock
Avalanche GIOM. Source: IntoTheBlock

This would require strong bullish cues, as AVAX would have to push to $42 to ascertain absolute and complete profits. However, considering the market conditions, this may not happen. As a result, Avalanche’s price will fall back down.

AVAX Price Prediction: Consolidation Ahead

Avalanche’s price, $37.5, has rallied 15% in the past three days, pulling it up from $31. The latter marked the lower limit of the consolidation range AVAX has been stuck in for a month. The upper limit stands at $39.

investors-price
Coinmarketcap

The altcoin has attempted to break out of this consolidation nearly three times in the last month but has failed each time. Even during this week’s rally, AVAX only made it halfway. Furthermore, the cryptocurrency has been unable to invalidate the death cross that occurred over six weeks ago.

The bearish influence will continue until the 50-day Exponential Moving Average (EMA) crosses over the 200-day EMA. As a result, Avalanche’s price will likely remain consolidated until the end of the month.

However, the bullish thesis could be invalidated if the winds shift and AVAX investors opt not to sell but push forward instead. AVAX would need to break out of the consolidation and flip $39 into support.

Tags: avalancheAVAXcryptocurrencyMarket Sentiment.price analysisTrading Strategy
Previous Post

Uniswap (UNI) Struggles to Rally, Mallconomy Presale is a Great Chance in Metaverse and E-commerce

Next Post

Dogecoin Soars Despite Whale Dumping 120 Million Coins

Related Posts

Featured

Netflix Casts Leads for FTX Drama

May 30, 2025
Featured

Trump’s Meme Coin Dinner Under Investigation

May 29, 2025
Altseason Is Here—But Only for a Few Minutes
News

Altseason Is Here—But Only for a Few Minutes

May 28, 2025
Bitcoin Shakes as Trump Talks Tariffs Again
Featured

Bitcoin Shakes as Trump Talks Tariffs Again

May 27, 2025
Bitcoin Price Prediction For The Holiday—Breakout or Breakdown Coming
Market Analysis

Bitcoin Price Prediction For The Holiday—Breakout or Breakdown Coming

May 26, 2025
Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?
News

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

May 25, 2025

Press Releases

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?
News

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

by Alex Mercer
May 25, 2025

Introduction It seems the U.S. labor market has hit a pothole—again. The Kansas City Fed’s Labor Market Conditions Index (LMCI)...

Read more
Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

May 23, 2025
Dogecoin’s Ready to Bark Again—Could $0.30 Be the Next Fetch?

Dogecoin Ready to Bark Again—Could $0.30 Be Next

May 20, 2025
Ethereum Climbs While PEPE Reloads—Who's About to Explode

Ethereum Climbs While PEPE Reloads—Who’s About to Explode?

May 18, 2025
Trump Meme Coins Spark Calls for Treasury Review

Trump Meme Coins Spark for Treasury Review

May 15, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier