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Cryptocurrency News Articles
Avalanche (AVAX) Price Prediction: Long-Term Holders Surge as AVAX Approaches Key Resistance Zones
Sep 27, 2024 at 05:00 am
Avalanche (AVAX) price is showing signs of a potential breakout as long-term holders surge and short-term traders decrease. With the price currently hovering around $29.26, AVAX is approaching two key resistance zones that could determine its next move.
The price of Avalanche (AVAX) seems to be gearing up for a potential breakout, with a closer look at on-chain metrics revealing a shift towards long-term bullish sentiment.
As the world’s seventh-largest cryptocurrency by market capitalization continues to trade above the $29,000 (24-hour trading volume of $1.2 billion), on-chain analysis by Finbold highlights a 4.26% increase in the number of long-term holders of AVAX.
Specifically, the number of long-term holders has increased by 200,000 addresses, with these addresses now accounting for 90.4% of allホルダーアドレス.
Long-term holders are typically defined as those who have held their AVAX for more than a year, indicating a long-term commitment to the asset. This shift could be a key factor in driving the price of AVAX higher in the coming months.
On the other hand, the number of traders, defined as those who have held AVAX for less than a month, has decreased by 6.86%, or around 13,000 addresses. This shift suggests a strengthening belief in the coin’s value and long-term potential.
As more people hold onto their AVAX for extended periods, the selling pressure decreases, which could create a more favorable environment for price appreciation. Fewer traders also indicate less volatility, which is typically desired by long-term investors.
In summary, the on-chain metrics for AVAX indicate a bullish outlook, with a shift towards long-term bullish sentiment and less short-term trading activity. As a result, AVAX is likely to continue its positive trend in the coming months.
AVAX price analysis
The price of AVAX has broken out above the $29 level and is now approaching two key resistance zones that will determine its next move.
A successful break above the $34.12 level could trigger a massive 79% rally, taking the price of AVAX to the $60 level.
However, failure to break these resistances could result in significant downside risk, with potential drops to the $25, $20, and $18 levels ahead.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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