In today’s crypto market, Avalanche (AVAX) shows promising signs of recovery, climbing nearly 3.5% in intraday trading. AVAX is edging closer to its 50-day exponential moving average of $48.86, indicating a potential bullish shift. The 4-hour chart reveals a gradual uptrend, with the price around $48.67, supported by positive signals from technical indicators like the Exponential Moving Averages and the Awesome Oscillator.
However, mixed signals from the Aroon indicator suggest consolidation may be needed before confirming an uptrend. AVAX faces resistance near $50 and has support around $47, with market direction contingent on its performance relative to these levels.
Avalanche’s journey has been influenced by shifts in developer activity and market sentiment. Earlier, increased developer engagement hinted at positive protocol developments, but a recent decrease in activity suggests a cooling period. This change could affect future innovation and investor sentiment.
Open Interest in AVAX contracts initially grew, reflecting bullish interest, but later faced a decline alongside AVAX’s price retraction. Market sentiment, too, has seen ups and downs, highlighting the volatile nature of the crypto market.
Looking ahead, projections for Avalanche’s price vary. Optimists aim for a $70.8 level, dependent on breaking the $61.20 resistance, while a more cautious outlook suggests a fallback to $38.9 if support at $44.47 fails. Currently, AVAX finds support at $44.47, with resistance anticipated at $61.20 and a higher target of $70.08.
