Avalanche (AVAX) is moving under bearish pressure with a decline in its price, mirroring the broader market sentiment. The AVAX price over the last 24 hours is down by 14.26%, and over the last week it is also down by 10.51%.
At the time of writing, AVAX is trading at $29.78 with a 24-hour trading volume of $1.63 billion, up by 10.99% over the last 24 hours. The token has a market capitalization of $12.57 billion, which is down by 14.24%.
Source: CoinMarketCap
The general trend in the crypto market has turned bearish, with the investors decreasing confidence in the crypto sector. The BTC is also moving in a downward direction, impacting the overall market, including altcoins.
The crypto analyst, Cipher X, highlighted that one big trader was aggressive on Avalanche (AVAX) bets by going 5x long on $17 million, already having nearly $1 million in profits. The trading is proof of rising confidence in AVAX’s movement, as whales place aggressive bets. Such a wager is proof of confidence not only in near-term movement but also in the fundamentals of the network.
Source: X
Adding to the optimism, one crypto analyst invested in a 10x long worth $2.2 million, fueling enthusiasm about the token. With leverage building up, investors are looking all set to place big bets on AVAX’s rally. Confidence in the Avalanche ecosystem is gathering very fast, and prices might be getting ready for a breakout.
Also Read: Avalanche (AVAX) Price Eyes $150 Target as Whales Signal Bullish Breakout
Moreover, the crypto analyst, Rose Premium Signals, revealed that Avalanche (AVAX) has closed out a breakout through key resistance levels, signifying strong bullish momentum. Traders are now aiming for other price levels as the break decreases false rally risks. Investor sentiment about AVAX has improved along with general altcoin support and rising ecosystem activity.
Source: X
Chart technicians have set out clear upside targets: $43.14, $50.78, and $58.03 as next resistance levels. Remaining above the break point keeps these targets viable with momentum swinging in favor of continuation. A continuation move would have AVAX reclaim its position among leaders in this cycle.
The community sentiment is very optimistic as users voted in a bullish manner by 85%. Out of 824.3K votes casted, most believe that the asset will rise. This indicates that investor confidence is very highly.
Source: CMC
On the other hand, only 15% chose bearish, meaning very little expectation of declining. Although a smaller percentage anticipates downwards movement, their impact is much less. Sentiment remains greatly tilted in favor of bullishness.
Also Read: Avalanche Price Prediction 2025: Could AVAX Smash $75.85 and Beyond?
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