Journalist
Posted:
- Avax whale activity rose by more than 80% in 24 hours.
- The technical indicators of Altcoin suggested a fading Bearish Momentum.
Avalanche [AVAX] Recently makes bullish steps, with its activity that increases by more than 80% in the last 24 hours, according to the Intotheblock reports.
The bullish sentiment is supported by the rising trading activity of the Altcoin, as is the increasing active addresses. Is this the start of a bullish reversal for Avax?
Avax shows signs of recovery?
At the same time, Avax’s last prize was accompanied by a considerable boost network activity. The number of active addresses has grown, which is an indicator for an increased interest in the avalanche network.
This can be attributed to recent about chain developments. For example, new partnerships or network improvements have continued the trust of investors in the ecosystem.
The general bias of Altcoin Market corresponds to the current AVAX developments. Altcoins generally get more attention, and this can indicate a shift in sentiment.
Source: Intotheblock
With Bitcoin [BTC] and Ethereum [ETH] Becoming in fact, investors turn to altcoins such as Avax for a higher return.
Beerarish Momentum fades
Technically, Avax painted a potential bullish reversing structure on the daily graph.
The prices of the Altcoin fluctuated around an important demand zone, a crucial level where in the past the buying pressure will outweigh the sales pressure. This is usually a trend dominance signal.
The declining bearish Momentum is a positive sign in itself. Technical indicators such as the Relative Strength Index (RSI) and advancing averages tackle signs that may change market dynamics.
If Avax can retain its current momentum and break the most important resistance points, a complete bulloing on the horizon can be.
Source: TradingView
Is the expected outbreak finally on cards?
This combination of growing network activity and the strengthening of technical indicators led to a bullish bias for Avax.
If Avax is able to maintain its current process, it can attract even more traders and investors, so that it can further stimulate its growth.
The question will be whether it will be able to stay above significant support levels and to extend this momentum.