Avalanche’s AVAX: The Crypto Darling That’s Melting Hearts (and Charts)!

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Well, well, well, darling, it seems Avalanche’s AVAX has decided to put on its best frock and waltz into the spotlight with a dazzling 12% surge in the last 24 hours. 🕺 Following a rather dramatic breakout on the technical chart, daily trading volumes have skyrocketed by a cheeky 185%, flirting with the $400 million mark. Amid this avalanche of excitement (pun absolutely intended), the AVAX market cap has sashayed its way above $9.07 billion. 💃

On-chain metrics are positively giddy with bullish optimism, and analysts are whispering sweet nothings about the rally continuing its merry dance. The long-short ratio for AVAX has hit its highest in over a month, proving that even in the world of crypto, love (or at least speculation) is in the air. 💕

After breaking free from its descending trendline, AVAX has been strutting its stuff with the confidence of a seasoned performer. Last week, it rallied nearly 7% and, as of Monday, is holding steady above $21.39, maintaining its weekly gains. It’s also managed to recover a rather impressive 50% of its monthly losses. Not bad for a cryptocurrency, eh? 🎭

Market analysts, those ever-optimistic creatures, suggest that if AVAX can keep up this upward momentum and close above its weekly resistance of $20.99, it could trigger a 17% rally toward the next major resistance at $24.99. And if it manages a decisive close above that? Well, darling, we could be looking at an additional 20% gain, potentially pushing the price to test the psychological milestone of $30. 🎰

Source: TradingView

Technical indicators are positively gushing with support for this bullish sentiment. The daily Relative Strength Index (RSI) reads 53, moving upward above the neutral 50 mark, signaling positive momentum. The Moving Average Convergence Divergence (MACD) indicator on the daily chart confirmed a bullish crossover last week, delivering buy signals and reinforcing the upward trajectory for AVAX. 📈

As per the CoinGlass data, the AVAX long-short ratio has reached 1.18, hitting a one-month high. This ratio above 1 shows a bullish trend with traders willing to bet on future price action. 🎲

Source: CoinGlass

CoinGlass’s Open Interest (OI) Weighted Funding Rate data suggests a shift in trader sentiment toward optimism for Avalanche. This metric tracks the balance of traders betting on price movements and shows that the number of traders anticipating a price increase now exceeds those expecting a decline. Over the past few days, AVAX’s funding rate rose from -0.0065% on Friday to 0.0051% on Monday. This positive funding rate indicates that long positions are paying short positions. The trend highlights growing upward pressure on AVAX’s price, aligning with the broader technical indicators pointing to potential gains. 🚀

Source: CoinGlass

Top asset managers are also looking forward to bringing an Avalanche exchange-traded fund (ETF) to the market. Earlier this month, asset manager VanEck filed for an Avalanche ETF in Delaware court, signaling a future filing for a spot ETF. 🎉

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2025-03-24 23:20