AVAX Price Increases with Potential ETF Rumors

The cryptocurrency AVAX‘s price action is forming a falling wedge pattern, typically considered bullish as it precedes upward breakouts. Despite this bullish formation, the asset is trading above the 50-day SMA but remains below the 200-day Simple Moving Average (SMA). If AVAX can break above the falling wedge formation, it could potentially rally by 76%, pushing the price to $58. However, if the bearish trend prevails, the price may find support at $23.51 or even $19.54. In a shorter timeframe, AVAX recently broke out of an inverse head and shoulders pattern, indicating a possible 7% increase that could bring the price to around $30.07 in the near term.

From an investor sentiment perspective, there appears to be a tilt towards further gains for AVAX. Data from Coinalyze shows a 6.14% increase in 24-hour total open interest (OI). This data indicates that investors are accumulating AVAX in anticipation of upward movement.

Additionally, Santiment’s behavioral analysis suggests that the current rally is largely ignored by the broader market. This absence of typical FOMO-induced volatility often points to a more sustainable price increase.

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