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Can AVAX rise by 12%? Over seventy percent of traders are optimistic, and the reason is...
If AVAX holds at $24.5, it might surge by 12% to $28.5.
On-chain data and technical analysis indicate that buyers currently have the upper hand.
The market sentiment for AVAX is quite important for its price movement. Just a couple of days ago, the entire cryptocurrency market was rather sluggish, but it seems AVAX is about to welcome a new wave of increase.
Let's take a look at the technical analysis of AVAX
According to AMBCrypto's technical analysis, AVAX appears quite optimistic, with a potential rise to $28.5 in the coming days, an increase of 12%.
If you look at its recent price, every time it hits the $24.5 mark, buyers come in, and the price rebounds.
In addition to this price level, AVAX also has an upward trend line that has been supporting it since early August 2024. Just like that price level, whenever the price touches this line, it shoots up.
Currently, AVAX is still below the 200 exponential moving average (EMA) in the daily timeframe, indicating that it may continue to rise.
However, all these bullish claims depend on AVAX holding above $24.5; if it can't hold that, then it's all in vain.
On-chain data is also quite bullish
Besides technical analysis, some on-chain data, such as key liquidation levels and long/short ratios, also support that AVAX is likely to rise.
Take CoinGlass's data for example, the long/short ratio for AVAX on Binance is currently 2.83, indicating that traders are strongly bullish. Moreover, over seventy percent of top traders on Binance are buying, with less than thirty percent selling.
Liquidation prices are also very important
The current liquidation prices are $24.35 and $25.45. If the price rises to $25.45, nearly $875,000 in short positions would be liquidated. If the price falls to $24.35, about $2.94 million in long positions would be liquidated.
By putting together these on-chain data and technical analysis, we can see that buyers of AVAX currently have the upper hand, which may drive the next wave of increase.
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