Avax Defiance Of Derivatives Market Trends

Following a significant price drop, AVAX has entered a recovery phase. Despite this recovery, investor caution is evident. The Long/Short ratio stands at 0.88, indicating that short positions are more prevalent than long ones. Typically, a ratio below 1 suggests a bearish trend, reflecting cautious market sentiments towards AVAX’s future. In contrast to the bearish outlook in the derivatives market, AVAX has risen significantly in the spot market. Recently, AVAX saw a 9.09% increase within 24 hours, trading at $27.44. The Cumulative Volume Delta (CVD) data, which shows a positive buying volume, further supports this strong performance. A positive CVD implies high demand and the potential for continued price increases, possibly reaching the $30 mark if the current trend persists. Open Interest (OI) in AVAX has been on the rise, reaching $267.12 million and nearing $300 million. This growth in OI underscores increasing investor interest and capital flow into the market.

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