Technical Analysis Gives Positive Signals for AVAX 📊 🚀
$AVAX 🧧🧧
AVAX continues to consolidate in a wedge pattern that falls on the daily chart. Technical analysts predict that if the $28 level is exceeded, the price can go up to 50 dollars, thus making a return above 104%. However, if the 28 dollar level is not exceeded, there is also a possibility that the price will fall to lower support levels.
Weekly charts show the completion of the second wave of correction and the rising pennant pattern. Analysts now expect a third bullish wave that could reach 0.618 to 0.786 Fibonacci regions. These developments offer significant potential for investors.
Avalanche's on-chain metrics continue to support a positive outlook. While the amount of staked AVAX increased by 6%, the total value (TVL) locked in DeFi increased by 11%. In addition, the amount of stablecoins on the Avalanche blockchain increased by 13%. These factors reflect an increase in the overall confidence in the network and paint a positive picture for the future of AVAX.
While there was an increase of 4.38% in retail ownership in the distribution of ownership, investor ownership increased by 12%. Although whale ownership experienced a small decrease of 6%, the general trend is an upward direction supported by the strong price movement.
– ParaFi Capital's tokenizing some of its assets increases the integration of AVAX with traditional finance.
– Technical analysis offers over 104% yield potential if significant resistance levels are exceeded.
– Increases in on-chain metrics indicate that trust in the AVAX network has increased.
As a result, an increase of 5% in long-term owners is seen in the analyzes made according to the retention period of AVAX tokens. The RSI indicator is at a neutral level with 59, but the stochastic is in overbought with RSI 81. These indicators give strong signals for the rise of the AVAX price. Increasing stake rates, rising TVL and investor confidence indicate that AVAX may make significant gains in the future.
