Altcoins
AVAX is up 11.92% over the last 7 days.
- AVAX is up 11.92% over the last 7 days
- Coinbase derivatives has now filed for Futures certification for AVAX with the CFTC
Avalanche (AVAX) continues to defy market trends with a sustained rise in the charts. While most altcoins have seen sharp declines, AVAX remains strong and well positioned to rise amid BTC volatility. In the last 7 days alone, various factors have driven the positive price trajectory of AVAX.
For starters, Coinbase Derivatives made headlines recently after officially filing certifications with the CFTC to offer US-regulated futures for AVAX. Furthermore, CoinBase will also look at LINK, DOT, Stellar and Shiba Inu futures.
This is an important milestone, as it will increase investor confidence in the altcoin. Furthermore, institutional and other retail investors will view AVAX as a mature asset that is attracting attention from large market players.
But that’s not all, because Moon Gate also announced the integration of AVAX. In a post on X, his team said:
“We’re excited to announce that Moongate has just integrated with @avax! With #Avalanche, we are bringing a new level of transaction efficiency and security to our platform.”
These developments are positive endorsements for AVAX, which can potentially impact market sentiment and activity. Indeed, these moves have left analysts optimistic, with many now predicting huge gains for AVAX. Popular Analyst John Mayerfor example, shared,
“$AVAX price rallied sharply today before paring its gains slightly on steady volume. We’ve reclaimed $28; we should now target $30. #Avalanche is currently focused on gaming partnerships, with small but growing #DeFi apps and a growing #NFT activity.”
What do the key indicators suggest?
Now, while most analysts’ projections and market developments favor AVAX, what does the data say?
Source: Coinglass
AMBCrypto analysis revealed that AVAX has been on an upward trajectory and will continue to be. Our analysis of Coinglass data also highlighted lower liquidation rates for long position holders and higher liquidation for short positions.
Increased short liquidations are a sign that investors betting against the market are out of money. Since June 25, short holders have been forced to close their positions while longs continue to hold and open new ones. This can be interpreted as a bullish signal.
Source: IntoTheBlock
According to IntoTheBlock, AVAX has been in an accumulation phase for the past 7 days. During this period, large transactions increased by 280%. These activities led to increased buying pressure, thus pushing prices higher.
What do the price charts say?
Since the market has low liquidity for long positions, a greater number of large transactions indicates an accumulation phase.
Source: Tradingview
Looking further, over the past 7 days, OBV has risen from a low of 33 to 37 even at press time. Rising OBV is a signal of volume on the buy side, which translates into higher prices and bullish behavior.
Source: Tradingview
Finally, the Money Flow Index (MFI) rose from 16 on June 24 to 35 at the time of writing.
A sharp rise in the MFI usually indicates increasing buying activity, resulting in a shift from increased selling pressure to a bear market.