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Avalanche [AVAX] rallies over the past week, but do not celebrate just yet 

Avalanche [AVAX] rallies over the past week, but do not celebrate just yet 
  • After weeks, AVAX’s TVL registered an uptick 
  • Nevertheless, bearish indicators recommended {that a} worth reversal was on the playing cards

Avalanche’s [AVAX] efficiency of final week was value praising because it registered double-digit features. Buyers had a good time, as in keeping with CoinMarketCap, AVAX’s worth elevated by 15% through the interval. On the time of writing, it was trading at $14.16 with a market capitalization of $4.3 billion.

Learn Avalanche’s [AVAX] Worth Prediction 2023-2024

Nevertheless, the nice days may quickly finish as a development reversal is across the nook. As per CryptoQuant’s data, AVAX’s Relative Energy Index (RSI) was in an overbought place, which was unhealthy information for AVAX holders.

The ‘however’ within the unhealthy information

AVAX Day by day, a preferred Twitter account that posts updates associated to the Avalanche ecosystem, just lately uploaded the community’s weekly stats. The info revealed that Avalanche’s complete transactions exceeded $13.5 million final week. Not solely that, however the complete quantity staked crossed $250 million.

Moreover, Avalanche’s DeFi area, after witnessing decline for weeks, witnessed an uptick in AVAX’s complete worth locked.

Supply: DeFiLlama

Although CryptoQuant’s knowledge regarded bearish, different on-chain metrics painted the other image. For instance, AVAX’s growth exercise elevated considerably final week. This mirrored the elevated effort of builders to enhance the blockchain.

AVAX’s Binance funding fee additionally went up as in comparison with final week. This recommended greater curiosity from the derivatives market. The community additionally remained fairly standard within the crypto group as its social quantity spiked.

Supply: Santiment

A win-win right here?

Whereas the aforementioned metrics regarded optimistic, AVAX’s every day chart revealed that sellers may achieve an edge out there within the days to come back. For instance, the Exponential Transferring Common (EMA) ribbons revealed that the bears have been main because the 20-day EMA was resting under the 55-day EMA.

Furthermore, AVAX’s Cash Move Index (MFI) entered the overbought zone, additional rising the possibilities of a worth plummet. Nevertheless, the Transferring Common Convergence Divergence (MACD) supplied a lot wanted aid because it displayed a bullish crossover.

Supply: TradingView

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