Altcoin
AVAX is up 11.92% over the last 7 days.
- AVAX has increased by 11.92% in the last 7 days
- Coinbase Derivatives Has Now Applied for AVAX Futures Certification with the CFTC
Avalanche (AVAX) continues to defy market trends with a sustained surge in the charts. While most altcoins have seen sharp declines, AVAX remains strong and well-positioned to rally amidst BTC volatility. In the last 7 days alone, various factors have driven AVAX’s positive price trajectory.
For starters, Coinbase Derivatives recently made headlines after officially filing with the CFTC to offer regulated Futures in the US for AVAX. Additionally, Coinbase will also examine LINK, DOT, Stellar and Shiba Inu futures.
This is an important milestone, as it will increase investor confidence in the altcoin. Additionally, 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 Portal also announced its integration of AVAX. In a post on X, his team stated,
“We are thrilled 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 represent a positive support for AVAX, which can potentially influence 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 do so. Our analysis of Coinglass data also highlighted lower liquidation rates for holders of long positions and higher liquidation for short positions.
Higher liquidations for short positions are a sign that investors betting against the market are out of money. Since June 25, short position holders have been forced to close their positions while long positions continue to hold them 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 as of press time as well. Increasing OBV is a signal of volume on the buy side, resulting in higher prices and bullish behavior.
Source: Tradingview
Finally, the Money Flow Index (MFI) rose from 16 on June 24 to 35, as of this writing.
A sharp increase in MFIs usually indicates increasing buying activity, resulting in a transition from increased selling pressure to a bear market.