Avalanche’s native token AVAX attained a massive mid-week rebound, indicating that the crypto sees lucrative attention around its current price levels. AVAX surged over 12% on July 12, a prompt revival following bearish performances from July 10 to 12.
Assessing Avalanche’s price shows the recent upsurge has appeared after that altcoin retested June support barriers. This outcome matched AVAX’s range-bound price actions since it overcame its wedge formation. Maintaining this performance over the coming weeks might see an upswing before the alt encounters a resistance zone.
AVAX bottomed on July 13 at $16.37 before bulls reclaimed market control. While publishing this blog, the alt traded at $18.18 after meeting some hurdles because of the selling momentum around the 50% RSI (Relative Strength Index) mark. The asset’s MFI (Money Flow Index) shows that AVAX saw lucrative accumulation since July 12.
Up for Challenge?
Meanwhile, Avalanche has lots of ongoing on-chain developments. For instance, its whale supply recorded a substantial surge from the 43.37% monthly lows on July 12 to July 13’s 43.88%. That signaled massive accumulation, and the social dominance index surged too. That corresponds with the recent price upswing.
Though whale accumulation bolstered price action, the metric witnessed some outflows within the past 24 hours. Therefore, explaining why AVAX couldn’t sustain the upside. The whale movement might also signal whales looking for slight profit margins as AVAX has traded inside a narrow range over the past three weeks. Also, the outcome suggests investors are still cautious because of the current market uncertainty.
Meanwhile, the Avalanche blockchain saw a significant increase in non-fungible token (NFT) trades (since July began). The network recorded low volumes, especially in June’s final week. Surged NFT trade volume shows the network enjoying attractive traffic. Therefore, ABA could see increased organic demand.
What’s for AVAX?
AVAX whale supply shows a massive demand around the prevailing support floor. Nevertheless, the alt still punches beneath its weight as it stays far below its ATH zones. Meanwhile, holding the current bottom would mean price uptrends for AVAX in the upcoming days. Nevertheless, uncertainty within the market warrants caution.
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