Avalanche (AVAX) continues to attract bullish sentiment among traders, even in the face of recent market corrections. The prevailing optimism is reflected in the trading positions on major exchanges, particularly Binance, as the publication provides the following information:
Binance's Long-Short Ratio for AVAX
Currently, Binance's long-short ratio for AVAX is an impressive 274, suggesting that a significant number of traders are betting on the cryptocurrency's upward trajectory. This strong long positioning indicates confidence in AVAX's long-term potential, despite the recent price fluctuations.
Market Analysts' Caution
However, market analysts caution that if the critical support level of $30 is breached, it could trigger heightened volatility and potential liquidation cascades. Traders are advised to keep a close eye on the accumulation zone between $25 and $30, as this area may present viable buying opportunities for those looking to capitalize on future price movements.
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