Avalanche (AVAX) shows a rise in network activity and prices over the last two weeks; however, caution persists among traders.
Current AVAX Movements
In the past two weeks, Avalanche has seen an increase in network activity, with the number of unique active addresses rising. According to CoinMarketCap, AVAX is trading at $18.23, a 2.36% increase with a 91.64% surge in trading volume over the past 24 hours. Despite the price increase, trader activity appears cautious.
Technical Analysis
Since June 22, AVAX has been trading in a diagonal bullish structure, indicating weak bullish aggression. With the current price around $18.25, bulls face resistance at $19.15. A breakout above this key level could indicate bullish sentiment in the market and spark a price rally. Analyst More Crypto Online notes that the current setup remains vulnerable to further downside pressure.
Outlook and Conclusion
AVAX's open interest has surged by 5.24%, but technical indicators such as moving averages and MACD levels signal mixed signals. If traders step in with high buying volume, AVAX could break above the current resistance level and initiate a bull run in the near term.
Despite the current positive trends, Avalanche faces significant resistance levels that could impact future price movements.
