Journalist
Posted:
- AVAX painted its chart green even as its contemporaries recorded price declines.
- AVAX’s popularity increased last week and market indicators looked bullish.
After a promising bull rally, the entire crypto market became somewhat inactive. This seemed to be the case as the market’s growth momentum slowed, but so did some cryptocurrencies Avalanche [AVAX]had other plans.
Avalanche surprises investors
Santiment recently posted a tweet with an overview of the recent crypto market, noting that AVAX was the top performer on the weekly time frame.
📊 #Crypto remains largely flat in recent days, but several are still present #altcoin climbers love $SOL, $AVAX, $RUNE& $FTT (Yes that one). Also keep an eye on the rising social volume $BTC, $ETHand most top caps, as more and more traders regain interest in the markets. pic.twitter.com/aoz20ZCrgR
— Santiment (@santimentfeed) November 15, 2023
According to CoinMarketCap, Avalanche’s price has risen more than 68% over the past seven days. Moreover, the value of the token has increased by more than 25% in the last 24 hours.
At the time of writing, AVAX was trading at $22.39 with a market cap of over $7.9 billion – up 107%.
AMBCrypto’s analysis of Santiment’s chart revealed that Avalanche’s popularity increased last week, thanks to the price increase. This was evident from the increase in social volume. Positive sentiment all around AVAX was also dominant in the market as weighted sentiment rose.
However, it was interesting to note that while the token price rose, the development activity around it fell.
Source: Santiment
Will AVAX continue to outperform the rest?
Upon further checking, AMBCrypto discovered that AVAX‘s Binance Funding Rate remained green. This meant derivatives investors were actively buying AVAX at the higher price at press time.
Avalanche’s Open Interest also rose along with the price, increasing the chances of a continued uptrend in the following days. The possibility of a continued rally also seemed likely as the token’s price volatility 1w shot up significantly.
Source: Santiment
AVAX‘s Chaikin Money Flow (CMF) was gaining upward momentum and was also well above the neutral line at the time of writing. The MACD also showed a clear bullish advantage in the market.
Read Avalanche of [AVAX] Price prediction 2023-24
However, given the volatility and unpredictable nature of the crypto market, nothing can be said with the greatest certainty.
AMBCrypto’s assessment showed that AVAX’s price reached the upper limit of the Bollinger Bands, indicating a price correction. The Relative Strength Index (RSI) ended up in the overbought zone. This indicated selling pressure on the token.
Source: TradingView