4
- $AVAX surged 10% in 24 hours, with daily trading volume reaching $886 million.
- The rise followed the launch of Ash Wallet, a shared infrastructure for managing smart accounts on Avalanche.
$AVAX surged by over 10% in the last 24 hours, marking the highest gain among the top 100 cryptocurrencies by market capitalization. The token is currently trading at around $32.3 with the daily trading volume tripling to approximately $886 million and a market capitalization of $12. 7 billion.
The Asset is still 77% below its all-time high of $146. 2, recorded in November 2021.
We are gearing up for Avalanche L1 season with the release of the Ash Wallet! 🚀
Ash Wallet is a shared infrastructure aimed at bringing all the features of @safe to the @avax L1 🔺 ecosystem.
Read the full announcement here 📰 : https://t.co/zBu98HKPAy pic.twitter.com/ILUmKFL26S
— Ash 🔺 (@ash_avax) July 19, 2024
Ash Wallet gives the Avalanche L1 developers essential features like account abstraction and multisig wallets without them having to develop them on their own. The Safe{Core} is a secure, portable, and composable smart accounts’ infrastructure, while Safe{Wallet} is a web application that implements Self-Custodial Smart Wallets.
Whale Investors Shift Trading Strategies for $AVAX
Large investors known as ‘whales’ have played a major role in $AVAX’s price swings. These investors started bearish trade on $AVAX after it touched nearly $26, which shows that there is a shift in trading strategy. This price movement in $AVAX is consistent with the overall cryptocurrency market, including a 7% rise in Bitcoin in the past week and a marginal overall market gain of 0. 5%, which has taken the total market capitalization to $2. 44 trillion.
Update on the Whale who brought bunch of Bitcoin to Avalanche few weeks back with a intention of solely short $AVAX at recent bottom near $26 (Borrowed 500K $AVAX and send them all to Binance), his health stands now at 1.5. If $AVAX goes $50+ and Bitcoin remain at current price,… pic.twitter.com/kMHJsGwpwn
— Jony.Sarker.$AVAX 🔺 | 🌊📘🧪 (@jonycsarker) July 21, 2024
The Total Value Locked (TVL) in Avalanche has also been on the rise and has risen from $689. 5 million to $951. 7 million, a 38% jump. This growth indicates that investor confidence is improving, as well as the activity within the Avalanche ecosystem.
Concurrently, Futures Open Interest in the Avalanche network rose significantly, climbing from $173.6 million to $254.1 million, an increase of 46%. This indicates heightened trader engagement and a positive outlook for Avalanche’s futures market.
Crypto Expert Provides Bullish Technical Analysis for $AVAX
Crypto expert Jonathan Carter presented an optimistic outlook on Avalanche ($AVAX). He highlighted several technical indicators that showed the potential for an increase. $AVAX is in the process of breaking the descending resistance line and is trading close to the 50-day moving average. Often, this alignment indicates a possible change in the market direction; therefore, $AVAX is strengthening.
#$AVAX
Avalanche, is breaking descending resistance and trading near MA 50👀
Breakout above dashed resistance at $29.30 could start new bullish trend📈
Targets after breakout are $41.60 and 60.40🎯 pic.twitter.com/skB3IZVi1h
— Jonathan Carter (@JohncyCrypto) July 17, 2024
Carter noted that if the price were to move past the first major resistance level of $29. 30, then a powerful bullish trend might be expected. If $AVAX is to break this crucial level, price predictions may be as high as $41. 60 and $60. 40.
Changelly’s recent outlook is in line with Carter’s view. The platform predicts a 13. 86% increase, anticipating that $AVAX will increase to $32. 28 by July 19, 2024. This prediction is in line with the present positive sentiment concerning Avalanche. Changelly metrics reveal a 61% neutral yet bullish sentiment, meaning that there is a possibility of the price going up.
cointelegraph.com + 1 more
ambcrypto.com
newsbtc.com
1