AVAX, the native token of the Avalanche blockchain, is currently trading at $34.05 with a 24-hour trading volume of $87.5 million. The token has seen a slight increase of 0.54% over the past 24 hours and a 1.52% gain over the last seven days. Despite some price fluctuations, AVAX has remained within a narrow trading range, indicating that traders are closely monitoring key support and resistance levels for any potential movement. The past week saw AVAX prices fluctuate between $31.00 and $37.01, with prices ranging between $32.54 and $35.62 in the last 24 hours.
Technical indicators suggest that AVAX is currently range-bound, with key levels signaling potential movements. On the 1-hour chart, AVAX has rebounded from the lower Bollinger Band around $33.00, a crucial support level, and is hovering below the upper Bollinger Band at $34.85, serving as immediate resistance. A breakout above this level could lead to further gains towards $35.50 or $36.00. Momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) provide mixed signals, with the RSI pointing to neutral to mild bullish conditions and the MACD showing a recent bullish crossover.
Profitability metrics show that 59.5% of AVAX holders are currently profitable, with their average acquisition costs concentrated between $19.90 and $26.50. This profitability zone may create selling pressure as holders may look to realize gains as prices increase. On the other hand, 34.33% of holders are at a loss, primarily in the price range between $35.67 and $38.99, potentially creating resistance zones as holders may sell to break even. Meanwhile, 6.17% of addresses are “At the Money,” suggesting ongoing consolidation.
Data from IntoTheBlock reveals that 542 large transactions were recorded in the past 24 hours, indicating moderate activity. This is a decrease from the 7-day high of 696 large transactions. Large transactions are often associated with institutional or whale activity, and their current subdued levels compared to historical peaks suggest a lack of significant interest from larger market participants. In summary, AVAX is currently experiencing a period of consolidation within a narrow trading range, with traders closely monitoring key levels for potential breakout opportunities. The profitability metrics and large transaction data provide insights into the market sentiment and activity surrounding the token.
