- AVAX’s Long/Short ratio stood at 1.40, indicating strong bullish sentiment.
- 58.3% of the top AVAX traders held long positions at the time of writing, while 41.7% held short positions.
Amid the continued bullish market sentiment, Avalanche [AVAX] has already gained an impressive 40%, and yet it was poised for further notable upward momentum.
Like the major cryptocurrencies, the AVAX daily chart showed bullish price action, suggesting a perfect buying opportunity.
Avalanche technical analysis and key levels
According to AMBCrypto’s technical analysis, AVAX has broken out from a strong resistance level at $30 and is now heading towards the next resistance level.
With the recent price surge, the asset has already broken through the resistance of the 200 Exponential Moving Average (EMA) on the daily time frame, shifting sentiment from a downtrend to an uptrend.
Source: TradingView
Based on the historical price momentum, if AVAX were to close a daily candle above the $32 level, there was a strong possibility that it could rise 35% to reach the $42.5 level in the coming days.
Given current market conditions, it seems that the asset could easily reach this level without experiencing any major problems.
AVAX is bullish, on-chain
According to analytics firm Coinglass, AVAX’s Long/Short ratio was 1.40 at the time of writing. This ratio also indicated strong bullish sentiment among traders.
Source: Coinglass
Additionally, Open Interest rose 13.6% over the past 24 hours, indicating robust trader participation following the recent breakout.
At the time of writing, 58.3% of the top AVAX/USDT traders had long positions, while 41.7% had short positions.
So it looked like bulls and whales were dominating the assets, which could result in a notable upward rally in the coming days.
Is your portfolio green? View the AVAX Profit Calculator
At the time of writing, AVAX was trading around $32.05, having gained more than 9.6% in the past 24 hours.
During the same period, trading volume increased by 26%, indicating strong participation from traders and investors amid the bullish sentiment.
Credit : ambcrypto.com
