Are you following the latest price action on Avalanche (AVAX/USD)? The chart above shows how a rejection from $22.89 on Aug 9 has led to a 10% decline, with the price dropping towards $20 as of Aug 12.
While investor interest in Avalanche remains high, market fundamentals seem to be lacking the strength needed to support sustained gains beyond $22.50. However, despite the recent retracement, the price of AVAX found strong support at $20. Bears have been unable to push the price below this level, indicating the bulls’ commitment to maintaining an upward trajectory.
With market sentiment starting to turn positive, Avalanche price could be on the verge of a significant breakout, potentially driving the price towards the $25 mark in the near future.
In line with this bullish outlook, Avalanche derivatives market data shows an increase in aggressive trading among bull traders this week. The CoinGlass chart below illustrates the total value of SHORT and LONG contracts currently listed for this crypto asset.
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