Key Takeaways
- Avalanche (AVAX) price action hints that a 25% rally could be possible if it clears the $35.80 hurdle.
- NASDAQ-listed AgriForce is rebranding as AVAX One and plans to add $500 million of AVAX.
- Experts cite that the current level is a good opportunity to buy AVAX.
With an impressive price uptick, Avalanche (AVAX) flipped Chainlink to become the 12th largest cryptocurrency by market cap. This sudden price recovery has also turned the price action bullish and hints that a potential upside rally is on the horizon.
Avalanche (AVAX) Current Price and Rising Volume
Today, September 23, AVAX is trading near $35.10 after climbing 14% over the past 24 hours. With this notable rally, the asset has secured a spot on the top gainer list. Meanwhile, investors and traders also appear to be supporting this surge, resulting in a 110% increase in trading volume compared to the previous day.
DEX Volume Hits 18-Month High
Adding to its strength, local media revealed that AVAX DEX (Decentralized Exchange) volume reached nearly $1 billion. This surge marks the highest single-day trading volume spike in the last 18 months.
This reflects the growing demand for the asset and signals a potential continuation of the strong price recovery observed over the past 24 hours.
The potential reason behind this strong rally and surge in trading volume is that NASDAQ-listed AgriForce is rebranding as AVAX One and plans to raise $500 million to acquire AVAX.
This has completely shifted the current market sentiment for AVAX tokens.
AVAX Technical Outlook: Upcoming Level
TimesCrypto technical analysis reveals that AVAX has completely erased its bearish outlook through a quick recovery, forming a strong bullish hammer candlestick while retesting the breakout level of $32.
On the daily chart, the asset appears to face resistance at the $35.80 level, which could limit further gains.
Based on the current price action, if AVAX clears this hurdle and closes a daily or four-hour candle above it, the path could open for another 25% rally, potentially pushing the asset to the $44 level.
The technical indicators Supertrend and Average Directional Index (ADX) have turned green and reached the 38 level, suggesting that the asset is in an uptrend with strong momentum.
Time to Buy AVAX, Says Expert
Given the current market sentiment, several optimistic tweets have recently surfaced, suggesting a massive rally is on the horizon.
Some experts note that the current level is a good opportunity to buy AVAX as institutions are entering, while others point to the next resistance level at $40.
Traders Bullish Confidence
On-chain analytics tool Coinglass reveals that not only whales but intraday traders are strongly betting on long positions.
At press, AVAX’s major liquidation levels are $31.15 on the lower side and $36.86 on the upper side, where traders are over-leveraged.
If the current market sentiment remains unchanged and the price crosses $36.86, nearly $28.55 million worth of short positions could be liquidated. Conversely, if sentiment shifts and the price falls to $31.15, approximately $69.66 million worth of long positions would be liquidated.
These metrics indicate that bulls are currently dominating the asset, and a quick rally could begin only if $36.86 is cleared.
