AVAX Price Update: Avalanche Token Holds Weekly Gains at $38 Support

TLDR

• Trading at $38.81 with $1.78B 24-hour volume and $15.87B market cap
• Price dropped 14.27% in 24 hours but up 11.27% weekly
• Active addresses increased 28.56% over 7 days to 60.46k
• Total Value Locked (TVL) at $1.362B with $499.98M in 24-hour trading volume
• Key resistance levels at $45.42-$47.81, with potential target of $65.00 if broken

Avalanche (AVAX) is currently testing a crucial support level at $38.57 after experiencing mixed price action in recent trading sessions. The cryptocurrency, which serves as the native token of the Avalanche blockchain, is showing both short-term volatility and promising network growth metrics.

As of the latest market data, AVAX is trading at $38.81, maintaining a substantial market presence with a 24-hour trading volume of $1.78 billion. The cryptocurrency’s market capitalization stands at $15.87 billion, cementing its position among the top digital assets by market value.

Recent price movements have displayed contrasting patterns across different timeframes. While AVAX recorded a 14.27% decline over the past 24 hours, the weekly performance shows an 11.27% gain, suggesting underlying buyer interest despite day-to-day fluctuations.

The current price action comes at a technically important juncture. AVAX has broken out of a long-term descending channel that dominated its price action throughout 2022 and early 2023. This breakout represents a potential shift from the previous bearish trend that constrained prices.

The $38.57 price level has emerged as a critical support zone, having previously acted as resistance in earlier market cycles. Market observers are closely watching this level, as maintaining support here could pave the way for another upward movement.

Looking at potential upside targets, the $45.42-$47.81 range presents the next major resistance zone. This area has proven challenging for AVAX in the past, having rejected price advances in both July 2023 and February 2024. A successful breach of this resistance zone could open the path toward the $65.00 level.

AVAX Price on CoinGecko

Network activity metrics are painting a positive picture for Avalanche’s ecosystem health. Data from IntoTheBlock reveals that active addresses have climbed to 60.46k, representing a 28.56% increase over the past week. This surge in active addresses suggests growing user engagement within the network.

New address creation has also shown strength, with 11.98k new addresses joining the network over the same period. This metric indicates expanding participation in the Avalanche ecosystem and could potentially support sustained price appreciation if the trend continues.

The decentralized finance (DeFi) sector on Avalanche maintains robust activity levels. According to DefiLlama, the network’s Total Value Locked (TVL) reached $1.362 billion, despite an 8.22% decrease in the last 24 hours. This metric represents the total value of crypto assets deposited in Avalanche-based DeFi protocols.

Stablecoin activity on Avalanche remains notable, with a market capitalization of $1.961 billion. The network generated $92,555 in daily fees and revenue, demonstrating consistent usage of the platform’s services.

Transaction volumes show steady network utilization, with $499.98 million processed over the past 24 hours. Inflows reached $7.81 million during this period, indicating continued capital movement within the ecosystem.

Technical traders are monitoring several key price levels that could influence AVAX’s next move. While the $38.57 support level remains crucial, a failure to hold this price point could lead to a retreat toward the secondary support at $32.66.

The creation of new addresses combined with increased active usage suggests organic growth in the Avalanche ecosystem. This fundamental strength could provide support for price action in the coming trading sessions.

Daily network statistics show that Avalanche continues to process a healthy volume of transactions, maintaining its position as an active blockchain platform. The combination of trading volume and network activity provides insights into the overall health of the ecosystem.

Market participants are paying particular attention to the resistance zone between $45.42 and $47.81, as breaking through this range could trigger increased buying momentum. Historical price action suggests this area may require substantial buying pressure to overcome.

Current market data shows AVAX maintaining its position above key moving averages, though price volatility remains a factor for traders to consider. The most recent trading sessions have seen increased volume, indicating heightened market interest in AVAX.

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