AVAX Crypto Gearing Up for a Big Move?

Avalanche (AVAX) crypto has bounced off from the 200 day EMA mark and is making waves in the crypto market. At press time, AVAX price was trading at $35.90

Cryptocurrency prices today: AVAX coin up 7% as it takes support from 200 day EMA, eyes $40

Avalanche (AVAX) crypto has bounced off from the 200 day EMA mark and is making waves in the crypto market. At press time, AVAX price was trading at $35.90, noting a rise over 7.20% in the past 24 hours. Its market cap surged to $14.75 Billion, ranked 11th in the overall crypto market.

A recent tweet by CW highlighted that AVAX price has rebounded from the lower line of the falling wedge pattern. The recent volatile swings led to high leverage positions being liquidated.

With a surge in Open Interest (OI) of over 10.95% to $610.90 Million and a volume rise of over 57%, AVAX crypto seemed ready for a sharp rally. Per the price pattern, an upsurge toward $40 can be anticipated. Once it escapes out of this pattern, it could reach $50 soon.

StableJack provided leveraged positions to AVAX and stablecoins acting as safe-haven during the bearish market conditions. Thus, as of January 2025, 4.4M $xAVAX was minted, representing high user trust.

The burned supply reached 4.78 Million, which can be interpreted as rather balanced flowing of liquidity. However, AVAX has a total value locked (TVL) of $1.417 Billion.

USD issuance increased gradually, with 2.2 Million tokens created by more than 2700 users, earning up to 21% APR.

Rebalance Pool provided stability and attracted users who aimed to receive profit without facing liquidation. Daily minting patterns suggested sustained adoption despite market volatility.

On-chain usage presented a steady adoption of AVAX coin across the destinations and enhanced user confidence. Thus, StableJack’s operations could sustain demand throughout a turbulent market.

Avalanche (AVAX) coin up 7% as it takes support from 200 day EMA, eyes $40

As the dust settles on the recent crypto market downturn, several altcoins have begun to show signs of recovery. Among them, Avalanche (AVAX) has been making waves with its strong support and potential for a sharp rally.

According to the latest data, AVAX coin was trading at $35.90 at press time, up by 7.20% over the past 24 hours. The altcoin’s market capitalization surged to $14.75 Billion, ranking 11th in the overall crypto market.

In a recent tweet, popular crypto analyst CW highlighted that AVAX price has taken support at the lower line of the falling wedge pattern. The recent volatile swings led to high leverage positions being liquidated.

However, with a surge in Open Interest (OI) of over 10.95% to $610.90 Million and a volume rise of over 57%, AVAX crypto is now poised for a sharp rally. Per the price pattern, an upsurge toward $40 can be anticipated. Once it escapes out of this pattern, it could reach $50 soon.

On the other hand, Chainlink (LINK) price rose by 1.20% to $32.17 at press time. The altcoin’s market capitalization stood at $15.38 Billion, ranking 10th in the crypto market.

From the technical perspective, LINK coin has formed a descending broadening wedge pattern on the daily timeframe. A breakout from this pattern could lead to a strong rally.

Moreover, on-chain data revealed that the total active addresses on the Chainlink network have increased significantly over the past few months. This indicates growing user adoption and activity within the LINK ecosystem.

Overall, the recent price action and on-chain developments suggest that both AVAX and LINK cryptocurrencies could be gearing up for a potential breakout rally.