Avalanche Climbs 7% as MACD Lines Converge Near Resistance

Avalanche (AVAX) rose 7% over 24 hours to $11.03 on Oct. 12 at 3:39 a.m. ET (07:39 UTC), moving above several tracked moving averages while its MACD lines converged near resistance.

AVAX traded between $10.30 and $11.09 during the period. Its seven-day moving average stood at $10.79, while the 20-day, 50-day and 200-day averages were $10.83, $9.11 and $8.14, respectively.

The market was approaching resistance near $11.60, with the upper Bollinger Band at $11.63. The moving average convergence-divergence (MACD) line and signal line were both at 0.4554, leaving the histogram at 0.0000. The reading shows that the two lines had converged at the observation time but does not establish a bullish or bearish crossover.

Other momentum readings were moderate. The 14-period daily relative strength index was 58.45, while the Stochastic %K and %D readings were 56.19 and 44.96, respectively.

Futures positioning moved lower during the same period. Open interest fell 8.47% to approximately 10.14 million contracts, or about $101.7 million in notional value, as of 3 a.m. ET (07:00 UTC). A price increase alongside declining open interest can occur when existing positions are closed, but the figure alone does not identify the mechanism behind the move.

The funding rate was 0.0100% per eight-hour settlement period. The global account long/short ratio was 1.7739, with approximately 63.9% of accounts long and 36.0% short. Top-trader accounts had a 2.2884 ratio, with 69.6% long and 30.4% short.

One-hour taker activity showed approximately 225,900 contracts bought and 203,400 sold. The reported buy/sell ratio was 1.1105.

An earlier report on AVAX’s conditional $12.20 target identified $10.40 as a support condition and required a daily close above $12.00 before the higher levels became relevant.

Parshwa Turakhiya said, “AVAX can reach the upper trendline near $12.20, but it has to keep climbing to get there.” He added that AVAX could move toward $12.20 and then $13.00 if it holds above $10.40 and closes above $12.00.