Can AVAX jump to $30 in July? Rising trader demand says yes!
Can AVAX reach $30 by July based on current trader demand?
Based on current trader demand and rising social dominance, it is possible for AVAX to reach $30 by July. Technical analysis shows a breakout from the descending triangle pattern, with the Relative Strength Index (RSI) indicating increasing momentum. However, this prediction is contingent on bulls defending the support at $24.64 and a continuation of the current upward trend.
What recent pattern did the AVAX/USD daily chart form?
The AVAX/USD daily chart recently formed a descending triangle pattern, which is typically considered bearish as it indicates lower highs and lower lows5. However, this pattern can also help identify seller exhaustion and potentially signal a breakout, as observed in the case of AVAX.
How does social dominance affect AVAX's market perception?
Social dominance measures the rate of discussions about AVAX compared to other cryptocurrencies in the top 100. An increase in social dominance suggests a surge in AVAX-related discussions, which can positively impact market perception and potentially drive demand and price. Conversely, a decline in social dominance may indicate waning interest or negative sentiment.