AVAX’s price rise may be the start of something big. However, a linear increase to $100 may take time.price increased to $35.77 has once again sparked speculation that the token could hit $100. This recent rise was a 4.30% 24-hour jump.Despite that, some key indicators suggested that the token might continue its upward run. Firstly, AMBCrypto considered the Funding Rate.
Funding Rate is the cost of holding an open position in the derivatives market. A positive reading of the Funding Rate implies that longs are paying shorts to keep their positions open.For context, a long is a trader expecting the price of an asset to increase. On the other hand, a short is one predicting a price decline while hoping to profit from it.However, they are not being rewarded for their positions.
This crossover is termed a golden cross, suggesting that the mid to long-term outlook for AVAX was bullish. With this trend, the price of the token might key into the $60 resistance in the mid-term.Further, AVAX bulls might try to push the price toward the three-digit level. But this might only become plausible in some months, not in a few weeks.that there was a slight increase. This increase implied that traders have begun to increase more positions to make gains from the price action.
So, the $100 prediction remains an option for the token. But this could later on in the year or next.Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CryptoAmb - 🏆 22. / 68 Read more »