The previous two weeks saw Avalanche (AVAX) breaking out from a wedge pattern that housed it since early 2022.
Meanwhile, bulls showed resilience regardless of some bear-dominated days. AVAX bulls remained active during July’s first week, triggering upswings, though not that massive.
AVAX joined Wednesday’s (July 6) top gainers after surging more than 8.88% to $18.34 during this publication.
That shows Avalanche buyers still accumulating strength after the wedge pattern bullish breakout. Such narratives show the massive accumulation amid June lows triggered an increase in the Avalanche price floor.
Avalanche concluded June on bearish movements that halted after selling momentum reduced around the $16 mark. Consequently, the MFI (Money Flow Index) displayed sideways before attaining some upside.
Meanwhile, that outcome opened the path for considerable surges within the past five days. Nevertheless, AVAX sees friction as it nears the 50 RSI (Relative Strength Index) zone.
Can Avalanche Retains the Bullish Streak?
The past few days saw AVAX enjoying an impressive social activity. That saw its social dominance index recording several upticks. Nevertheless, that could not match the social activity peak from June 23 to June 26.
The social dominance hiked as prices maintained a bullish picture. However, bearish retracement followed.
The best thing is that whale accumulation backed the latest surge. The whale supply metric rebounded from its 30-day lows on July 1. It soared to 44.43% from 43.92% within the previous six days.
Meanwhile, a massive surge in the development activity index preceded the whale supply increase. So, which development changes appeared?
Avalanche launched the Core application, a browser extension, to serve as a web3 command sport for clients to manage assets. The Core represents the efforts by Avalanche to ensure a top-notch user experience.
Moreover, Avalanche’s recent move shows higher lows, though low volumes remained. That translates to the limited upside in the ongoing action.
Nevertheless, broad market actions are crucial for AVAX’s upcoming movements. For now, the markets enjoy relief following slight overnight surges.
The global cryptocurrency market capitalization increased by 1.32% to $915.47 billion. Meanwhile, the total market volume saw an 18.16% slide over the previous day to $54.90 billion.
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