Avalanche (AVAX) price rose by almost 9 percent in the previous week. AVAX increased its daily earnings by 11 percent on Monday. On-Chain data reflects the bull’s appearance as the Avax’s long-short ratio reaches the highest level of more than a month. According to crypto analyst Manish Chhetri, technical analysis and funding rate data indicate that a run for Altcoin will continue to earn 20 percent additional earnings.

AVAX shows a bull tendency: the target is $ 30!

Avalanche (AVAX) broke the decreasing trend line last week and found support around. Thus, token rose by about 7 %. At the beginning of this week, on Monday, it continues to be traded over $ 21.83 and earned 11 %.

If AVAX continues its upward trend and closes over a weekly resistance of $ 20.99, it can prolong the rally to re -test the next lock level of $ 24.99. A successful closing above this level will re -test the $ 30 key psychological level by increasing additional earnings by 20 %.

AVAX/USDT Daily Graphics

Technical data supports the bull appearance for Altcoin!

The relative power index (RSI) in the daily graph shows 53 and points to the upward and bull momentum with a neutral level. The Moving Average Convergence Divergence (MACD) indicator in the daily graph showed a bull tendency last week and gave purchase signals and pointed to the bull tendency.

Another bull sign is the Avax Long-short ratio of Coings. The ratio is at the highest level of a month with 1.18. This ratio on one reflects the bull tendency in the markets because more trader bets to increase the price of subcoin.

AVAX Long-Short Rate Rate graph. Source: coinglass

According to Coings’s OI -weighted funding rate data, the number of traders that bets that the price of avalanche will fall further is less than those waiting for a price increase. This index is based on the returns of futures weighted transaction contracts according to open interest rates. In general, a positive ratio (Longs pay to Short) shows the tendency of the bull, while negative numbers (Shorts pay to Longs) tend to be a month.

In the case of AVAX, metric on Friday -from 0.0065 %to 0.0051 %on Monday, reflected a positive ratio. In other words, the Longs showed that they were paying to Short. This scenario usually points to the feeling of bulls on the market. It also shows the potential upward pressure on the price of Altcoin.

AVAX OI-Heavy funding rate graph. Source: coinglass