AVAX Bulls Hold Firm as Price Eyes $8.65
Avalanche (AVAX) is on the move, with its price having retraced to the $7 former resistance zone at the end of August. The cryptocurrency then experienced a bullish reaction that carried it towards the $8 level.
Despite Bitcoin's recent setback and fall below $80k, AVAX continued to climb. Since September 4th, the spot CVD for AVAX has been rising slowly, along with the Open Interest, which increased from $145.6 million to $164.9 million according to Coinalyze data.
The Funding Rates were also positive, indicating that market participants remained bullishly positioned. The Avalanche price trend was likely influenced by Aave V4 deposits reaching an all-time high of $19.1 million on the platform.
However, some analysts are cautious about AVAX's bullish momentum lasting. The RSI on the daily timeframe is at 66.6, showing strong upward momentum. However, the OBV does not have a decisive trend, oscillating around the July highs without a clear breakout.