AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?

Share This Post

The open interest for AVAX has been on a consistent rise over the last month, carrying the price of the altcoin along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price.

AVAX Open Interest Surge To $224 Million

According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX.

Binance actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period.

AVAX open interest

ByBit exchange accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day.

The largest jump in open interest was recorded on the Bitmex exchange as it rose 17.78% to bring the crypto exchange’s total open interest to 55,340 AVAX with $1.53 million. Altogether, the open interest in the altcoin has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month.

AVAX price chart from Tradingview.com (Open interest)

Can Price Cross $30?

The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the open interest crossed $220 million was in May 2022 when the price was still trading above $50.

Also, taking a look at AVAX’s historical performance, it shows that whenever the open interest has risen quickly, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55.

If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning the altcoin could be trading well below its fair value.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

LBank Pulse Focus Reveals Crypto’s Evolution, Bridging the Narrative with Insights

PRESS RELEASE LBank, the leading global cryptocurrency exchange, has launched LBank Pulse Focus This original content series reveals the market trend, bringing together the most influential voices to

South Korea’s crypto volumes spike as Woori eyes over $300 million Upbit exit

Woori Technology, a South Korean venture capital firm, is reportedly considering selling its stake in Dunamu, the parent company of the Upbit crypto exchange Upbit is the largest crypto trading

Ethereum Breaks Through $3,800; Higher Move Towards $4,000 Soon?

The post Ethereum Breaks Through $3,800; Higher Move Towards $4,000 Soon appeared first on Coinpedia Fintech News Ethereum has crossed the 3,800 USDT benchmark with an increase of over 6% in the past

BNB Price Surge: Upbeat Momentum Builds After $724 Breakout

BNB has taken the spotlight with a powerful surge, breaking past the critical $724 resistance level and signaling the potential for more growth This breakout has ignited bullish momentum, sparking

Smoke Leads to Discovery of Illegal Crypto Mining Setup at Poland’s University of Wrocław

A hidden cryptocurrency mining operation was discovered in the basement of the University of Wrocław, according to police spokesman Wojciech Jabłoński, as reported by tvpworldcom

XRP Poised for 20% Price Decline, Chart Signals Imminent Sell-Off

The post XRP Poised for 20% Price Decline, Chart Signals Imminent Sell-Off appeared first on Coinpedia Fintech News After a notable upside rally in the past, XRP, the native token of Ripple Labs is