The majority of top AVAX traders are going long on Binance, indicating a strong bullish sentiment with a Long/Short ratio of 3.88. This suggests traders are optimistic about AVAX reaching higher price levels.
Currently, AVAX is showing a bullish price action pattern and has recently broken out from a downward trendline. The altcoin could increase by 23% to hit 50.50 USD if it remains above the 40 USD support level.
Recent outflows of 6.65 million USD from exchanges suggest increased accumulation by long-term holders. Such market dynamics could lead to further upward momentum for AVAX, encouraging traders to maintain their long positions.
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