AVAX- Remains PromisingAmidst Avalanche’s once-promising ascent, most holders now clutch a bearish reality. Over 90% face losses while development thrives and trading volume wanes, painting a complex landscape.
Avalanche showed great promise during its initial stages, attracting motivated buyers to purchase and retain it. Nevertheless, recent data revealed that most of these buyers and holders were holding their bags at a loss.
As per CoinMarketCap, Avalanche had a circulating supply exceeding 344 million tokens at press time, with a total supply surpassing 400 million tokens. However, insights from Into The Block highlighted that more than 90% AVAX holders were experiencing losses at the time of publication.
Specifically, the data pointed out that approximately 99.45% of holders, accounting for around 5.45 million addresses, found themselves out of the money, indicative of holding at a loss.
WHY LONG:
Despite the downward trend in trading volume, the development activity on the Avalanche network has been consistently robust. This suggested that the platform’s team was actively at work.
Loyal Community:
And while these holders may have hoped for respite, that has not been the case. To make matters worse, IntoTheBlock data showed that 99.5% of AVAX holders were now holding the token at a loss.
The Chart:
On support and looking Bullish to me.
Long on AVAX again and remember to take profits at 14,5
One Love,
The FXPROFESSOR
