- Whale dancing actions of more than $ 1 million fell more than 95%, indicating the weakening of institutional confidence in Avax.
- The overall structure remains Bearish, with lower highlights and a clear shift in the market momentum.
Avalanche [AVAX] is under pressure, where bears win on the spot on the markets for spot and derivatives.
Since the beginning of May, Token has continued its pattern of lower highlights and the latest data showed that the most important support is slipping.
This is what Ambcrypto has analyzed for you!
Whasistansactions dive sharply
Given the current market sentiment, large holders and investors seem to leave their positions, so that the prospects are further filled in.
On-chain Analysis platform Intotheblock reports a sharp fall in whale-distressions in all value oaks.
Transactions worth $ 100k to $ 1 million have fallen by 65%, while they have fallen from $ 1 million to $ 10 million by 95%.
In the meantime, transactions of more than $ 10 million have completely stopped, which marks a 100% decrease in high -quality activity.
Source: Intotheblock
This steep drop indicates a wider retreat of deep pocket investors, which weakens Avax’s structural support.
Traders look at short positions
So far, it is not only crypto giants who have lost interest in token, but also traders.
Data from the On-Chain Analytics tool Coinglass It revealed that traders have shifted their sentiment to the Bearish side over time.
Avax floated almost $ 20.28 at the time of the press.
However, the derivatives map shows heavy short positioning stacked above $ 21.39. The cumulative leverage for short liquidation became 10.25 million, much heavier than long interest.
On the other hand, only $ 8.43 million was in long leverage between $ 19.80 and $ 21.39, leaving nervous long bets under the key resistance.
Source: Coinglass
Avax fell more than 3.10% in the past day and the trade volume of 24 hours fell by 22% when traders moved to the sidelines.
With a bearish divergence in Momentum and decreasing whale confidence, the chance of another leg is stronger.
Heavy long liquidation, price crash on your hands?
Because of this fall in price, traders who had gambled in long positions were confronted with liquidations.
In the last 24 hours, for $ 290k, positions were erased, with $ 189k from long liquidations alone. This tilt quickly shows that bulls lose grip.
On Binance, the long/short ratio was 2.67 on the bills, but the actual top trader positions remained more careful at 1.72.
Source: Coinglass
When combining all these on-chain statistics with the current market sentiment, it seemed that Avax is Bearish and may be a disadvantage in the coming days.