Coinbase AVAX Update: How to Tell if It Will Affect Altcoin Price

  • AVAX is up 11.92% in the last 7 days.
  • Coinbase Derivatives Now Files for AVAX Futures Certification with CFTC

Avalanche (AVAX) continues to defy market trends with a steady rise on the charts. While most altcoins have seen sharp declines, AVAX remains strong and is well positioned to rise amid BTC volatility. In the last 7 days alone, several factors have contributed to the positive trajectory of AVAX prices.

To begin with, Coinbase Derivatives recently made headlines after it formally filed certificates for the offering of US-regulated AVAX futures with the CFTC. In addition, Coinbase will also analyze LINK, DOT, Stellar and Shiba Inu futures.

This is an important milestone as it will increase investor confidence in the altcoin. Additionally, institutional investors and other retail investors will view AVAX as a mature asset that is attracting the attention of major market players.

But that’s not all, as Moongate has also announced AVAX integration. In a post on X, his team stated:

“We’re excited to announce that Moongate has just integrated with @avax. With #Avalanche, we are bringing a new level of transaction efficiency and security to our platform.”

These developments are a positive sign for AVAX, which could potentially impact market sentiment and activity. In fact, these moves have left analysts optimistic, with many now predicting huge profits for AVAX. John Mayer, for example, shared:

“$AVAX price spiked today before paring its gains a bit on steady volume. We took back $28; should be heading to $30 next. #Avalanche is currently focused on gaming partnerships with small but growing #DeFi applications and #NFT activity.”

What do the key indicators tell you?

While most analysts’ forecasts and market developments favor AVAX, what do the metrics say?

Source: Coinglass

AMBCrypto analysis showed that AVAX is on an upward trajectory and will continue to move along it. Our analysis of Coinglass data also noted lower liquidation rates for longs and higher liquidations for shorts.

The increase in short liquidations is a sign that investors betting against the market are running out of money. Since June 25, short position holders have been forced to close their positions, while long positions continue to be held and new ones opened. This can be interpreted as a bullish signal.

Source: IntoTheBlock

According to IntoTheBlock, AVAX has recorded an accumulation phase over the last 7 days. During this period, large transactions increased by 280%. This activity has led to increased buying pressure, causing prices to rise.

What do the price charts say?

Since the market has low liquidity for long positions, more large trades indicate an accumulation phase.

Source: Tradingview

Looking further, the OBV has also risen over the last 7 days from a low of 33 to 37 at press time. A rise in OBV signals buying volume, which drives prices higher and is bullish.

Source: Tradingview

Finally, the Money Flow Index (MFI) has increased from 16 on June 24 to 35 at the time of writing.

A sharp rise in MFI usually indicates an increase in buying activity, leading to a transition from increased selling pressure to a bear market.

Next: Lido, Rocket Pool, and what the SEC’s latest lawsuit means for betting

This is an automatic translation of our English version.

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