AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?
November 20 2023 - 8:00PM
NEWSBTC
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. Related
Reading: Cardano Falling Wedge Pattern: Analyst Predicts 100%
Increase Following Breakout 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. Source: CoinGlass
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. Token price holds above $22 | Source: AVAXUSD on
Tradingview.com 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. Related
Reading: Bitcoin Open Interest Tops 19-Month High: Historical Data
Shows What To Expect 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. Follow Best Owie on X (formerly Twitter) for
market insights, updates, and the occasional funny tweet… Featured
image from Coin Culture, chart from TradingView.com
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