Why Avalanche could rise 20% to hit $30 target

• Avalanche notes a decline in profitable addresses, 36% of wallets holding AVAX are currently on unrealized gains.
• 34% of active addresses holding AVAX are currently profitable, implying less selling pressure on the DeFi token.
• AVAX is targeting a target of $30, while technical indicators are becoming bullish, 20% earnings probabilities.

Avalanche (AVAX) has seen a drop in the profitability of active addresses and wallet addresses holding AVAX, according to IntoTheBlock data. Combined with the upbeat technical indicators, this supports a case for potential gains in the DeFi token.

The values ​​in the chain support the bullish theses

Global Inflow/Outflow of Money (GIOM) is used to track the profitability of entities holding an asset. The figure shows that 36.49% of wallet addresses holding AVAX have unrealized earnings. This is critical for AVAX holders, as a relatively smaller number of profitable entities ensures that the DeFi token is less likely to face selling and selling pressure on exchanges.

Global In/out of the Money

Active addresses by profitability value track addresses that have transacted in the last 30 days. Of such addresses 34.13%, over 9,000 wallet addresses are profitable. This metric is in line with GIOM, supporting a thesis of gains in AVAX.

Active addresses by profitability

AVAX is targeting a target of $30

The Avalanche has been in a multi-month downtrend since March 18 at a high of $65.39. AVAX broke out of the downtrend on September 12th. AVAX could extend gains by 20.60% and reach $30 target.

AVAX faces resistance from $28.59 to $29.43, this disequilibrium zone is represented on the daily AVAX/USDT chart.

Moving Average Convergence Divergence (MACD), momentum indicator, displays green histogram bars above the neutral line. The Avalanche are probably primed for wins.

AVAX/USDT Daily Chart

The Avalanche could find support in the area between $24.10 and $24.61, according to the daily chart.