BREAKING: Avalanche Leads Big Coins With a 7% Jump Above $11 — But Futures Traders Are Stepping Back

 

Avalanche (AVAX) was the strongest of the big coins on Monday, jumping about 7% in 24 hours to trade near $11.05. The move made AVAX the leader of a broad market recovery, with nine of the ten largest cryptocurrencies in green — Chainlink rose about 2.4%, Solana added about 1.2%, Bitcoin held near $84,000 and Ethereum traded around $2,550.

The technical picture looks strong. AVAX now trades above all of its key moving averages, after moving in a range of roughly $10.30 to $11.09 during the day. Short-term averages sitting above long-term ones is a pattern traders usually read as a healthy uptrend, and the rally also extends a strong run of nearly 50% over the four weeks ending October 11.

But there is one warning sign under the surface. While the spot price climbed, open interest in AVAX futures on Binance fell by about 8.5% over the same period. That means leveraged traders were closing or reducing positions instead of piling into the rally — the buying looks driven more by spot demand than by fresh borrowed money.

For traders, that mix cuts both ways. A rally without heavy leverage is less likely to end in a sudden liquidation crash, but falling open interest also shows that many futures traders are still cautious after last week's heavy liquidations across the market. Momentum is with the buyers, yet conviction in the derivatives market has not fully returned.

The next levels are clear. Resistance sits near $11.60, and a strong daily close above it could open the door to more gains. Support is around $10.60 to $10.80, where the key moving averages sit. If AVAX holds above that zone, the uptrend stays alive; a drop below it would warn that the rally is cooling.

Read also: BREAKING: Zcash Holds Above $1,300 as $5 Million in Shorts Get Wiped Out

This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: CoinDesk, Blockchain.News, Traders Union