As an analyst with years of experience navigating the ever-volatile world of cryptocurrencies, I find myself intrigued by the current bullish trend of Avalanche (AVAX). The 20% weekly gain it has achieved places it among the market’s highest performers, and I can’t help but feel a sense of deja vu – it seems like just yesterday we were witnessing similar surges.
The price of Avalanche (AVAX) is displaying a positive trajectory, hinting at possible future growth. This consistent upward movement indicates that there might be more growth to come. As AVAX becomes increasingly popular, the pace within the crypto sector accelerates. Over the past few days, AVAX has witnessed a significant surge. This uptrend aligns with the gains seen in other alternative cryptocurrencies.
Avalanche Price Leads With 20% Weekly Gain
In the last seven days, Avalanche’s price has soared by more than 20%, making it one of the top performers in the market. The crypto market is buzzing with excitement today as major coins are registering steady growth. Bitcoin has hit a fresh high, touching $64,000.
Right now, Ethereum is surging above $2400, and other major cryptocurrencies are enjoying gains due to the overall positive movement in the crypto market as well.
Currently, the cost of Avalanche is holding steady above its support level at around $28, showing a strong bullish trend. In the last 24 hours, the price of AVAX has jumped by over 9.31%, now being traded at $28.16. This increase, particularly during U.S. trading hours, is quite substantial. Additionally, the trading volume has seen an uptick of 14.70%, totaling approximately $469 million, which suggests a growing level of interest and activity within the market.
Can AVAX Price Surpass $30 in This Rally?
In simpler terms, the technical analysis of Avalanche’s price suggests an upward trend that is reinforced by the Moving Average Convergence Divergence (MACD). This indicates a positive or ‘bullish’ prediction for Avalanche. The MACD line crossing above the signal line could mean it’s a good time to buy, as this setup often signals a potential increase in value. Additionally, the histogram changing from red to green supports this optimistic view on the Avalanche market.
Beyond $30, AVAX price could revisit the $40 and $50 psychological levels.
The upward momentum in the cryptocurrency sector is clear when looking at Avalanche, as its Total Value Locked (TVL) has climbed to a notable $990.04 million. This high figure demonstrates increasing trust and investment within the Avalanche community, indicating strong activity levels. Additionally, Avalanche’s market capitalization for stablecoins now stands at $2.18 billion, underscoring its considerable influence in the market.
Based on information from Defillama, Avalanche earned approximately $27,441 in fees during the last 24 hours, suggesting high activity and transaction volume within the platform. This fee generation indicates a favorable state of its financial well-being and efficient operation.
Based on IntoTheBlock’s data, we see that the minimum and maximum transaction values are $18.84 and $24.92 respectively, with an average of $21.73 over 927,000 addresses. About 47.29 million AVAX, currently worth around $1.34 billion, demonstrate a profitable investment as they show a positive return at the current price.
Currently, approximately 33.89 million AVAX, valued at around $958.93 million, are considered “unprofitable” due to their current price level. This situation suggests that investors may incur losses if prices remain unchanged or decrease further. However, these market conditions also point towards high investor interest and speculation as the AVAX price trend seems to be aiming for a potential increase towards $50.
The cryptocurrency operating on Layer 1 is currently at a crucial stage in terms of its market worth, with a significant resistance level set at $30. If it manages to break through this barrier, Avalanche (AVAX) might climb to $35. If the upward trend persists, predictions suggest that by the end of this month, the price of Avalanche could reach $40. With steady market backing, its value has the potential to soar by more than 70%, potentially reaching $50 during the upcoming bull run.
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2024-09-20 11:34