Avalanche (AVAX) price is currently showing a bullish pattern, signaling potential for further increases. This trend of upward movement suggests more upside is ahead. As the cryptocurrency gains traction, momentum builds within the sector. Over the last several days, AVAX has experienced a notable rise. This upward trend is in sync with gains across other alternative cryptocurrencies.
Avalanche Price Leads With 20% Weekly Gain
Avalanche price has experienced a significant increase, rising over 20% in the past week. This places it among the market’s highest performers. Enthusiasm continues in today’s crypto market, with major coins showing steady gains. Bitcoin has surpassed a new milestone, reaching $64,000.
Meanwhile, Ethereum has climbed beyond the $2,400 mark. Other leading cryptocurrencies are similarly benefiting from the market’s upward trend.
The Avalanche price is hovering above the $28 support level with bullish momentum, reflecting a significant upward trend. Over the past 24 hours, the AVAX price has surged by more than 9.31%, currently trading at $28.16, making a strong surge, particularly during the U.S. time frame. The trading volume has increased by 14.70%, totaling $469 million, indicating growing interest and activity in the market.
Can AVAX Price Surpass $30 in This Rally?
The technical indicators for Avalanche price show a notable uptrend. The Moving Average Convergence Divergence (MACD) underscores this bullish sentiment. The MACD line (blue) crosses above the signal line (orange), showing the potential buy signal. The histogram has shifted from red to green, further supporting the bullish outlook in the Avalanche market.
Beyond $30, AVAX price could revisit the $40 and $50 psychological levels.
Avalanche Price Chart| Source: TradingView
The bullish trend in the cryptocurrency market is evident with Avalanche, as its Total Value Locked (TVL) reaches a substantial $990.04 million. This figure showcases the growing trust and investment within the Avalanche ecosystem, signaling robust activity. Avalanche’s market capitalization for stablecoins has hit $2.18 billion, further underlining its significant position in the market.
According to data from defillama, Avalanche has generated $27,441 in fees over the past 24 hours, an indicator of active usage and transaction volume on the platform. This revenue generation is a positive sign for the network’s financial health and operational efficiency.
The IntoTheBlock data reveals a minimum price of $18.84 and a maximum of $24.92, with an average transaction value pegged at $21.73 across 927,000 addresses. Approximately 47.29 million AVAX, valued at $1.34 billion, are considered ‘in the money,’ showing a positive return at the current price.
Meanwhile, 33.89 million AVAX, worth nearly $958.93 million, are ‘out of the money,’ reflecting potential losses. These market dynamics underscore significant interest and speculation as prices eye a potential rise to the $50 mark.
Source: IntoTheBlock
The Layer 1 coin is at a critical point in its market valuation, with a major resistance level of $30. If it surpasses this threshold, AVAX could increase to $35. If the positive trend continues, the Avalanche price forecast might reach $40 by the end of the month. With sustained market support, its value could potentially surge over 70%, reaching $50 during the forthcoming rally.
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