Avalanche is the best-performing cryptocurrency amongst the prime 50 cryptocurrencies by market cap.
AVAX, the native token of the Avalanche blockchain, is up by more than 13% over the final 24 hours. Thus, making it the best-performing cryptocurrency amongst the prime 50 cryptocurrencies by market cap.
AVAX’s optimistic efficiency comes as the broader crypto market recovers from its poor begin to the week. The broader crypto market is up by more than 4% in the final 24 hours, taking the complete crypto market cap near the $1 trillion mark.
Bitcoin is now buying and selling above $20k as soon as once more after including more than 3% to its worth over the final 24 hours. Ether, the second-largest cryptocurrency by market cap, is near the $1,600 resistance level after rallying by almost 10% immediately.
There isn’t any rapid catalyst behind AVAX’s ongoing optimistic efficiency. AVAX has recorded large losses in latest days and is just recovering from the hunch.
Despite immediately’s rally, AVAX continues to be down by more than 9% over the previous seven days, indicating that the bearish momentum is just not but over.
Key ranges to observe
The AVAX/USD 4-hour chart continues to be bearish regardless of Avalanche including more than 13% to its worth immediately. The technical indicators present that AVAX is recovering from its latest hunch.
The MACD line stays under the impartial zone, indicating bearish momentum. However, with the bulls now in management, AVAX’s MACD line may transfer into the optimistic area in the close to time period.
The 14-day relative energy index of 49 reveals that AVAX is now not in the oversold area. However, AVAX would want to rally larger to enter the overbought territory.
At press time, AVAX is buying and selling at $20.34 per coin. If the bulls proceed to be in cost, AVAX may rally previous the $23.02 resistance degree earlier than the finish of the day.
Unless there’s an prolonged bullish run, the second main resistance level at $26.29 ought to cap additional upward motion in the close to time period.
