Blog

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 constructive 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% right this moment.

There is not any rapid catalyst behind AVAX’s ongoing constructive efficiency. AVAX has recorded enormous losses in latest days and is just recovering from the droop.

Despite right this moment’s rally, AVAX remains to be down by more than 9% over the previous seven days, indicating that the bearish momentum will not be but over.

Key ranges to look at

The AVAX/USD 4-hour chart remains to be bearish regardless of Avalanche including more than 13% to its worth right this moment. The technical indicators present that AVAX is recovering from its latest droop.

The MACD line stays under the impartial zone, indicating bearish momentum. However, with the bulls now in management, AVAX’s MACD line might transfer into the constructive area in the close to time period.

The 14-day relative energy index of 49 exhibits that AVAX is now not in the oversold area. However, AVAX would want to rally increased 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 might rally previous the $23.02 resistance stage earlier than the finish of the day. 

Unless there may be an prolonged bullish run, the second main resistance level at $26.29 ought to cap additional upward motion in the close to time period.