Avalanche is the best-performing cryptocurrency amongst the highest 50 cryptocurrencies by market cap.
AVAX, the native token of the Avalanche blockchain, is up by greater than 13% over the past 24 hours. Thus, making it the best-performing cryptocurrency amongst the highest 50 cryptocurrencies by market cap.
AVAX’s constructive efficiency comes because the broader crypto market recovers from its poor begin to the week. The broader crypto market is up by greater than 4% within the final 24 hours, taking the full crypto market cap near the $1 trillion mark.
Bitcoin is now buying and selling above $20k as soon as once more after including greater than 3% to its worth over the past 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 isn’t a quick catalyst behind AVAX’s ongoing constructive efficiency. AVAX has recorded big losses in latest days and is solely recovering from the droop.
Regardless of right this moment’s rally, AVAX continues to be down by greater than 9% over the previous seven days, indicating that the bearish momentum shouldn’t be but over.
Key ranges to observe
The AVAX/USD 4-hour chart continues to be bearish regardless of Avalanche including greater than 13% to its worth right this moment. The technical indicators present that AVAX is recovering from its latest droop.
The MACD line stays beneath the impartial zone, indicating bearish momentum. Nevertheless, with the bulls now in management, AVAX’s MACD line might transfer into the constructive area within the close to time period.
The 14-day relative energy index of 49 exhibits that AVAX is not within the oversold area. Nevertheless, AVAX would wish 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 tip of the day.
Except there’s an prolonged bullish run, the second main resistance level at $26.29 ought to cap additional upward motion within the close to time period.