Price: $0.38399 1.2856%
Market Cap: 56.4B 1.7523%
Volume (24h): 8.63B 0.4%
Dominance: 1.7523%
Price: $0.38399 1.2856%
Market Cap: 56.4B 1.7523%
Volume (24h): 8.63B 0.4%
Dominance: 1.7523% 1.7523%
  • Price: $0.38399 1.2856%
  • Market Cap: 56.4B 1.7523%
  • Volume (24h): 8.63B 0.4%
  • Dominance: 1.7523% 1.7523%
  • Price: $0.38399 1.2856%
Home > Information news > Avalanche (AVAX) Price Shoots 10 %Toppling Dogecoin For the Ninth Spot, $50 Coming?

Avalanche (AVAX) Price Shoots 10 %Toppling Dogecoin For the Ninth Spot, $50 Coming?

Release: 2024/02/10 15:31 Reading: 942

Original author:Coingape News Media

Original source:https://coingape.com/?p=179554

Along with Bitcoin, the altcoin market is also playing a major catch-up with a strong 2.6% rally in the broader crypto markets. Avalanche, in particular, has emerged to be today’s star performer! The Avalanche (AVAX) price has shot up by 10% in the last 24 hours and is currently trading at $39.28 with a market cap of $14.43 billion. Interestingly, the AVAX trading volume has also shot up by 82% in the last 24 hours.

Avalanche (AVAX) Topple Dogecoin

Amid the current price rally, Avalanche (AVAX) has unseated Dogecoin for the ninth spot. The altcoin has registered a strong rally during the fourth quarter of 2023 making its place in the top ten crypto list.

The daily AVAX/USD chart suggests a potential breakout scenario. At press time, the bulls are already challenging the $39 resistance level, and a successful breakout could possibly propel AVAX to $43.85. Conversely, a rejection could lead to a pullback towards the next support zone at $33.85.

At present, the Relative Strength Index (RSI) sits at 54.42, indicating a resurgence in buying momentum. Further bolstering this outlook is the Awesome Oscillator (AO), which has been signaling increasing upward momentum for AVAX since rising from negative levels. Additionally, the Directional Movement Index (DMI) reinforces the bullish sentiment by showing greater buyer aggression compared to sellers in the market.

AVAX Price Eyes $50

The Average Directional Index (ADX) for AVAX currently stands at a relatively weak 13.49. However, a rise above 25, coupled with the positive Directional Movement Indicator (+DMI) leading the negative Directional Movement Indicator (-DMI), could signal AVAX’s potential trajectory toward $40.

Despite this optimistic outlook, potential obstacles lie ahead as indicated by the Liquidation Heat Map, which forecasts significant liquidations around the $37 mark. Investors employing high leverage and maintaining low-margin balances are particularly susceptible to increased risk, especially if Avalanche (AVAX) surpasses the $38 threshold.

Market volatility remains a key factor to monitor, with fluctuations in volume potentially indicating forthcoming price movements. A decrease in volume may trigger a pullback, while an uptick could propel AVAX toward the $50 level.

Encouragingly, on-chain data reveals a positive Funding Rate for Avalanche (AVAX), suggesting that long positions are paying a funding fee to short positions. This bullish signal adds to the potential for sustained price appreciation in the AVAX market.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.