Journalist
Posted:
- AVAX’s price has risen significantly in the last week.
- Its market cap has now exceeded that of DOGE.
Avalanche’s [AVAX] price has risen by almost 50% in the last seven days, outperforming all other major crypto assets and replacing Dogecoin [DOGE] as the ninth-largest cryptocurrency by market capitalization.
At press time, the altcoin exchanged hands at $40, with a market cap of $14.64 billion. According to CoinMarketCap’s data, DOGE trailed behind it with a market cap of $13.76 billion.
The most preferred altcoin?
While the rest of the market experienced a decline, AVAX’s price rallied in the last week partly due to the influx of funds into crypto investment funds backed by the altcoin.
In a recent report, digital asset investment firm CoinShares noted:
“Solana and Avalanche saw inflows of US$3m and US$2m, respectively, remaining firm favorites in the altcoin space.”
The inflow of liquidity into funds giving exposure to AVAX, hinted at a rise in the demand for the altcoin. In the alt’s spot market, this surge in demand was notable.
At press time, key momentum indicators observed on a 24-hour chart rested at overbought highs. AVAX’s Relative Strength Index (RSI) was 88.78, while its Money Flow Index (MFI) was 86.05.
At these values, these indicators showed that daily traders favored accumulation over distribution.
Confirming the bullish trend in the AVAX market, its Awesome Oscillator (AO) has only posted green upward-facing histogram bars in the past seven days.
This indicator gauges market momentum and identifies potential buy and sell signals. Green upward-facing bars in an asset’s AO are typically seen after a period of consolidation or a pullback.
They indicate that the buyers have taken control of the market and that the price rally will continue.
Further, since the rally began, AVAX’s Choppiness Index has trended downwards. At press time, it was 34.74.
How much are 1,10,100 AVAXs worth today?
A Choppiness Index of this value generally indicates a trending market with low price volatility.
This often suggests that the asset’s price would move in a consistent direction and be less prone to sharp and unpredictable price swings, therefore lowering the risk of quick losses for traders.
Source: AVAX/USDT on TradingView
Source: https://ambcrypto.com/can-avax-hold-onto-its-position-as-the-ninth-largest-crypto/