The Avalanche price has posted amazing gains over the last 24 hours to trade at $26 as of 4:30 a.m. EST.
The latest rally has seen AVAX rise to a new yearly high of $27, levels last seen in August 2022. Its trading volume has increased by 75% to $1.289 billion signaling the growing trading activity for this Layer 1 token.
At the time of writing, Avalanche’s market capitalization had crossed the $9.5 billion mark, earning it a spot among the top 10 most valuable cryptocurrencies, according to the CoinMarketCap ranking.
Top Cryptos by Market Capitalization
Other top non-stablecoin digital currencies were also flashing green with the largest cryptocurrency by market capitalization, Bitcoin (BTC) adding 5% to its price, crossing $43,000 with $44,000 in sight.
Ethereum (ETH) was up 3% to trade at $2.276 and Solana (SOL) had rallied 9% to exchange hands at $65. Cardano (ADA) and popular meme coin Dogecoin (DOGE) also displayed good performance after rising 6.5% and 16.5% respectively, over the last 24 hours.
With this bullish sentiment, the global crypto market capitalization has increased by 4.5% over the same period to $1.16 trillion.
Avalanche Price Analysis – Where is AVAX Headed Next?
The price action on the daily time frame shows that the AVAX price has increased exponentially quickly since mid-October, climbing 211% culminating with a new yearly high of $27 during the early Asian trading session today.
The AVAX price broke above to key resistance lines during the uptick. The first (solid) resistance zone was that stretching from $7.95 to $12.35, embraced by the major moving averages, which was flipped to support on Nov. 6. The second was the psychological level at $20 which had underpinned the price since February.
The Relative Strength Index (RSI) as a momentum indicator used to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. Currently moving within the overbought territory at 74 and an upward trend indicates that bulls still dominate the market.
Continued buying could push the Avalanche price from the current levels to first toward $28 and later to confront resistance from the $30 psychological level. This would represent a 15% climb from the current price.
AVAX/USD Daily Chart
The moving averages were moving steeply upwards, reinforcing AVAX’s upward trajectory. Note that these trend-following chart overlay indicators had sent a call to buy Avalanche on the daily chart. This was inform of a bullish cross that occurred on Nov. 26 when the fast-moving 100-day Exponential Moving Average (EMA) crossed above the slower 200-day EMA.
On the downside, the RSI showed that the token was overbought. This suggested that the ongoing rally may soon run out of steam as sellers book profits on the run up to $26. If this happens, AVAX may turn down to seek solace from the $22 support level.
Lower than that, the crypto may oscillate within the demand zone extending from $20 to $22 for a few days before establishing any directional bias.
The post Avalanche Price Prediction: AVAX Leaps 17% in 24 Hours to Enter Top 10 List appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/avalanche-price-prediction-avax-leaps-17-in-24-hours-to-enter-top-10-list/