- Avalanche was up by more than 7% in the last seven days.
Despite the price uptick, market sentiment around AVAX remained bearish.
As a researcher with experience in the cryptocurrency market, I’ve observed that Avalanche (AVAX) has been performing exceptionally well, bucking the bearish sentiment prevalent in the market. In contrast to other cryptos, AVAX bulls have held their ground despite some bearish signs.
In contrast to many other cryptocurrencies, AVAX‘s bulls successfully maintained their positions, allowing the token to continue its upward price trajectory.
As a researcher studying the cryptocurrency market, I have observed that the price of a particular coin has reached a pivotal point. If this trend continues, it could potentially spark a bull rally, enabling it to surpass Shiba Inu (SHIB) and claim the 11th spot among the largest cryptos by market capitalization.
Avalanche on the verge of a breakout
As a market analyst, I’ve observed some noteworthy price movements in AVAX according to CoinMarketCap data. Over the past week, its price has experienced a significant increase of more than 7%. Even more impressively, within the last day, AVAX’s value has surged by over 4%.
Currently, Avalanche is priced at $37.09 per token and boasts a market value exceeding $14 billion, ranking it as the twelfth largest cryptocurrency by market cap.
Recently, the well-known crypto analyst, World of Charts, drew attention to a developing falling wedge formation on AVAX‘s 4-hour price chart through a tweet.
As a researcher studying the cryptocurrency market, I was elated to notice that AVAX‘s price was on the verge of surpassing its current resistance level. Should this occurrence materialize, it would likely trigger a robust upward trend for investors involved in the token.
An approaching rally could potentially result in AVAX surpassing SHIB‘s position, given that the gap between their market capitalizations was only around $400 million. According to AMBCrypto’s interpretation of Glassnode’s findings, SHIB exhibits some areas of concern.
The NVT ratio for Shiba Inu (SHIB) has risen, which could be a sign that the coin’s price may decrease. If the price of SHIB falls and Avalanche (AVAX) manages to break above its falling wedge pattern, AVAX might surpass SHIB in value.
Is an AVAX bull rally inevitable?
An analysis by AMBCrypto revealed that the open interest for AVAX, along with its price, has been on an uptrend. This could indicate a potential bullish outlook for AVAX.
As a researcher studying the market trends of AVAX, I’ve noticed that the price action suggested potential continuation of the bull rally, which could enable AVAX to break free from the falling wedge pattern. Nevertheless, the sentiment towards AVAX among investors was predominantly bearish, as evidenced by its low Weighted Sentiment score.
As a researcher studying market trends, I observed that the Chaikin Money Flow (CMF) indicated a potential breakout based on its recent upward trend. Specifically, the CMF had increased and was moving closer to surpassing the positive threshold.
Additionally, the MACD indicator showed a bullish crossover, which is another sign of ongoing price growth.
Despite the fact that both the Relative Strength Index (RSI) and Money Flow Index (MFI) showed a bearish trend in their recent horizontal movement over the past few days.
Read Avalanche’s [AVAX] Price Prediction 2024-25
In an optimal situation for AVAX, its price may reach a milestone of $40 as the first significant level of upward progression.
As a researcher studying the cryptocurrency market, I’ve noticed that AVAX has been making significant strides and is currently hovering just below the $50 mark. If this token manages to successfully breach this level, it could potentially lead to AVAX surpassing SHIB in the coming days. This shift in market position would be an interesting development to observe.
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2024-05-06 07:03