Avalanche (AVAX) Rumbles With 45% Rally
For most of the year, Avalanche coin (AVAX) has been in a mostly downtrend. However, it has recently seen a notable resurgence.
Avalanche has demonstrated remarkable performance in the cryptocurrency sector, showing a significant increase of 10% in the last 24 hours.
The AVAX price, which is currently valued at $18.12, exhibits a bullish engulfing candlestick pattern. From an optimistic perspective, the increase in demand has the potential to push the uptrend past the $20 threshold.
AVAX shows an impressive figure in the weekly timeframe. Source: CoinMarkeCap
Indeed, the recent 45% rise in the altcoin’s value over the past week has facilitated its rise to the top of the current top 20 coin rankings.
The AVAX cryptocurrency is now experience an upward trajectory, with the objective of reacquiring the $20 threshold. Will the cryptocurrency surge persist, leading AVAX to surpass the $20 mark, or is a potential retracement on the horizon?
Avalanche’s price has recently increased significantly for three main reasons. First, it saw a significant increase following Coinbase’s announcement that it plans to integrate support for AVAX and SOL perpetual futures.
In the majority of cases, the value of cryptocurrencies sees a significant increase following their inclusion on one of the world’s largest exchanges.
Second, the token’s bullish success is consistent with that of other cryptocurrencies such as Ethereum, Solana, Chainlink, and Bitcoin.
Supporters of a spot Bitcoin ETF are looking forward to its possible approval. Additionally, Blackrock submitted an application for an Ethereum ETF last week.
Investors therefore expect entities such as Blackrock, Invesco and Grayscale to request additional tokenized ETFs as their next line of action. The avalanche will be a great opportunity to see if this happens due to its enormous magnitude.
AVAX price action in the last 24-hours. Source: CoinMarketCap
avalanche has gained popularity on many social media platforms. Other evidence indicates that there has been a notable upward trend in open interest in futures contracts. Total revenue reached a peak of more than $156 million over the weekend.
Bybit, OKX and Bybit accounted for the remainder of this open participation, after Binance. A significant increase in futures open interest generally indicates increased demand.
As the cryptocurrency community eagerly watches AVAX’s rise, the question remains: will it maintain its momentum and break through the $20 mark, or is a retracement looming ahead? horizon? Time will tell as the cryptocurrency market continues to evolve.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pixabay
