Avalanche (AVAX) Emerges as Top Performer, Ousts Dogecoin
Along with Bitcoin, the altcoin market is also experiencing a strong rally, with Avalanche (AVAX) leading the way. AVAX has surged by 10% in the last 24 hours and now holds the ninth position on the list of top cryptocurrencies, surpassing Dogecoin.
Potential Breakout for AVAX
The AVAX/USD chart indicates a potential breakout scenario. Bulls are currently challenging the $39 resistance level, and if successful, AVAX could rally to $43.85. However, a rejection could lead to a pullback towards the next support zone at $33.85.
The Relative Strength Index (RSI) sits at 54.42, signaling a resurgence in buying momentum. The Awesome Oscillator (AO) also indicates increasing upward momentum for AVAX. Furthermore, the Directional Movement Index (DMI) shows greater buyer aggression compared to sellers in the market.
AVAX Price Targets $50
The Average Directional Index (ADX) for AVAX is currently weak at 13.49. However, a rise above 25, along with the positive Directional Movement Indicator (+DMI) leading the negative Directional Movement Indicator (-DMI), could indicate a potential trajectory towards $40.
Despite positive outlooks, potential obstacles lie ahead as indicated by the Liquidation Heat Map, which forecasts significant liquidations around the $37 mark. Investors using high leverage and maintaining low-margin balances are at higher risk if AVAX surpasses the $38 threshold.
Market volatility remains a crucial factor to monitor, with fluctuations in volume potentially indicating upcoming price movements. A decrease in volume may trigger a pullback, while an increase could push AVAX towards the $50 level.
On-chain data shows a positive Funding Rate for AVAX, suggesting that long positions are paying a funding fee to short positions. This adds to the bullish sentiment and the potential for sustained price appreciation in the AVAX market.
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