**Avalanche Continues to Rise: AVAX Price Analysis and Forecast**
Avalanche, the blockchain platform known for its powerful decentralized applications (dApps), is experiencing a surge in price, with its native token, AVAX, increasing by 10% to $43.78. Despite the recent volatility in the crypto market, AVAX has remained resilient and has seen a 17% increase over the past two weeks and a staggering 28% surge in the last 30 days.
**Avalanche’s Market Cap and Potential**
– Despite a 25% decrease in trading volume to $893 million, Avalanche’s market cap has grown by 9% to $16 billion.
– As a result, Avalanche has become the 11th largest cryptocurrency.
– If investor interest and risk appetite continue to grow in March, AVAX has the potential to enter the top ten cryptocurrencies, surpassing Shiba Inu Coin with its $16.5 billion market cap.
**Avalanche’s Improving Fundamentals**
The blockchain analytics company IntoTheBlock has highlighted several positive developments within the Avalanche protocol:
– The number of new addresses created on the Avalanche network has increased to 14,420.
– The number of active addresses transacting on the blockchain has also grown to 67,120.
These improvements in network activity and user adoption are reflected in Avalanche’s price action. The token’s value has recovered from a low of $27 in January to its current price of $43.78.
**The Impact of Bitcoin’s Correction on Avalanche**
Like many other cryptocurrencies, Avalanche experienced a downturn when Bitcoin unexpectedly dropped below $60,000. However, some investors took advantage of this dip to buy more AVAX tokens, injecting buying pressure into the market and causing an immediate trend reversal.
To maintain its upward trajectory, Avalanche will face a crucial test at the yellow band around $45. Breaking through this level could lead to further gains, with the potential for intense FOMO (fear of missing out) driving the price above $50.
**Support from AVAX Holders**
A significant majority of AVAX holders are currently in profit, with approximately 87.75% of all addresses holding the token at an average cost of $40.34. This group of holders is unlikely to sell their AVAX, which provides strong support in the range between $39.75 and $41.07.
As a result, buying pressure may increase as these holders continue to maximize their gains in the medium-term.
**Resistance Levels and Breakout Potential**
According to the IOMAP models, there are only smaller resistance zones on Avalanche’s chart. With continued buying activity, AVAX is expected to stabilize and potentially break out above $50.
– Smaller resistance zones can be seen as red circles on the chart.
– A breakout above $50 could trigger further FOMO and drive the price even higher.
**In Summary**
– Avalanche’s native token, AVAX, has experienced a 10% increase in price, reaching $43.78.
– Despite recent market volatility, AVAX has shown resilience and has seen a 17% increase over the past two weeks and a 28% surge in the last 30 days.
– Avalanche’s market cap has grown by 9% to $16 billion, making it the 11th largest cryptocurrency.
– Positive developments within the Avalanche protocol, such as an increase in new addresses and active addresses, have contributed to its improving fundamentals.
– The recent dip caused by Bitcoin’s correction provided an opportunity for investors to buy more AVAX tokens, injecting buying pressure into the market and causing a trend reversal.
– A significant majority of AVAX holders are currently in profit and are unlikely to sell their tokens, providing support in the range between $39.75 and $41.07.
– The IOMAP models indicate smaller resistance zones on Avalanche’s chart, and a breakout above $50 could trigger further gains.
**π₯ Hot Take: Avalanche Continues to Rise Amid Market Volatility**
Avalanche’s native token, AVAX, has shown strength and resilience in the face of recent market volatility. Despite a temporary dip caused by Bitcoin’s correction, AVAX has bounced back and has experienced significant price increases. With positive developments within the Avalanche protocol and strong support from profitable holders, AVAX has the potential for further growth and a potential breakout above $50.
As always, it is important to conduct thorough research and analysis before making any investment decisions in the crypto market. Stay informed and stay cautious as you navigate this dynamic and ever-changing landscape.
By
By
By
