In the fast-moving world of cryptocurrencies, Avalanche (AVAX) stands out. It’s not just another digital currency; it’s a direct challenger to big names like Ethereum. This article takes a closer look at what AVAX is, its current market trends, and whether it’s a smart choice for investors.
Avalanche (AVAX) is a blockchain platform and cryptocurrency that directly competes with Ethereum. The Avalanche blockchain, similar to Ethereum, uses smart contracts to support various blockchain projects. AVAX, the native token of the Avalanche blockchain, is used to pay for transaction processing fees, secure the Avalanche network, and serves as a basic unit of account among blockchains in the Avalanche network. The Avalanche blockchain offers nearly instantaneous transaction finality, making it a faster and more efficient option.
AVAX has shown remarkable growth with a 30% increase today, 53% over the past 7 days, and an impressive 106% in the last 30 days, currently trading at $18.48. It has experienced a 24-hour change of 4.27, amounting to a 30.05% increase, reaching a 24-hour high of $19.07 and a low of $14.13. The 24-hour trading volume for AVAX stands at 14,256,513.74, with its USDT equivalent being 240,683,218.14.
The current market dynamics of Avalanche (AVAX) indicate a bullish trend, defying the apparent general downtrend. This altcoin, after a period of dormancy, is now responding positively to the broader market’s optimism. The increased buying pressure suggests a potential breakout above the upper trendline. A significant move would be confirmed if AVAX surpasses the $15.84 resistance level, potentially extending towards the supply zone ranging from $25.58 to $30.89. For a conservative target of $31.45, AVAX needs to break and sustain above the $28.55 mark, the midline of the supply barrier.
In an optimistic scenario, turning the $30 resistance into a support level could propel the asset towards the next supply zone, ranging from $51.07 to $62.11. This bullish momentum is backed by the Relative Strength Index (RSI), which signaled a buy opportunity as it crossed above the signal line, contributing to a nearly 65% price increase. However, facing rejection at the upper boundary of the current pattern might trigger a downward trend, possibly revisiting the December 2020 lows of $2.75.
The Avalanche prognosis for the next few years is quite positive if the project should continue to develop in a good direction. As with many other altcoins, there is also a greater risk here because Avalanche is also a relatively young project. As such, you can invest in AVAX if you believe in the project, but you should own a diversified portfolio of cryptocurrencies.
Bitget offer a secure and straightforward way to purchase AVAX. Bitget is known for its robust security and user-friendly interface, making it an ideal choice for both new and experienced traders. To buy AVAX on Bitget, simply create an account, complete the necessary KYC procedures, deposit funds, and start trading.
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