Over the past 24 hours, the AVAX bulls have pushed the price of Avalanche up by 4.41% to $36.36. The upward movement began from the daily low of about $34.77 which created a strong base for the bullish trend observed during the day.
Throughout the day, the trading volume of AVAX increased by 4.76%, reaching $361,318,008. This increased trading activity suggests that investors are still optimistic about the AVAX’s future and its ability to grow in value.
Despite showing resistance at around $36.50 at press time, the currency’s value remains resilient, pointing to possible breakthroughs if the momentum continues.
AVAX/USD 1-day price chart (source: CoinMarketCap)
Avalanche’s market capitalization has also increased by 4.39% to a new level of $14.3 billion, which makes it the twelfth biggest cryptocurrency in terms of market capitalization. Currently, there are more than 393 million AVAXs in circulation, which is 55% of the total AVAX supply. This distribution is very crucial in ensuring that the market value is sustainable because it ensures that there is enough liquidity.
AVAX/USD Technical Analysis
On the 4-hr price chart, The Moving Average Convergence Divergence (MACD) indicator presents a bullish signal, with the MACD line (blue) having recently crossed above the signal line (orange), suggesting an upward momentum for AVAX.
Further, the histogram that determines the gap between the MACD line and the signal line has changed its color from red to blue, which also indicates that the market is bearish at the moment.
AVAX/USD 4-hr price chart (source: Trading View)
Avalanche (AVAX) has also shown interesting fluctuations in the Relative Strength Index (RSI) on the 4-hour chart. As of the time of writing this article, the RSI stands at 56.32, which shows a slightly bullish trend since it is still below the overbought level of 70. This level suggests that AVAX is not yet in the ‘overbought’ zone, meaning that despite some buying pressure, there is still potential for further upswing without the risk of a quick drop-off in value due to overvaluation.
Sustaining the positive outlook, the Stochastic Momentum Index (SMI) of Avalanche (AVAX) is at 64.28 on the 4-hour chart. This position higher than the key threshold of 50 indicates that AVAX may keep on rising because the SMI’s current level shows ongoing demand from buyers and market strength.
