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Avalanche (AVAX)

Will Avalanche zoom past Solana, to claim a spot among top ten cryptocurrencies

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Avalanche was up almost 90% at press time over the last week. As the 11th ranked coin by market cap, made another all-time high of $75.4, speculation about the alt making a star entry into the top 10 coins heightened. Apart from that, Avalanche’s hype wasn’t all its own as market analysts compared its trajectory to Solana’s but, was it all that bad for AVAX?

Ethereum killers killing?

As AVAX saw another ATH at press time, the alt’s trajectory has been compared to Solana. However, after a killer rally, Solana’s market seemed to be cooling off, so was this the right time for another Ethereum killer to steal the show? Well, it sure did seem like it, as Avalanche’s value surged roughly 250% over the last month. AVAX had a market capitalization of over $15 billion at the time of writing. 

This explosive growth shown by the altcoin could be attributed to many reasons including fast processing times, and favorable growth trends for Defi and NFT projects over the last month.  On Thursday, the Avalanche Foundation had also announced that it completed a $230 million private token sale to a slew of blockchain asset investment firms, crypto hedge funds, angel investors, and family offices, including Polychain Capital and Three Arrows Capital. 

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A similar kind of surge in institutional and retail interest was seen in Solana when it made new ATHs just a couple of weeks ago. But that went missing from the market soon, as data from Bybt showed that over $265M in Solana liquidations have been wiped out of the market since SOL peaked at an all-time high of $216 on September 9.


Source: Ali Martinez

As pointed out by analyst Ali Martinez, Solana traders looked like they were in despair. However, even as euphoria for Solana had cooled down it had almost double the trade volumes than Avalanche at the time of writing. This leaves the question of AVAX flipping SOL behind, at least for the mid-short term. But what about this coordinated trajectory highlighted by the two coins?

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AVAX and SOL may have similar fates

Much like Solana, AVAX was also riding on some high trade volumes. Notably, the RSI trajectories of both the altcoins as they made new ATHs looked similar too, noting high inflows. Avalanche registered high trade volumes indicating market euphoria, which is expected during a price ATH.

What’s more, analyst Lex Moskovski recently pointed that AVAX was behaving like SOL at $25, showing impressive resilience and front-running orders. So could AVAX chart out a similar track and act like Solana? Since $25, SOL gained almost 750% so, could AVAX chart out a similar growth trajectory?

On comparing the two alts is was notable that over 225 projects are under development on the Avalanche blockchain. Tether is in the initial stages of launching USDT on Avalanche. On the other hand, Solana is involved with stablecoin USDC and FTX, both of which are choosing the Solana network for its fast settlement capabilities. On this front, the two coins seemed to perform well. 

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Looks like the next few days will be the deciding factor for AVAX whether it can make an entry in the top 10 coins and flip SOL or will the rally dry up quicker than expected?

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Avalanche (AVAX)

Ethereum Competitor AVAX Shows Bullish Momentum

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It’s been revealed that there’s an Ethereum rival that shows massive strength. Check out the latest reports about AVAX below.

The online publication the Daily Hodl notes that Benjamin Cowen said that there’s an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.

AVAX is showing bullish signs

Cowen said that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”

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Cowen noted that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA).

The AVAX bull market support brand

If taken together, the two metrics are what Cowen refers to as the “bull market support band.”

“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks.”

He continued and said the following:

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“A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.”

Cowen does not predict that AVAX will have a strong move against Bitcoin “in the next month or so.”

Bitcoin price booster

As you probably know by now, the launch of a BTC ETF was the main trigger of Bitcoin’s price according to some analysts.

It’s been also revealed that there’s a new BTC ETF that rolled out the other day.

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Valkyrie Investments, which is an alternative asset management firm, launched the country’s second Bitcoin futures ETF, according to CEO Leah Wald.

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Avalanche (AVAX)

Avalanche (AVAX) Price Is Looking Super Strong, Possesses The Potential To Surge Nearly 65%

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One of the fastest smart contracts platforms, Avalanche’s first desktop wallet recently launched version 2.0. The new features are said to be pretty compatible with all the DApp on Avalanche blockchain. Hence, the AVAX price could skyrocket to the moon in the coming days.

The asset went parabolic since the price experienced a huge crash during mid-may. After undergoing notable ups and downs, the asset managed to surge beyond $60. However, with the recent dip and correction, the price formed a ‘w-shaped’ pattern and broke above the levels. 

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avaxchart

The AVAX platform experienced a huge influx of volume since the mid of august 2021 which gave an immense boost to the price. After the recent retracement from $60 to around $50 and a rebound to prior levels, the asset formed a ‘w-shape’. Moreover, with the recent surge, the asset broke the neckline and is currently on the verge to test the strong resistance levels at $71. 

Also, the price is trending within an ascending channel with a notable rebound from support levels and rejection from resistance levels. If the price maintains the same trend, then the levels at 1.4 FIB levels at $126 could be an achievable target. Hence the Avalance (AVAX) price may regain their lost positions soon. 

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Avalanche (AVAX)

Avalanche (AVAX) Price Is Looking Super Strong, Possesses The Potential To Surge Nearly 65%

Published

on

One of the fastest smart contracts platforms, Avalanche’s first desktop wallet recently launched version 2.0. The new features are said to be pretty compatible with all the DApp on Avalanche blockchain. Hence, the AVAX price could skyrocket to the moon in the coming days. 

The asset went parabolic since the price experienced a huge crash during mid-may. After undergoing notable ups and downs, the asset managed to surge beyond $60. However, with the recent dip and correction, the price formed a ‘w-shaped’ pattern and broke above the levels. 

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Also Read: ZCASH(ZEC), Harmony(ONE) Price Could Fall Into Bearish Trap! What’s Next?

avaxchart
Source: Tradingview

The AVAX platform experienced a huge influx of volume since the mid of august 2021 which gave an immense boost to the price. After the recent retracement from $60 to around $50 and a rebound to prior levels, the asset formed a ‘w-shape’. Moreover, with the recent surge, the asset broke the neckline and is currently on the verge to test the strong resistance levels at $71. 

Also, the price is trending within an ascending channel with a notable rebound from support levels and rejection from resistance levels. If the price maintains the same trend, then the levels at 1.4 FIB levels at $126 could be an achievable target. Hence the Avalance (AVAX) price may regain their lost positions soon. 

The asset went parabolic since the price experienced a huge crash during mid-may. After undergoing notable ups and downs, the asset managed to surge beyond $60. However, with the recent dip and correction, the price formed a ‘w-shaped’ pattern and broke above the levels. 

Advertisement

Also Read: ZCASH(ZEC), Harmony(ONE) Price Could Fall Into Bearish Trap! What’s Next?

avaxchart
Source: Tradingview

The AVAX platform experienced a huge influx of volume since the mid of august 2021 which gave an immense boost to the price. After the recent retracement from $60 to around $50 and a rebound to prior levels, the asset formed a ‘w-shape’. Moreover, with the recent surge, the asset broke the neckline and is currently on the verge to test the strong resistance levels at $71. 

Also, the price is trending within an ascending channel with a notable rebound from support levels and rejection from resistance levels. If the price maintains the same trend, then the levels at 1.4 FIB levels at $126 could be an achievable target. Hence the Avalance (AVAX) price may regain their lost positions soon. 

News Source

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