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Avalanches $ AVAX is one of the altcoins that is recovering more strongly in this current market rally

The Avalanche price has gained ground in recent sessions as traders await the Federal Reserve’s rate decision. The increasing adoption of the Avalanche network by users has also contributed to Avalanche’s success. At $ 90.50, AVAX is up about 21% from its lowest price this month.

Why is AVAX recovering quickly?

In the past few weeks, all cryptocurrencies have struggled, with Avalanche’s AVAX not falling by the wayside. The digital asset market has plummeted more than 40% since its peak in November. As a result, cryptocurrencies have seen a market cap decline of over $ 700 billion. AVAX is slowly recovering, however, with the potential to outperform the rest of the altcoins.

Part of the recovery is down to the likelihood of the Federal Reserve accelerating its rejuvenating process. Analysts expect the bank’s asset takeovers to decrease by $ 30 billion. It is planned to complete the QE in the coming months and to start the rate hike in the middle of next year.

Since August 2021, the total value locked for dApps on the Avalanche blockchain has increased more than thirty times, which corresponds to the market capitalization for DeFi apps. The network’s Avalanche Rush, a $ 180 million incentive campaign, helped expand the DeFi ecosystem to include Avalanche.

Circle’s USDC token is now available on the Avalanche blockchain. It’s the network’s first diversification offensive since Tether’s USDT stablecoin last month. USDC represents a third of the stablecoin supply in the crypto ecosystem, and its adoption is growing rapidly.

Analysts estimate the avalanche price will rise by 10%

A closer look at the AVAX price chart shows that the coin found significant support at around $ 80.92. It’s a promising sign for the coin. The currency is approaching the 23% Fibonacci retracement level. It is also up slightly above the 25- and 50-day moving averages, suggesting that the oscillators are increasing.

The addition of USDC to Avalanche could trigger a bull run in the token. Analysts are bullish on the Avalanche price and are forecasting $ 91 and $ 142 as the token’s two Fibonacci expansion targets.

According to cryptocurrency analyst and YouTuber Michael van de Poppe, Avalanche will resume its surge and hit 10% on target of $ 91.

What happens to other cryptocurrencies?

On Wednesday, the cryptocurrency market was mostly in the green ahead of the much-anticipated Fed meeting. Investors collected tokens at lower prices.

Bitcoin is currently trading at $ 47,170.82, up 1.6 percent over the past 24 hours. In the past 24 hours, Ethereum rose modestly to $ 3,771.18, a 1 percent increase. Dogecoin rose 15.5 percent in the past 24 hours to $ 0.181994. The move took place to Elon Musk., CEO of Tesla Inc specified on Tuesday that the electric car maker would tentatively accept Dogecoin as payment for items, increasing the meme-based cryptocurrency by more than 20 percent.

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