This crypto, which is similar to Ethereum, has just passed Dogecoin for a top 10 market cap place in the crypto market – Avalanche – US Dollars ($ AVAX)
avalanche (CRYPTO: AVAX) is trading higher on Monday, defying a cryptocurrency market that is trading lower. Avalanche is another Layer 1 cryptocurrency, similar to ether (CRYPTO: ETH) or Solana (CRYPTO: SOL). Avalanche just happened Dogecoin (CRYPTO: DOGE) to claim a top 10 spot in the crypto market based on market capitalization
Avalanche rose 6.02% to $ 139.53 on Monday afternoon upon release.
Avalanche daily chart analysis
- Avalanche appears to have broken out of what technical traders call an ascending triangle pattern and has since moved up.
- The $ 80 level was a level of resistance in the cryptocurrency for a while before price broke through and held above that level. The higher low trendline has been considered a support area in the past and could be a place of support in the future as the cryptocurrency cools down.
- The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), suggesting that sentiment in the cryptocurrency was bullish.
- Any of these moving averages can be considered an area of support in the future.
- The Relative Strength Index (RSI) has risen in recent weeks and is now 81 on the indicator. This shows that the cryptocurrency is well in the overbought territory and has seen many more buyers than sellers in the past few weeks.
What’s next for avalanche?
Bullish traders expect the cryptocurrency to continue its upward trend. Crypto is likely to cool off after a period of strong upward momentum. When this happens the cops are trying to get the crypto to hold some of their profits. This could cause the stock to continue rising over time.
Bearish traders expect the cryptocurrency to fall below the $ 80 mark. After falling below this level, bears want the cryptocurrency to drop below the higher low trendline to allow for a possible long-term trend reversal.
Photo by Johannes Waibel on Unsplash
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