Avalanche is the best-performing cryptocurrency among the top 50 cryptocurrencies in terms of market capitalization.
AVAX, the Avalanche blockchain’s native coin, has up more than 13% in the previous 24 hours. As a result, market capitalization is the best-performing cryptocurrency among the top 50 cryptocurrencies.
The improved performance of AVAX comes as the broader cryptocurrency market recovers after a rough start to the week. The crypto market has increased by more than 4% in the last 24 hours, bringing the total crypto market valuation close to $1 trillion.
Bitcoin is now trading above $20k after increasing in value by more than 3% in the last 24 hours. After an almost 10% gain today, Ether, the second-largest cryptocurrency by market cap, is approaching the $1,600 barrier level.
There is no obvious trigger driving AVAX’s continued favorable performance. AVAX has suffered massive losses in recent days and is just now beginning to recover.
Despite today’s rebound, AVAX is still down more than 9% in the last seven days, indicating that the bearish trend is far from ending.
Levels to keep an eye on
Despite Avalanche rising more than 13% to its value today, the AVAX/USD 4-hour chart remains bearish. AVAX appears to be recovering from its recent collapse, according to technical indicators.
The MACD line is still below the neutral zone, indicating a bearish trend. With the bulls currently in charge, AVAX’s MACD line may climb into positive territory in the near future.
The 14-day relative strength index of 49 indicates that AVAX is no longer oversold. AVAX, on the other hand, would need to surge higher to enter the overbought conditions.
At the time of writing, AVAX was trading at $20.34 per coin. If the bulls maintain their lead, AVAX could break through the $23.02 resistance level before the end of the day.
Unless there is a sustained bullish run, the second major resistance level at $26.29 should limit additional gains in the near term.