On Wednesday, the Avalanche coin appears to be well positioned for gains when the cryptocurrency sector as a whole sees further tailwinds. The AVAX coin’s surge began on a bullish breakout of a symmetrical triangle pattern on the 4-hour chart.
After a strong rally in recent days, the crypto community predicts that the Avalanche coin will rebound this month. The reason could be attributed to recent reports indicating that the crypto market rose almost 5%, reclaiming the $1 trillion benchmark.
In contrast, the cryptocurrency market grew by nearly 5%, regaining the $1 trillion mark. This could be the cause of the cryptocurrency bull run.
Avalanche Price Review (AVAX)
Avalanche’s current live price is $24.99 and the 24-hour trading volume is $123 million. Over the past 24 hours, the Avalanche is up 7.41%. With a live market cap of $7092.4 million, Avalanche is now ranked 14th in the market. It has a circulating supply of 283.8 million AVAX coins and a maximum supply of 720 million AVAX coins. Avalanche (AVAX) rose from a low of $20.60 to a high of $24.80.
More the last 24 hours, the overall cryptocurrency market Again outmoded the $1 trillion Mark, with a 5% increase. As a results, avalanche (AVAX) has has been considered as a of the top performers cryptocurrencies, rising of a down of $20.60 at a high of $24.80.
Given the rising inflation, the Federal Reserve is expected at raise interest rates to be respected this month. As a result, this week, the rise in the price of Avalanche could be a bull trap. However, the crypto community predicted this the avalanche currency will be Craft a come back this month, Next his unbelievable recovery.
Avalanche Developments Network (AVAX)
Considering the advantages of the Avalanche Crypto network over the Ethereum network, it is highly likely to grow exponentially. Avalanche, for example, has a significantly higher transaction throughput (6,500 per second) without compromising the network’s scalability.
Avalanche (AVAX) is a network made up of three separate blockchains. They are the C chain, the X chain and the P chain. In the avalanche network, each of these chains has a specific purpose. Because DeFi is still expanding, I think Avalanche will come out stronger than before.
The efforts of the Avalanche network to build bridges to improve interoperability between its ecosystem and Ethereum demonstrate this.
Bullish recovery in Bitcoin and Ethereum boosts uptrend
The gains of the Avalanche coin were also helped by the rising prices of the two largest crypto coins in the world, BTC and ETH. The BTC/USD pair broke above the $23,000 mark. Moreover, if BTC continues to hold above the $22,500 support level, it might reach the next resistance level of $24,000.
On the other hand, the market capitalization of ETH/USD exceeds $190 billion after breaking through the $1,500 mark. As a result, Bitcoin’s bullish rally appears to be one of the main reasons for Avalanche’s success.
AVX/USD is trading amid US dollar weakness
Lately, there has been a bearish trend in US Dollar prices, which could be one of the reasons for the bullish trend of the AVAX/USD pair. The greenback failed to end its losing streak and lost further ground as the euro attracted additional bids.
The single currency, the euro, continued to rise overnight as investors were relieved that Europe was not facing the worst energy shortages.
As a result, bets on the possibility of a more aggressive rate hike from the European Central Bank have increased, diminishing the attractiveness of the US dollar. As a result, the AAVX/USD coin is getting stronger.
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