Token

Cryptocurrency

Impact

Avalanche

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/avalanche-token-climbs-above-50-as-trading-volume-soars" rel="noopener noreferrer nofollow">Avalanche Token Climbs Above $50 as Trading Volume Soars</a><br></p>
<p style="text-align: justify">The Avalanche (AVAX) <a href="https://en.bitcoinhaber.net/declining-btc-eth-correlation-sparks-curiosity-in-crypto-dynamics" rel="noopener noreferrer nofollow">cryptocurrency</a> has witnessed a significant surge, crossing the $50 threshold with a 13.13% increase in the past day. This milestone achievement was backed by a substantial rise in transaction volumes involving large trades, suggesting strong market activity around the digital asset.</p>
<h2 id="impact-of-high-value-transactions">Impact of High-Value Transactions</h2>
<p style="text-align: justify">Cryptocurrency analysts observed a record high in trading volumes for AVAX, hitting $329 million on March 11th, the largest since the previous December. This movement reflects increased interest and participation from substantial investors, which could potentially lead to a further doubling in AVAX’s price if current trends persist.</p>
<h2 id="technical-indicators-and-price-movement">Technical Indicators and Price Movement</h2>
<p style="text-align: justify">AVAX attempted to breach the $57 resistance on March 12th, according to a 4-hour technical chart, but the effort fell short. Bulls are currently pushing to surpass this resistance level, which could propel AVAX towards $59.92. Conversely, a rejection could see the price retract to the $47.53 support level. Notably, the relative strength index previously indicated an overbought condition, which correlated with a subsequent price dip.</p>
<p style="text-align: justify">The exponential moving averages provide a more optimistic outlook, with the 20 EMA overtaking the 50 EMA, hinting that the upward trend might continue. As long as AVAX maintains above $45.89, prospects for recovery look promising. Positive funding rates further suggest that the cryptocurrency might eventually stabilize above the resistance level. High-risk investments have been observed above the $57 mark, pointing to investor confidence in the asset’s growth potential.</p>
<p style="text-align: justify">However, the market also shows signs of possible reversal, with struggles to maintain an upward trajectory. A change in current conditions could lead to AVAX sliding below the $50 level. Despite a slight downward trend indicated by the cumulative liquidation levels delta, the potential for AVAX to hit triple-digit values in the future is not ruled out.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/avalanche-token-climbs-above-50-as-trading-volume-soars" rel="noopener noreferrer nofollow">Avalanche Token Climbs Above $50 as Trading Volume Soars</a></h5>

Avalanche Token Climbs Above $50 as Trading Volume Soars

Table of Contents

BH NEWS

Other articles published on Mar 14, 2024

Dogecoin Leaps Hours After Elon Musk Hints at Tesla Accepting DOGE Payments in the Future

Peter Schiff Twitter Shows a Missed Opportunity on Bitcoin

Inside Scoop: BEFE Coin’s Meteoric Rise as March’s Meme Coin Sensation

Bitcoin Price Drops Following US Inflation Data Release

An Ultimate Guide on Meme Kombat (MK): Explore the Meme Arena

How Bitcoin’s hike above $72K changed investors like you

Join our free newsletter for daily crypto updates!