Altcoins
AVAX outperforms top cryptos: Will the trend last?
Avalanche’s price rises by 25% in the last 24 hours. Its demand in the derivatives market also remains high.
- AVAX painted its chart green even as its contemporaries registered price drops.
- AVAX’s popularity increased last week, and market indicators looked bullish.
After a promising bull rally, the entire crypto market turned somewhat dormant. This seemed to be the case as the market’s growth momentum declined, but a few cryptos, including Avalanche [AVAX], had other plans.
Avalanche surprises investors
Santiment recently posted a tweet providing an overview of the recent crypto market, where it pointed out that AVAX was the top performer on the weekly timeframe.
? #Crypto remains mostly flat the past few days, but there are still several #altcoin climbers like $SOL, $AVAX, $RUNE, & $FTT (yes, that one). Also, keep an eye on the rising social volume for $BTC, $ETH, and most top caps as more traders are getting interest in markets again. pic.twitter.com/aoz20ZCrgR
— Santiment (@santimentfeed) November 15, 2023
According to CoinMarketCap, Avalanche’s price spiked by more than 68% in the last seven days. Moreover, in the last 24 hours, the token’s value increased by over 25%.
At the time of writing, AVAX was trading at $22.39 with a market capitalization of over $7.9 billion — a hike of 107%.
AMBCrypto’s analysis of Santiment’s chart revealed that Avalanche’s popularity increased last week, thanks to the price uptick. This was evident from the rise in its social volume. Positive sentiment around AVAX was also dominant in the market, as its Weighted Sentiment rose.
However, it was interesting to note that while the token price rallied, Development Activity around it dropped.
Source: Santiment
Will AVAX continue to outshine the rest?
Upon further checking, AMBCrypto found that AVAX’s Binance Funding Rate remained green. This meant that derivatives investors were actively buying AVAX at its higher price during press time.
Avalanche’s Open Interest also increased along with its price, which raised the chances of a continued uptrend in the days to follow. The possibility of a continued rally also seemed likely because the token’s Price Volatility 1w shot up substantially.
Source: Santiment
AVAX’s Chaikin Money Flow (CMF) gained upward momentum and was well above the neutral mark at press time as well. Its MACD also displayed a clear bullish advantage in the market.
Read Avalanche’s [AVAX] Price Prediction 2023-24
However, considering the volatility and unpredictable nature of the crypto market, nothing can be said with the utmost certainty.
AMBCrypto’s assessment found that AVAX’s price touched the upper limit of the Bollinger Bands, indicating a price correction. Its Relative Strength Index (RSI) entered the overbought zone. This signaled selling pressure on the token.
Source: TradingView
