Avalanche Price Prediction as AVAX Blasts Up 49% – Can AVAX Overtake Cardano?
The Avalanche price has risen by 6% in the past 24 hours, with its move to $40.91 also representing a 49% gain in the last seven days.
This makes AVAX one of the best-performing coins over this period, with the alt also having risen by 115% in the last 30 days and by 200% in the past year.
Much of this rallying has come from AVAX’s recovery from overselling, with the coin’s fundamentals remaining as strong as ever, given Avalanche’s growth as a blockchain network.
And the coin’s fortunes could only improve in the coming months, especially if 2024 brings a bull market.
Avalanche’s indicators are currently on fire, signalling a strong amount of buying pressure, which perhaps won’t sustain itself for much longer in the short term.
For instance, its relative strength index (purple) is now closing in on 90, a level which is firmly in ‘overbought’ territory.
Nonetheless, it seems that AVAX could continue rising for a little while yet, with its 30-day average (yellow) now rising more steeply above its 200-day average (blue).
This is a clear sign of expansionary bullishness, with AVAX’s trading volume now rising to $1.6 billion, up from $300 million barely two weeks ago.
There’s no immediate fundamental reason as to why AVAX has rallied so strongly in the past few days, with Avalanche not announcing any major news in recent weeks.
That said, it seems that traders and whales are finally remembering that Avalanche is potentially a sleeping giant, with its blockchain network experiencing steady growth over the past year.
It remains the fourth-biggest blockchain in terms of total value locked in, which in Avalanche’s case stands at just over $900 million.
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