Avalanche (AVAX) Rumbles With 45% Rally, Rules Top 20 Coin Listing Today
November 13 2023 - 5:00AM
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Throughout the majority of the year, the Avalanche (AVAX) coin has
seen a predominantly bearish trend. However, it has recently
exhibited a noteworthy resurgence. Avalanche has demonstrated
remarkable performance within the cryptocurrencies sector,
exhibiting a significant increase of 10% during the past 24 hours.
The AVAX price, which is currently valued at $18.12, exhibits a
bullish engulfing candlestick pattern. From an optimistic
perspective, the escalating demand has the potential to drive the
bullish trend to surpass the $20 threshold. Related Reading:
Mysterious Wallet Transfers 18 Million MATIC To Coinbase – What’s
Going On? AVAX shows an impressive figure in the weekly timeframe.
Source: CoinMarkeCap Indeed, the recent surge of 45% in the
altcoin’s value over the past week has facilitated its ascendancy
to the apex of the current top 20 coin rankings. The AVAX
cryptocurrency is now experiencing an upward trajectory, with its
objective being the reacquisition of the $20 threshold. Will the
cryptocurrency surge persist, leading AVAX to exceed the $20 mark,
or is a potential retracement on the horizon? The price of
Avalanche has recently increased substantially for three key
reasons. First off, it had a significant increase subsequent to the
announcement made by Coinbase on its plans to incorporate support
for AVAX and SOL perpetual futures contracts. In the majority of
instances, the value of cryptocurrencies experiences a significant
increase following their inclusion on one of the largest global
exchanges. Secondly, the success of the token’s rise is consistent
with that of other cryptocurrencies such as Ethereum, Solana,
Chainlink, and Bitcoin. Supporters of a spot Bitcoin ETF are
jubilant about its possible approval. Additionally, Blackrock
submitted an application for an Ethereum ETF last week.
Related Reading: Boom! Cronos Unleashes 57% Weekend Explosion,
Beating All In The Top 100 Crypto Ranking Investors thus anticipate
that entities such as Blackrock, Invesco, and Grayscale would apply
for additional token ETFs as their next course of action. Avalanche
will be a great one to see if this occurs due of its enormous
scale. AVAX price action in the last 24-hours. Source:
CoinMarketCap Avalanche has gained significant popularity on
numerous social media platforms. Further evidence indicates that
there has been a notable upward trend in the open interest of
futures. The total revenue reached a peak of more than $156 million
throughout the course of the weekend. Bybit, OKX, and Bybit
accounted for the remainder of this open interest, after Binance. A
significant increase in futures open interest generally indicates
heightened demand. As the cryptocurrency community eagerly watches
AVAX’s ascent, the question remains: will it maintain its momentum
and breach the $20 mark, or is a retracement on the horizon? Time
will tell as the cryptocurrency market continues to evolve. (This
site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Pixabay
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