Avalanche Rallies 12% as ‘Cheaper than a Penny’ AI Coin Captures $7 Million
It has been an auspicious week for the $12.5 billion market cap Layer 1 altcoin Avalanche ($AVAX).
The token has risen 16.5% over the last seven days to a new current price of $31.75, an increase of about 3% in the last 24 hours.
Late on Sunday night, Avalanche rose about 9% from a bottom of $30.16 to a peak of $32.89, but after the midnight the token began to pull back about 3.5%.
Still, that means $AVAX, which is the 12th largest by market cap, is outpacing the world’s favorite cryptocurrency, Bitcoin ($BTC) this week. Bitcoin rose a more modest 5.6% over the seven days, butw dropped 0.5% in the last 24 hours to trade at $66,998 as of this writing.
When we zoom out and look at Avalanche’s price action over the last three months, it’s clear the token has some catching up to do to get back above $40, a threshold it traded above during the market’s more prosperous stretches this year.
In fact, $AVAX’s 2024 high hit $60.39 on March 19, so its current level can be seen as a pullback of nearly 50%.
Still, the token has strong support above $20 this year, a threshold it hasn’t traded below throughout the year-to-date.
Rising resistance levels, indicated by the diagonal red line below, could indicate a comeback, but this will largely hinge on the success of market leaders Bitcoin and Ethereum, along with a positive regulatory climate in the run-up to, and beyond, the US Presidential elections in November.
While Avalanche’s price grew considerably over the last week, its gains are broadly in line with other high-market cap coins like Solana ($SOL), XRP ($XRP) and Dogecoin ($DOGE).
Those who are looking for the sorts of speculative rallies that defined crypto’s early days will likely have more joy checking out some of the latest
Read more on cryptonews.com
