The News Crypto -
- Avalanche (AVAX) has surged in value, overtaking Dogecoin (DOGE) to become the 9th largest cryptocurrency.
- AVAX’s price has surged past the $60 mark after trading in a range between $35 and $39.50, with bulls regaining momentum to push the price up by 16.61% initially.
- The future of AVAX’s price hinges on breaching the resistance level of $61.25; a successful push could lead to further bullish momentum.
As the crypto market continues to demonstrate remarkable bullpower, top altcoins are adding significant value to their respective portfolios. In a recent development, Avalanche (AVAX) has surpassed the leader of meme coins, Dogecoin (DOGE), to successfully claim the spot of the 9th largest cryptocurrency in the world.
The AVAX token has recorded impressive gains, with a jump of 36.75% within the past seven days and 53.48% over the past 30 days. Moreover, the token boasts a year-to-date (YTD) increase of approximately 58%, indicating a significant rise in demand for AVAX.
Avalanche Price Reclaims $60 Mark
Following a brief period of trading in a closed range between $35 and $39.50, the AVAX price experienced a resurgence as the token entered the 3rd trading month of the year. The bulls regained momentum, propelling the price to record a 16.61% increase in valuation. Subsequently, the altcoin displayed a neutral trend for the next eleven days.
As market volatility intensified, the bulls successfully regained their footing, pushing the Avalanche price to record a 38.98% jump before facing rejection above the support level of $55.52. Since then, AVAX has been trading in a consolidated range between $49.95 and $61.25. Positively, the token is on the verge of testing its resistance level, although the outcome remains unpredictable due to the highly volatile market sentiments.
If the market successfully pushes the AVAX price above the resistance level of $61.25, the bulls are expected to maintain their momentum and test the next resistance level of $65. Should the price continue to trade under a bullish sentiment, it may prepare to challenge the upper resistance level of $70 in the near future.
However, in the event of a trend reversal, the bulls may lose their grip, causing the AVAX price to fall and test its support level of $55.52. If the bears continue to exert their dominance over the bulls, the Avalanche price could experience further bleeding and test its lower support level of $49.95.
This article was originally published on thenewscrypto.com
