Avalanche’s [AVAX] heckled by the bear; $70 out of AVAX’s sight?

Avalanche’s [AVAX] heckled by the bear; $70 out of AVAX’s sight?

The crypto market was finally recovering from the bruises caused by the bear. Avalanche [AVAX], XRP, and Uniswap [UNI] were lagging behind and were seen taking longer than usual to navigate the path towards recovery. Despite garnering limited gains, Bitcoin [BTC] and Ethereum [ETH] were seemingly out of danger.

The latest trend reversal made no impact on BTC as it stayed still at the $42K zone. Ethereum [ETH] endured a similar fate and affirmed that $3K was still a long way ahead. The drop in its prices was mirrored by the assets’ market cap. The latter, however, made no difference as both these coins were well settled as the first [BTC] and second-largest [ETH] cryptocurrencies.

Avalanche [AVAX] created an uproar in the crypto market with its notable price change. The asset followed the footsteps of Solana [SOL] and jumped to another level. However, the altcoin was seen taking a break from its hot streak. AVAX, during the time of writing, was trading for $65.03 with a 2.44% stumble over the last 24-hours. The altcoin had recently hit $80, paving the way for speculations of its journey towards $100.

The altcoin undoubtedly escalated up the crypto ladder. From being one of the lesser-known assets, AVAX rose to the top as the 12th largest cryptocurrency in the market. At press time. the altcoin’s market cap was at $14.3 billion.

Avalanche [AVAX] one-hour price chart on Binance

Avalanche’s [AVAX] heckled by the bear; $70 out of AVAX’s sight? 3

The short-term price chart of AVAX witnessed a change in its trend. Earlier today, the MACD line slowly took over the signal line and went on to form a bullish crossover. The Awesome Oscillator indicator laid out an array of green bars. However, a barely visible red closing bar was put in place by the indicator. This further announced the presence of the bear in the Avalanche market.

The Relative Strength Index [RSI] noticed moderate buying and selling activity.

Published at Wed, 29 Sep 2021 17:00:00 +0000