Because the total crypto market fell more than 3 percent in the last 24 hours, after the price of the Bitcoin (BTC), the Avalanche (AVAX) prize fell under $ 106k on Thursday. According to market data from Coetecko, Avax, who had a completely diluted appreciation of around $ 10.2 billion and an average trade volume of 24 hours of around $ 610 million, almost 4 percent decreased in the last 24 hours to trade around $ 22.44 at the time of this letter.
What happened with Avalanche Fundamentals
The Avalanche network has grown into a lively web3 ecosystem with more than $ 1.5 billion in total value locked (TVL) and almost $ 2 billion in the market capitalization of Stablecoins. The regular acceptance of the avalanche network by institutional investors has been strengthened by the remarkable development of its ecosystem tokenization technology.
As a result, the Avalanche network has reached more than 46k active daily users of chains. In the meantime, various fund managers – led by VAMECK and shades of gray – want to offer spot Avax ETFs in the United States in the near future.
Avax price expectations
In the weekly period of time Avax Price is recovering from the Crypto Bear Market 2022. The Nuts focus Altcoin has been a macro-bullish continuation since March 2024, which is characterized by a falling symmetrical channel in the weekly period.
In the four -hour period Avax Price has formed a symmetrical triangular pattern in the past four weeks. Avax Price has respected a rising logarithmic trend that has been established since 9 April, which indicates a bullish continuation pattern.
According to on-chain factsAvax Price has set a robust support level above $ 22.8, especially after 362k portfolios have collected more than 21.65 million Avax coins. Consequently, a consistent nearby liquidity level above $ 25 will activate a new rejuvenated rally to the target range between $ 35 and $ 55.
Credit : coinpedia.org
