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Avalanche (AVAX) has just edged out Tron (TRX) in the ranking as the market lights up after a sudden recovery came on Sunday evening. At the time of writing, Avalanche is changing hands for $31.94, up by 10.91% in the past 24 hours.
The price of Avalanche (AVAX) has resumed a positive trend by breaking above the 50-day SMA. However, the breakout was limited by the presence of doji candlesticks.
Aside from AVAX, the other big gainers from the larger-cap alts include SOL and DOGE.
AVAX, the native token of Layer-1 blockchain Avalanche, has experienced a notable increase of 13% over the last 24 hours, positioning it as the top gainer among the top 100 cryptocurrencies by market capitalization.
The cryptocurrency market displayed a sluggish trend over the weekend, with most cryptocurrencies attempting to stabilize following the weekday rally. Bitcoin's price saw a modest increase of 0.4%, while AVAX surged by 8%, reaching a five-week high of $31.6.
AVAX continues to rush forward to greater heights with the token reaching $28.74 since last week. This has been the biggest push by the bulls, influenced by the growing market confidence fueled by Bitcoin's rally to $60k.
Avalanche (AVAX) has seen a notable increase in its market value, marking a recovery from previous lows. However, this upward momentum is accompanied by cautionary signals as large investors, known as whales, continue to divest their AVAX holdings.
Bitcoin turned up sharply and broke above the overhead resistance, indicating the resumption of the upmove toward $70,000.
Strong inflows into spot Bitcoin ETFs suggest that the sentiment has turned positive, and traders are buying aggressively.
The cryptocurrency community displayed optimism when Donald Trump selected Sen. J.D Vance as the US vice presidential nominee. Both Trump and Vance continue to position themselves as cryptocurrency-friendly candidates in the upcoming US general elections. The digital assets sector has showcased stability amid the ex-president's election campaign.
Avalanche (AVAX) has maintained an uptrend in the last week amid the broader market recovery. Trading at $28.78 at press time, the altcoin's price has risen by 8% in the past seven days.
The price of Avalanche (AVAX) has already fallen to a low of $21.88 on July 5. This price level has remained stable while the altcoin corrects upwards.
BTC's recent surge indicates strong demand at lower levels, with the cryptocurrency recording weekly inflows of over $1.3 billion, according to data from CoinShares.
The cryptocurrency market showcases several potential giants set to XRP rivals. Solana (SOL), Binance Coin (BNB), Toncoin (TON), Cardano (ADA), and Avalanche (AVAX) are making strides, each offering unique advantages.
Avalanche (AVAX) has recently caught the attention of investors and analysts alike with its potential for a significant price rally. Amidst a month-long decline in its price, AVAX has shown signs of recovery and the formation of a bullish pattern, fueling optimism for a substantial surge in the near term.
A bullish pattern formed on Avalanche's price chart, which could result in a 200% rally in the coming days.
The price of the popular cryptocurrency Shiba Inu (SHIB) posted its best weekly performance since April 15, with an increase of over 10% over the past seven days. In consequence of this development, the market capitalization of the popular meme-inspired cryptocurrency recovered to $10.18 billion, which allows it to occupy the 12th position in the ranking of the top cryptocurrencies, as published by CoinMarketCap.
Avalanche [AVAX] has been in the spotlight recently due to significant increases in development activity and social sentiment. However, the token has faced challenges in breaking through the $30 barrier, leaving investors wondering if it can overcome the bearish cycle that has persisted for weeks.
Seller exhaustion seems to have set in, paving the way for AVAX to breakout.
The spotlight is on token unlocks totaling more than $280 million, set to impact various altcoins including AVAX, ARB, and APT. These events, scheduled throughout July, have the potential to shake up investor sentiment and drive market volatility in the digital asset space.
Avalanche (AVAX) has recently crossed the $25 mark and is gaining momentum as it moves toward the $30.34 resistance level. However, this upward trend reflects growing confidence among investors and hints at the possibility of further price increases. Prominent crypto analyst Captain Faibik is particularly optimistic about AVAX.
The latest price analysis by Coinidol.com report, the price of Avalanche (AVAX) has recovered from its dip above the $8.50 support level.
The crypto price prediction landscape continues to show a blend of trends, with various major tokens like Solana, Toncoin, Chainlink, and Avalanche each navigating their unique paths. Solana, for instance, has displayed notable resilience amidst market fluctuations, aligning with fresh institutional interest hinted at by recent ETF filings.
Retail and institutional traders have been buying Bitcoin on the dips, and the early-stage recovery in select altcoins suggests that the crypto market is in a bottoming stage.
