Avalanche (AVAX), a decentralized open-source proof-of-stake blockchain token, has been making waves in the cryptocurrency market, with its price surging to new heights amidst growing demand for alternative coins.
TLDR
Avalanche (AVAX) price has surged recently, reaching a high of $57.40 on Tuesday, up from $8.64 in November last year.
The rally is attributed to the growing demand for cryptocurrencies and the Avalanche ecosystem, with the Total Value Locked (TVL) in the network’s ecosystem exceeding $1.9 billion.
The open interest in the Avalanche futures market has soared to over $450 million, the highest point on record, indicating a positive sentiment among investors.
Crypto analyst Rekt Capital predicts that AVAX will surpass its previous peak, with the next major resistance level between $65 and $70.
Changelly’s forecast suggests an 11.4% gain in AVAX value, reaching $54.63 by March 13, with a potential ROI of 104.1% by March 2024.
On Tuesday, AVAX reached a high of $57.40, marking a spectacular rally for a coin that was trading at just $8.64 in November last year.
The surge in Avalanche’s price can be attributed to the increasing demand for cryptocurrencies in general and the growth of the Avalanche ecosystem.
Avax Price at Coingecko
Data shows that the Total Value Locked (TVL) in the network’s ecosystem has exceeded $1.9 billion, with Benqi, AAVE, and Trader Joe being the dominant players in the decentralized finance (DeFi) space.
Avalanche is also gradually growing its role in the decentralized exchange (DEX) market, with platforms like Trader Joe, GMX, Curve, and Pangolin gaining market share.
The bullish sentiment surrounding Avalanche is further reinforced by the surge in open interest in the futures market, which has reached a record high of over $450 million.
This indicates a positive outlook among investors, as open interest is an important gauge of unfilled orders in an asset.
Renowned crypto analyst Rekt Capital has expressed optimism regarding AVAX’s price movement, predicting that the cryptocurrency will surpass its previous peak recorded in December 2023.
Avalanche has successfully retested the Bull Flag top as new support to fully confirm the breakout
Trend Continuation is now in progress
AVAX is soon going to eclipse its December 2023 highs
Next major resistance would be in the $65-$70 region#AVAX #Crypto #Avalanche https://t.co/v5zBKEEiUl pic.twitter.com/ZiWKdGYYez
— Rekt Capital (@rektcapital) March 11, 2024
The analyst points out that the next major resistance level for AVAX is between $65 and $70, suggesting that the current upward trend will persist.
Changelly’s recent forecast also paints a promising picture for Avalanche, with a predicted 11.4% gain in value, resulting in a price of $54.63 by March 13.
The forecast is backed by a strong market sentiment and a high Fear & Greed Index score, indicating investor confidence in the market.
Looking ahead, crypto experts predict that Avalanche could reach an average rate of $102.46 by March 2024, with a potential return on investment (ROI) of approximately 104.1%.
As the cryptocurrency market continues to evolve and grow, Avalanche is well-positioned to capitalize on the increasing demand for alternative coins and the expanding DeFi ecosystem.
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