thenewscrypto.com
- Avalanche price has factored in a modest price increase showing recovery signs.
- The altcoin’s daily trading volume has surged by 91.27% as per CMC data.
The crypto market turning bullish and regaining traction has been the highlight in the past 24 hours. On the other hand, Bitcoin has been testing the $100K level several times over the past week marking it as a crucial resistance. Within the altcoin sector, several cryptocurrencies including Ethereum have shown modest price drops. However, Avalanche has stayed on the bullish end.
The AVAX altcoin is one of the few tokens that have sustained its recovery path towards the bull run. Avalanche is showing strong signals to reclaim its bullish trend in the past day. The cryptocurrency has factored in a 3.07% daily price increase and has surpassed its resistance at $50.
Additionally, the cryptocurrency also hit an intra-day high of $55.41 and is striding toward compensation for the recent market crash. In the afternoon hours of December 12, the altcoin had just hit its crucial resistance at $50. Following this, it showed high fluctuations until reaching current levels. At the time of writing, AVAX was trading at $51.85 as per CMC data.
On taking a step back into its weekly chart, the cryptocurrency still shows residual bearish trends. According to CMC data, Avalanche price has witnessed a 1.42% drop in the last 7 days. During the market crash, it hit a 13-day low of $40.40 after which it began the aforementioned recovery.
Will Avalanche Price Re-Establish its Positive Trend?
Inferring its technical indicators exhibits mixed results for Avalanche. The cryptocurrency’s Moving Average Convergence Divergence (MACD) signal line stands below the MACD line. However, if the upward trend continues then it might crossover the MACD line and lean towards a bullish movement.
On the other hand, Avalanche’s RSI stands at a 60.86 value. This indicates a neutral market sentiment among investors. In the case of the bull run, it might inch towards an overbought state. Additionally, the Avalanche community also announced a new project that was launching on its L1 blockchain a few hours ago on its X platform.
Meanwhile, other cryptocurrencies such as AAVE and Chainlink have shown upward movements in the past day.