- AVAX surges 50% in 30 days, breaking key resistance levels.
- UNI and other DeFi apps drive Avalanche’s explosive growth.
- AVAX’s breakout above $31 signals potential for more price gains.
Avalanche (AVAX) has experienced a remarkable 50% surge in the past 30 days, marking a significant rally for the network. Avalanche is experiencing a boom in decentralized finance (DeFi) activity, and protocols such as UNI, Pharaoh, Benqi, and LFJ are on the frontline. It has already reached the TVL on the network, exceeding $2 billion, and is indicative of the growing dominance that Avalanche is having over the DeFi arena. UNI alone has jumped by nearly 50% in the last month, reinforcing the platform’s strong position in the DeFi space.
AVAX is currently trading at $32.80, a 10.6% increase within 24 hours. At the same time, its market cap rose by 10.55% to reach its current value of $13.85 billion and a trading volume of $1.62 billion. AVAX has been trading within the range of $29.44 to $33.20, and it has broken a vital technical level that may show even greater moves in the future.
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What’s Behind AVAX’s Bullish Surge?
Avalanche’s price action has recently broken through a key resistance zone, suggesting that the bullish momentum could continue. The fact that the breakout occurred above the pivot level of $31.05 is especially interesting, as the Relative Strength Index (RSI) value of 68.44 shows the presence of strong buying pressure. However, this also indicates overboughts, which indicates that there is a possibility of a pullback in case of a slowdown in the momentum.
The Moving Average Convergence Divergence (MACD) histogram at +0.508 further confirms that buyers are in control, signaling a strong upward trend. The second resistance is at 34.56 if this trend continues. Any break above this might create a complete bullish reversal, and AVAX would experience a surge to new heights.
Negatively, the support level of AVAX is at $29.65. The bullish trend will be held as long as the price does not drop below this level. The traders will be keeping an eye on the $34.56 resistance, whether the market moves further or not, since it has exhibited excellent technical and fundamental strength.
Avalanche’s strong performance, both in DeFi adoption and price action, positions it as a leader in the space. However, traders should stay cautious of potential market corrections as AVAX continues to test new highs.
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