Avalanche Scores 80% Gain Extending To Third Bullish Week
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The Crypto market entirely experienced a market crash in the last quarter of 2021 which eventually followed till the first two weeks of 2022. Several cryptocurrencies were following the same suite until BTC showed some changes in price action. Avalanche (AVAX) was one such crypto that went along with the dip then began to recover. After recovery AVAX continued to present a bullish pattern for three weeks now.
As the US Federal Reserve tightened the regulations, the crypto market trembled in attaining a continuous uptrend pattern. But now the market has begun to recover while most of the mainstream cryptocurrencies are presenting a bullish pattern. AVAX has also started to trade in upward momentum which is now successfully completing a third bullish week. AVAX is currently 65% lower than its all-time high in November at $144.96.
Significantly, AVAX has now pumped to 80% after dipping to $53 which seems that AVAX took a pullback. Similarly, even the mainstream cryptocurrencies have surged in price value while BTC and ETH have soared 52% and 57% respectively. Moreover, BTC and ETH have almost recovered half of their losses which were dumped after 2022.
Avalanche Ecosystem Growth
Avalanche is a proof-of-stake smart-contract platform. Avalanche will be a tough competitor for Ethereum, claiming to be the fastest and most secure cryptocurrency platform. Additionally, it is accessible as well as compatible with Ethereum’s blockchain and its own blockchain.
Consequently, Avalanche recorded a huge network growth at the end of 2021 which also includes the number of active addresses. The number of daily active addresses reached 70,000 per month in Q4. In Spite of the dip in net market valuation, the Avalanche network witnessed growth. This implies that AVAX was just reacting to volatility in the crypto and worldwide markets, because of Fed’s tightened regulations.
Furthermore, the trading outlook of AVAX depicts that the current upward momentum will continue to move above the upper trendline. If the trading chart breaks the trendline, then AVAX might hit $104. On the other hand, with further moves, AVAX would fix $104 as support and might rise to $134 in the next term if the bullish trend continues.
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