The losses sparked a large sell-off across the board this week. avalanche [AVAX], on the other hand has decoupled from the rest of the market and saw an impressive run that resulted in its ATH of $ 110.31. In fact, it has grown over 3,300% this year.
More importantly, the smart contracts platform’s native token appears to have Avalanche the signs of a weakening of the rally are weakened. Growing institutional interest in the crypto asset has been a major catalyst for the recent price hike. However, the lack of retail hype in the AVAX ecosystem failed to bring the price down as institutional demand comfortably made up for it.
As for the ongoing trend, AVAX may be ready for one more climb. the volatility was constant all week. While volume hasn’t hit August-September highs yet, but it has supported the current uptrend.
Signs of bullish power easing?
The 50 daily moving average [Pink] noted a reversal after the indicators converged on the 100-day moving average [Blue] after last week’s little pullback. After that, the bulls gathered the strength to turn the market up. Also, the 200 is DMA [Yellow] was still deep.
Great oscillators [AO] green closing bars on the daily AVAX chart showed the increase bullish momentum on the market. Chaikin money flow [CMF] repeated a similar feeling while he was on one increasing capital inflow. The daily Relative Strength Index [RSI] has risen above the 74 level and visibly shows a Buyer’s market.
AVAX’s surge above $ 100 was a crucial step in that time chaotic drawdowns in the broader market. If the asset manages to maintain a higher level, establishing a good higher level of support for the price can be achieved revive the retail euphoria. Should this happen, AVAX could see further growth in the near future.
The driving force avalanche [AVAX] phenomenal performance
The increased demand for Layer 1 remained high, which was also reflected in the price of AVAX. One of the biggest gains this month was the introduction of the $ 200 million “Blizzard” investment fund.
World’s leading asset manager, Grayscale The announcement that it will be considering adding Avalanche-related products to its portfolio is certainly big news for the ecosystem. The growth of AVAX was also driven by Deloitte enters into strategic partnership with Ava Labs, the team behind the blockchain network avalancheto increase the safety, speed, and accuracy of Federal Emergency Management Agency reimbursements.