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Can AVAX hold onto its position as the ninth largest crypto

Press Releases Crypto News AMB-Crypto Can AVAX hold onto its position as the ninth largest crypto

AVAX’s price has risen significantly in the last week.
Its market cap has now exceeded that of DOGE.

Avalanche’s [AVAX] price has risen by almost 50% in the last seven days, outperforming all other major crypto assets and replacing Dogecoin [DOGE] as the ninth-largest cryptocurrency by market capitalization.

At press time, the altcoin exchanged hands at $40, with a market cap of $14.64 billion. According to CoinMarketCap’s data, DOGE trailed behind it with a market cap of $13.76 billion.

The most preferred altcoin?

While the rest of the market experienced a decline, AVAX’s price rallied in the last week partly due to the influx of funds into crypto investment funds backed by the altcoin.

In a recent report, digital asset investment firm CoinShares noted:

“Solana and Avalanche saw inflows of US$3m and US$2m, respectively, remaining firm favorites in the altcoin space.”

The inflow of liquidity into funds giving exposure to AVAX, hinted at a rise in the demand for the altcoin. In the alt’s spot market, this surge in demand was notable.

At press time, key momentum indicators observed on a 24-hour chart rested at overbought highs. AVAX’s Relative Strength Index (RSI) was 88.78, while its Money Flow Index (MFI) was 86.05.

At these values, these indicators showed that daily traders favored accumulation over distribution.

Confirming the bullish trend in the AVAX market, its Awesome Oscillator (AO) has only posted green upward-facing histogram bars in the past seven days.

This indicator gauges market momentum and identifies potential buy and sell signals. G

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Author: Abiodun Oladokun

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