Journalist
Posted:
- The price of AVAX has risen significantly over the past week.
- Its market capitalization is now larger than that of DOGE.
Avalanche of [AVAX] its price has risen 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 the time of writing, the altcoin was exchanging hands at $40, with a market cap of $14.64 billion. According to CoinMarketCaps data left DOGE with a market cap of $13.76 billion.
The most preferred altcoin?
While the rest of the market saw a decline, AVAX’s price rose over the past week in part due to the influx of money into crypto investment funds backed by the altcoin.
In a recent one reportDigital asset investment firm CoinShares noted:
“Solana and Avalanche saw inflows of $3 million and $2 million respectively and remained big favorites in the altcoin space.”
The influx of liquidity into funds that gave exposure to AVAX indicated a surge in demand for the altcoin. On the alt spot market, this increase in demand was remarkable.
At the time of writing, the key momentum indicators on the 24-hour chart were at overbought highs. AVAX’s Relative Strength Index (RSI) was 88.78, while the 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, the Awesome Oscillator (AO) has only posted green upward histogram bars over the past seven days.
This indicator measures market momentum and identifies potential buy and sell signals. Green upward bars in an asset’s AO are typically seen after a period of consolidation or a pullback.
They indicate that buyers have taken control of the market and that the price rally will continue.
Furthermore, AVAX’s Choppiness Index has been trending downward since the start of the rally. At the time of writing this was 34.74.
How much are 1,10,100 AVAXs worth today?
A Choppiness Index of this value generally indicates a trending market with low price volatility.
This often indicates that the asset’s price would move in a consistent direction and be less sensitive to sharp and unpredictable price movements, reducing the risk of quick losses for traders.
Source: AVAX/USDT on TradingView