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This Crypto Similar To Ethereum Just Passed Dogecoin For A Top 10 Market Cap Spot In The Crypto Market

Avalanche (CRYPTO: AVAX) is trading higher Monday, defying a cryptocurrency market that is trading lower. Avalanche is another layer 1 cryptocurrency similar to Ethereum (CRYPTO: ETH) or Solana (CRYPTO: SOL). Avalanche just passed Dogecoin (CRYPTO: DOGE) to claim a top 10 spot in the crypto market based on market cap

Avalanche was up 6.02% at $139.53 Monday afternoon at publication.

Avalanche Daily Chart Analysis

  • Avalanche looks to have broken out of what technical traders call an ascending triangle pattern and has been pushing higher since.
  • The $80 level has been a resistance level in the crypto for a time before the price was able to break above this level and hold above it. The higher low trendline held as an area of support in the past and could be a place of support in the future if the crypto starts to cool off.
  • The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment has been bullish in the cryptocurrency.
  • Each of these moving averages may hold as an area of support in the future.
  • The Relative Strength Index (RSI) has been pushing higher the past few weeks and now sits at 81 on the indicator. This is showing the crypto is well into the overbought range and seeing many more buyers than sellers throughout the past few weeks.

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What’s Next For Avalanche?

Bullish traders are looking to see the crypto continue to push higher on its bullish run. The crypto will likely cool off after a period of strong bullish momentum. If this happens, bulls are then looking to see the crypto hold some of its gains. This could let the stock continue pushing higher in time.

Bearish traders are looking to see the crypto start to fall back lower and drop below the $80 level. Following a drop below this level, bears want to see the crypto dip below the higher low trendline for a possible long-term trend change.

Photo by Johannes Waibel on Unsplash

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