Avalanche is the top performer of the top 20 cryptocurrencies this morning, and is part of a very specific group of seven top 100 cryptocurrencies that are showing a 24-hour positive at the time of writing this article.
The Avalanche is up 8% in 24 hours and more than 25% in a week, and this performance has allowed it to rise to the 11th place among the most important cryptocurrencies, behind the Dogecoin, and note however, that Avalanche still has a long way to go before overtaking the Doji. With a capital of more than $27 billion, double that of Avalanche.
From a technical point of view, remember that the Avalanche hit an all-time high of $76.10 last Sunday, before dropping as low as $52.78 yesterday, and currently at $63.5, that is, it shed about half of The drop was published on Monday.
Note that the 50% retracement of the upside wave of September 8-19 is near $55 and appears to have halted yesterday’s decline, so a break below this threshold would be a bearish signal that should not be taken lightly.
But for now, the immediate trend remains to the upside, which does not rule out further advance towards the psychological threshold of $70, or even a test of the recent highs at all.
Finally, let’s remember that while the Avalanche was gaining yesterday and today, the major cryptocurrencies continued to extend their losses, Bitcoin for example saw a level below the key psychological threshold of $40,000.
