Avalanche (AVAX) Climbs and Beats Dogecoin

Avalanche (AVAX) had a big week, going up by 50% in just seven days.

This made AVAX the nineth biggest cryptocurrency, beating Dogecoin (DOGE) in terms of market value. While big names like Bitcoin and Ethereum saw a bit of a dip, AVAX went in the opposite direction. Bitcoin fell by 6%, and Ethereum by 3%, but AVAX showed it’s doing its own thing.

Some cryptocurrencies didn’t follow the downward trend, like Cardano (ADA), Binance Coin (BNB), and Solana (SOL). AVAX stood out, becoming one of the top performers during this time.

AVAX’s recent good run started on December 4 when it broke out of a special pattern called a bullish flag. This came after a previous jump in October when AVAX went up by 185%. There was a bit of a pause, and then AVAX started going up again.

Since December 4, AVAX went up by 107% and reached a high not seen in 19 months – $42.9. Even though it faced some resistance, AVAX is still doing well, up by 90% since December 4, now trading at $39.38.

If hyper-#inflationary $DOGE #Dogecoin can go up 10x…

Then #deflationary $AVAX #Avalanche can go up 20x-30x pic.twitter.com/HBd6NhN9rP

— 🇺🇸 The Homeless Millionaire™️ 🇺🇸 (@TheRealHMLegend) December 7, 2023

Because of this good run, AVAX is now bigger than Dogecoin in terms of how much it’s worth. But, there’s a thing called Relative Strength Index (RSI) that’s pretty high for AVAX (87.88), suggesting there might be a bit too much excitement, and things might slow down soon.

Now, some folks are keeping an eye on where AVAX might slow down. There are two important levels – $35.68 and $30.70. If it drops below $30, it could mean some bigger changes for AVAX, potentially dropping it below Dogecoin and making things a bit uncertain around the $27 level.

Related: Best Cryptos to Grab This Season

Avalanche Flips Dogecoin Market Cap With Double-Digit Surge
► https://t.co/oYI6BNdu80 https://t.co/oYI6BNdu80

— Decrypt (@decryptmedia) December 12, 2023