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Bittime - Bitcoin (BTC) broke through the $65,000 barrier, its highest mark since November 2021. This rise was not just a number, but was driven by significant market movements, including large purchases by large investors and the green light for a Bitcoin mining ETF in the US.
Additionally, the rise in the price of Ethereum (ETH) driven by a 41% increase in February and anticipation of a spot Ether ETF, adds its own intrigue. This indicates the potential for a broad market rally, not just for Bitcoin.
Let's take a deeper look at Avalanche (AVAX) and Polkadot (DOT)
The following is an analysis carried out by cryptodaily.co.uk, see the explanation below to get analytical insight, information about Avalanche (AVAX) and Polkadot (DOT) which can influence the price and also predictions for the two crypto assets in the future.
Avalanche (AVAX): Addressing Production Disruptions
Avalanche (AVAX) has recently experienced a volatile period, marked by the unexpected halt in block production on February 23. This incident, which coincided with the launch of a new feature, temporarily disrupted the Avalanche blockchain, causing block production to halt for nearly two hours.
The immediate result was a 3.7% drop in AVAX prices, underscoring the market's sensitivity to technical disruptions.
Despite these challenges, experts remain optimistic about AVAX's prospects, predicting a potential increase in value. Some estimates call for a price target of $45.50.
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Avalanche (AVAX) Technical Analysis
Currently, AVAX is trading between the support level of $38.55 and the resistance level of $44.22. The Exponential Moving Average (EMA) is showing a bullish signal, with the 10-day EMA at $42.84 slightly above the 100-day EMA at $42.22.
The Relative Strength Index (RSI) is at 56.85, indicating AVAX is neither overbought nor oversold .
However, the Stochastic Oscillator with the %K line at 71.18 and the %D signal line at 73.16 indicates a short-term bearish trend.
Avalanche (AVAX) Price Prediction
Looking ahead, Avalanche (AVAX) faces several important scenarios. If it successfully breaks the $44.22 resistance level, AVAX could target the next resistance levels at $50 and $55.
Conversely, in a bearish scenario, if AVAX falls below the $38.55 support level, it could be at the lower support levels of $35 and $30.
This could be triggered by lingering concerns about network stability or poor market conditions.
Polkadot (DOT): Token Burn and Bullish Signal
A significant event for Polkadot (DOT) was the burn of 431,370 Polkadot (DOT) tokens, worth approximately $3.7 million. Despite these deflationary measures, the price of DOT experienced a decline of 4.11%.
However, on a broader time frame, Polkadot (DOT) showed a significant increase of 15.85%.
Polkadot (DOT) Technical Analysis
DOT is currently trading between the $8 support level and the $10 resistance level. Technical indicators lean towards bullish sentiment.
The RSI is at 72.29, which is quite high, indicating that DOT may be entering the overbought zone.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover with the line at 0.18 and the signal line at 0.16.
The 10-day and 100-day EMAs are at $9.86 and $9.08 respectively, indicating potential consolidation or reversal in the near term, especially if the market reacts to overbought conditions.
Polkadot (DOT) Price Prediction
In a bullish scenario, if Polkadot (DOT) manages to surpass the $10 resistance level, it could target higher resistance levels at $10.5 and $11.
Conversely, in a bearish scenario, if DOT falls below the $8 support, it could test further support levels at $7.5 and $7.
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Conclusion
Both Avalanche (AVAX) and Polkadot (DOT) have experienced significant events that influenced their market movements. Although AVAX is dealing with the consequences of the production halt, its technical analysis suggests a balanced but cautious market sentiment, with the potential for growth to higher resistance levels or a decline to test lower support levels.
On the other hand, DOT, after a significant token burn, is showing bullish technical signals even though the price has recently fallen, indicating a potential price increase.
How to Buy Avalanche (AVAX) on Bittime
You can buy and sell Avalanche (AVAX) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Avalanche (AVAX) is available on Bittime with the market pair AVAX/IDR . To be able to buy AVAX IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Avalanche (AVAX) on Bittime .
Monitor the price chart movements of Avalanche (AVAX) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read
Avalanche (AVAX) Comprehensive Review 2024: Complete Guide
AVAX Price Weakens Ahead of Release of 9.5 Million Tokens
Polkadot (DOT) Price Analysis: Can It Reach $10?
Polkadot (DOT): Definition, History, and How It Works
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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