Bittime - Avalanche (AVAX) is crazy! This cryptocurrency continues its impressive rally by breaking into the top 10 ranking by market capitalization.
This score was achieved after AVAX succeeded in surpassing Shiba Inu (SHIB). The AVAX token itself is now trading consistently above IDR 728,000 and is at a price of IDR 814,000. This means an increase of 12% in the last 24 hours alone.
An Unexpected Rise
However, what is more surprising is AVAX's 45.38% surge over the past week. This performance makes AVAX one of the top performers among altcoins, the term for crypto assets other than Bitcoin, which is experiencing a rapid increase.
Also Read: Dogecoin (DOGE) Whale Moves 332.9 Million DOGE to Binance
Serious Threat to Dogecoin?
With this achievement, AVAX is now a potential competitor for Dogecoin (DOGE) to compete for the top 10 position.
Throughout March, AVAX performed brilliantly. Even in the midst of the altcoin boom, AVAX managed to steal attention.
Even though AVAX's market capitalization still lags behind DOGE by almost IDR 44 trillion, AVAX's advantage lies in its much higher daily trading volume.
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Analyst predicts AVAX will reach IDR 882,000
The positive momentum that AVAX has makes analysts optimistic. They predict that AVAX can penetrate the price of IDR 882,000 next week.
This movement will be very significant considering that previously the Rp. 882,000 level had been strong resistance for almost two years.
Bullish or optimistic sentiment is surrounding AVAX. Analysts believe that AVAX, the native token of the Avalanche Network, has the potential to reach a price of IDR 1,3230,000.
The bullish trend currently occurring in the broader crypto market also supports this prediction. Bitcoin, as the leading cryptocurrency, also experienced an increase and contributed to the increase in prices of other crypto assets.
Also Read How to Buy Crypto:
Key Weeks for AVAX
The next few days will be a crucial period to determine whether AVAX can exceed IDR 820,000 and how fast it will rise.
Successfully breaking through this resistance level will provide a clearer picture of AVAX's future growth potential.
Also Read : Understanding Support and Resistance: The Key to Successful Crypto Asset Trading
Current Price of Avalanche (AVAX).
Price Data:
- Current Price: IDR 814,000
- 24 Hour Change: +13.37%
- Highest 24 Hour Price: IDR 903,355
- Lowest 24 Hour Price: IDR 734,718
- 24 Hour Volume (AVAX): 23.04
- 24 Hour Volume (BTC): 19,039,346,520
Analysis:
- AVAX showed positive movement in the last 24 hours, with a price increase of 13.37%.
- AVAX price broke through an important resistance level at IDR 800,000, opening the opportunity for further increases.
- AVAX trading volume increased significantly in the last 24 hours, indicating high investor interest.
- The RSI indicator shows that AVAX is in overbought territory, but there is still room for an increase.
- MACD shows a bullish signal, with the MACD line crossing the signal line upwards.
Also read: What is Avalanche (AVAX) and its advantages compared to other blockchains?
AVAX Opportunities and Challenges
Let's take a deeper look at Avalanche (AVAX). The Avalanche project itself was founded in 2020 with the aim of providing a fast, cost-effective and scalable smart contract platform.
Smart Contracts
It is a digital contract that runs automatically without the need for a third party. The Avalanche Network uses a Proof-of-Stake (PoS) consensus mechanism which is known to be more energy efficient compared to the Proof-of-Work (PoW) used by Bitcoin.
Transaction Speed
In addition, Avalanche has an advantage in terms of transaction speed. The Avalanche network is claimed to be able to process up to 4,500 transactions per second, far exceeding Bitcoin's capability of only a few transactions per second.
High interest in dApps Developers
With these advantages, Avalanche attracts the interest of decentralized application (dApps) developers. As more dApps are built on the Avalanche Network, demand for AVAX tokens will increase.
Even though it has many advantages, AVAX also still has challenges. Intense competition among various smart contract platforms is one of the toughest challenges faced by Avalanche.
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Conclusion
AVAX's significant price increase in a short period of time is an indication of investor confidence in the future of the Avalanche Network.
However, investors still need to pay attention to the latest developments and further research before making investment decisions.
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) , Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read
: What is Avalanche? How to Connect to MetaMask?
Avalanche (AVAX) Price Prediction in 2024
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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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