Avalanche (Avax) ignored perceptions of the bare market this week and opposed overall market trends on September 23, surpassing 15%. In the Coinbase exchange, Altcoin hit $36.62 on Tuesday, reaching the highest price per coin since January.
However, just 24 hours later, the market correction was made quickly. This Wednesday, Avax fell 5% from its value and is currently trading at $32.50.
avax – 1 hour
The Real RollerCoaster Ride Avax Holders passed this week. Avax is currently breakeven in its weekly time frame. That being said, the larger time frame looks much more optimistic for Altcoin.
sauce: CMC
Currently, the avalanche, which boasts a 38.41% increase over the last 30 days, surpasses almost all of the top 100 Altcoins by market capitalization, including common names such as Ethereum, BNB, and XRP.
Avax Treasury Moving Markets
As reported earlier this week, the avalanche has been on a more aggressive ride due to recent developments in the institutional aspects of cryptographic aspects. On September 22nd, NASDAQ-listed business Agriforce Growing Systems announced a rebrand to “Avax One.”
Not only that, the company has also committed to kickstarting the new avax-centric Treasury ministry and raising $550 million to buy and hold $ avax.
The company has already pledged a total of $300 million via pipes (private investments in public stocks), and has pledged to raise another $250 million in close range through stock-related products.
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So, what’s next for Avax?
Buyers appear to be holding near the $32.50 zone of interest, the main zone of interest that served as the basis for the late 2024 rally.
avax – 1 day
Currently, the $36.00 margin is the most important bulllo fiction zone, and even a massive influx of volumes wasn’t enough to pass $36.00, as it cuts short several breakout attempts in September.
avax – 1 hour
This rejection is seen to be reflected in the technical indicators RSI and MACD. The MACD line was tightened and revitalized the bearish crossover, as the Bears fought back the buyer past that zone and prevented them from breaking, and the RSI immersed their toes in “excess” before moving downwards.
avax -1d -rsi | Macd
Despite the recent pullback, the basic scenery of Avax has undoubtedly been greatly improved with the facility’s capital in the photographs. The “Avax One” development represents a unique opportunity to flow more volume and adoption into Altcoin.
However, external risks remain very factors. As investors became more risk aversive, the entire market began on a downward slope from a week. The fact that Avax is maintaining its current margin of $32.50 is significant, but the growing bear pressure could potentially bring assets back below $30 per coin.
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