Yahya 
Avalanche (AVAX) is trading at $25. 71 representing a 10.56% rise over the last 24 hours as of August 23, 2024. With a market value of almost $10.4 billion, the currency is among the top 15 cryptocurrencies based on market capitalization. Great market interest and activity is obviously shown by the 78.06% increase in trading volume over the last 24 hours to about $450.4 million.
Current Market Overview
The great rise in AVAX‘s recent price movement might be explained by growing demand and favorable perspective of the development and use of the Avalanche network. Ranked #12 among cryptocurrencies, this one has maintained a really good ranking in market appeal.
Moving Averages and Momentum Indicators
Clearly showing the notable increasing momentum is price trading far above the 50-day and 200-day moving averages. The Relative Strength Index (RSI), which is perhaps approaching overbought levels, indicates that there may be caution for possible short-term declines even if the coin is in a bullish phase and should help to continue this upward trend.
Support and Resistance Levels
The next noteworthy resistance levels you should keep an eye on are $26.50 and $28.00 given the current price of $25.71. A good break above these will cause AVAX to head for $30. On the negative side, important help falls between $24.00 and $22.50. Should the price drop below these supports, it might point to a temporary period of reversal or consolidation.
Volume Analysis
The increase in trade volume points to strong purchasing power, which is a positive indicator of ongoing pace of development. Still, it is important to keep a careful eye on the volume as a major drop would imply declining momentum and maybe reversal.
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