Avalanche [AVAX] flips MATIC in this area to make investors lucky
Avalanche has continued to climb to the highest regardless of market headwinds and bearish situations within the final 12 months.
Its market cap was slashed by roughly $2 billion within the final two weeks as a result of bearish situations however it’s now trying a comeback.
Avalanche managed to flip MATIC within the final 24 hours, incomes its place because the 14th largest cryptocurrency by market cap.
The AVAX token had a $6.6 billion market cap at press time after a 1.72% improve within the final 24 hours.
MATIC, however, was trailing behind with a market distinction of simply $42 million.
Supply: Santiment
Avalanche’s market cap, on the time of writing, was nearer to its month-to-month low than its month-to-month excessive. However will we see extra worth movement into the blockchain community now that the market is struggling to search out footing after final week’s crash?
Dancing on the help line
Nicely, it’s right here to be famous that AVAX has been hovering above its help line for the final 5 days.
The identical help line is a part of its ascending vary by which it has been oscillating for 9 weeks now.
A whole lot of uncertainty underscores AVAX’s present worth stage.
Supply: TradingView
The uncertainty stems from the truth that the worth has retested the identical help line a number of instances. Thus, the chance of help weak point. However, the market is cautioued after the newest draw back, therefore the potential for extra drawdown.
AVAX’s market sentiment is presently bettering in favor of the bulls regardless of the market uncertainty.
That is evident within the weighted sentiment metric on 21 August after beforehand dropping throughout final week’s bearish efficiency.
Supply: Santiment
The Binance funding charge additionally demonstrates a sentiment shift after its sharp bounce on 20 August.
Though the sentiment shift is presently leaning in favor of the bulls, AVAX’s worth motion remains to be below the heavy affect of the prevailing bearish momentum.
This explains why its worth motion has not bounced again after retesting help.
An extension of final week’s bearish situations will possible set off one other sell-off for AVAX. However, a bullish market end result could favor the upside.
