Shiba

Shiba Inu

Avalanche

Spot

FOMO

Avalanche, the blockchain known for its unbeatable features powering decentralized applications (dApps), is on the move again, this time making a 10% run to $43.78, according to&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/avalanche">CoinGecko</a>&nbsp;data. The ecosystem’s native token has steadily weathered this week’s storm, caused by&nbsp;<a href="https://coingape.com/bitcoin-elon-musks-tesla-spacex-holds-1-3b-btc-a-price-rally-ahead/" rel="noopener noreferrer nofollow">Bitcoin’s</a>&nbsp;sharp drop below $60,000 followed by an immediate bounce above $67,000. Avalanche price boats a 17% increase in a fortnight on top of a staggering 28% surge in 30 days.
Despite a 25% slum in the trading volume to $893 million, Avalanche market cap has grown by 9% to $16 billion, becoming the 11th largest crypto. If investor interest and risk appetite continue to grow in March, AVAX has the potential to enter the top ten, toppling&nbsp;<a href="https://coingape.com/markets/shiba-inu-coin-price-forecast-shibs-climb-to-0-0001-imminent-amidst-meme-coins-rally/" rel="noopener noreferrer nofollow">Shiba Inu Coin</a>&nbsp;with its $16.5 billion cap.
<h2 class="p1" id="avalanche-price-forecast-are-bulls-buying-the-dip">Avalanche Price Forecast: Are Bulls Buying The Dip?</h2>
The blockchain analytics company&nbsp;<a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/AVAX/deep-dive?group=network&amp;chart=addressStats">IntoTheBlock</a>&nbsp;highlights interesting developments in the Avalanche protocol. A noticeable uptick in the number of new addresses to 14,420, underpins Avalanche’s high standing position in the dynamic decentralized economy.
Network activity has also been on the rise as indicated by the number of active addresses. These are addresses transacting on the blockchain, growing to 67,120.
<figure id="attachment_184624" aria-describedby="caption-attachment-184624" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184624" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50.png" alt="Avalanche network stats | IntoTheBlock" width="2354" height="912" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50.png 2354w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50-300x116.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50-1224x474.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50-768x298.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50-1536x595.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50-2048x793.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.16.50-150x58.png 150w" sizes="(max-width: 2354px) 100vw, 2354px">
 <figcaption id="caption-attachment-184624" class="wp-caption-text">
 Avalanche network stats | IntoTheBlock
 </figcaption>
</figure>
Avalanche’s improving fundamental sentiment is reflected in price action, considering AVAX plunged to $27 in January compared to the current market value of $43.78.
Like many cryptos,&nbsp;<a href="https://coingape.com/best-avalanche-avax-wallets/" rel="noopener noreferrer nofollow">Avalanche</a>&nbsp;was caught in a tumble triggered by a surprise correction in Bitcoin price below $60,000 on Tuesday. As investors, especially leveraged traders counted losses, some capitalised on the pullback to load up more AVAX.
The rush to buy the dip injected more buying pressure into the market, encouraging an immediate trend reversal. To keep the uptrend intact, Avalanche price will be facing a litmus test at the yellow band around $45.
Stepping above that level would also mean using the red falling trending as a springboard for further gains. Trading above $45 could also trigger intense FOMO to break the $50 barrier.
<figure id="attachment_184623" aria-describedby="caption-attachment-184623" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184623" src="https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54.png" alt="Avalanche price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54.png 2694w, https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/AVAXUSD_2024-03-07_20-29-54-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-184623" class="wp-caption-text">
 Avalanche price chart | Tradingview
 </figcaption>
</figure>
A huge chunk of AVAX holders are in profit based on the price at which they invested and the token’s current market value. Approximately 87.75% of all the addresses are in profit, with those who bought&nbsp;<a href="https://coingape.com/price/avalanche/" rel="noopener noreferrer nofollow">AVAX</a>&nbsp;at an average cost of $40.34 forming huge support in the range between $39.75 and $41.07.
<figure id="attachment_184625" aria-describedby="caption-attachment-184625" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184625" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41.png" alt="Avalanche IOMAP chart | IntoTheBlock" width="2374" height="1006" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41.png 2374w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41-300x127.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41-1224x519.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41-768x325.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41-1536x651.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41-2048x868.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-07-at-20.43.41-150x64.png 150w" sizes="(max-width: 2374px) 100vw, 2374px">
 <figcaption id="caption-attachment-184625" class="wp-caption-text">
 Avalanche IOMAP chart | IntoTheBlock
 </figcaption>
</figure>
This cohort of holders is unlikely to sell their AVAX, considering they have been in profit for some time. If anything, buying pressure may increase and traders DCA to maximize gains in the medium-term.
The IOMAP models reveal only smaller resistance zones (refer to the red circles on the chart). With a fresh round of buying activities, Avalanche will steady up for a breakout above $50.
The post <a href="https://coingape.com/markets/avalanche-price-10-surge-aims-50-bullseye-and-toppling-shiba-inu-coins-top-10-spot/" rel="noopener noreferrer nofollow">Avalanche Price 10% Surge Aims $50 Bullseye And Toppling Shiba Inu Coin’s Top 10 Spot</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Avalanche Price 10% Surge Aims $50 Bullseye And Toppling Shiba Inu Coin’s Top 10 Spot

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