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Unlike most altcoins in the cryptocurrency markets, Avalanche (AVAX) bulls manage to maintain their position while continuing the token price increase trend. According to experts, the cryptocurrency’s price has reached a critical level that could trigger a bull rally and enabled it to make Shiba Inu (SHIB) the 11th largest crypto.
Analyst Views on AVAX
According to data from 21milyon.com, AVAX’s price has increased by more than 7% in the last seven days. Additionally, the token’s value has increased by over 4% in the last 24 hours. At the time of writing, Avalanche is trading at $37.09 with a market cap of over $14 billion, making it the 12th largest cryptocurrency.
A popular cryptocurrency analyst from World Of Charts recently highlighted a falling wedge pattern that appeared on AVAX’s 4-hour chart in a tweet. According to the expert, if the token can achieve this, investors can expect a significant bull rally.
The upcoming rally could also allow AVAX to overtake SHIB. This is because the difference in their market values is only $400 million. Analysis related to Glassnode data revealed more concerns for SHIB. SHIB’s NVT ratio recorded a rise, indicating a price drop. The price drop of SHIB could help AVAX overtake the meme token if it breaks out of the falling wedge.
Bullish Outlook for AVAX
This situation indicated that the bull rally could continue and allow AVAX to break out of the falling wedge. However, sentiment towards AVAX continued to be bearish due to the sustained low weighted sentiment. The Chaikin Money Flow (CMF) supported the possibility of a breakout as it recorded a rise and moved further above the neutral level.
Moreover, the MACD also displayed a bullish crossover, indicating that the price increase could continue. However, both the Relative Strength Index (RSI) and the Money Flow Index (MFI) maintained a horizontal trend over the past few days, continuing the bearish trend.
