Avalanche price held steady on Tuesday as cryptocurrencies and other assets rallied. AVAX token is trading at $88.52, which is slightly above this week's low of $76. The network has a total market capitalization of more than $21 billion.
Avalanche is coming back
Avalanche is one of the many platforms aiming to be the next big thing in the decentralized universe. The network was launched in 2020 and has grown into a leading player in the industry.
Developers use Avalanche as a platform to build their own decentralized platforms, such as B. in DeFi and non-fungible tokens (NFT).
In recent months, the number of developers building with Avalanche has increased significantly. They are drawn to the network by its friendly fees and the fact that it is a significantly faster platform. It can process thousands of transactions if needed.
Data compiled by DeFi Llama shows that the number of DEFI apps being built over the network has increased. There are now 165 apps with a total locked value of more than $10 billion. This makes it the fourth largest platform in the industry after Ethereum, Terra and Binance Smart Chain.
The main reason Avalanche price has rallied is that other assets have also rallied. In Europe, the DAX, FTSE 100 and CAC 40 indices are up more than 1%. Similarly, in the United States, futures linked to the Dow Jones and Nasdaq 100 indexes erased some of the losses they made on Monday.
This performance is partly due to the fact that Russia seems to welcome negotiations on Ukraine. According to the New York Times, military buildup near Ukraine's border has eased while Putin speaks with Olaf Scholz. In recent months, there has been a correlation between altcoins and stocks.
Avalanche Price Prediction
The 4-hour chart shows that AVAX price has been in a strong uptrend for the past few days. The coin has managed to move between the 38.2% and 50% Fibonacci retracement levels. It has also moved above the 25-day and 50-day moving averages, while the stochastic oscillator has moved above the overbought level.
Therefore, there are chances that the coin will continue higher as the bulls target the next key resistance level at $96.
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