The cryptocurrency rose 120 percent in November, joining the top 10 positions. Avalanche (AVAX) lost its 10th spot to Dogecoin in terms of market capitalization (dog). Everyone now wants to know where the market is headed in the near future. AVAX is down 21.5 percent after hitting a historical high of $146.22 on November 21.
It cost $118.00 at the time of writing, a 9% discount. Despite the recent drop, the avalanche has a 10% positive variation from the I woke up With CoinMarketCap data. Only AVAX, Crypto.com Coin (CRO), and Polygon (MATIC) are profitable among the top 20 cryptocurrencies.
Throughout November, AVAX trading volume remained robust, particularly on days when the cryptocurrency ended higher, indicating the investors’ joy.
With a new initiative to lure developers to its ecosystem, Deloitte, a leader in auditing, consulting, financial advisory, and risk assessment services, have continually supported AVAX’s rise.
Despite recent market corrections, the avalanche network’s total closing value (TVL) has not decreased. In fact, it has risen—only 0.39 percent in the previous 24 hours.
The network’s TVL climbed roughly 20% this week, representing $2 billion in inputs, to $12.47 billion today, from I woke up With Defi Llama data monitoring tool.
It has also eclipsed Terra (LUNA) in terms of TVL, leaving only Ethereum (ETH), da Smart Binance Series, and Solana (SOL) behind it.
At a time when the market was facing large losses, DEXs and asset appraisals based on the avalanche blockchain led to this huge spike in TVL.
AVAX and SOL Sun Repeat
Traders and analysts have compared AVAX’s recent price action to the Solana (SOL) track in August and September. Both bulls, then and now, occurred independently of the market’s sentiment.
Cointelegraph Brazil asked Crypto Investidor creator Diego Consimo whether AVAX is just correcting after new highs and may still equal Solana’s performance until 2021.
The avalanche is making a nice, bullish move that is aiming for the $450.00 to $600.00 price range. This means that the current exchange rate in the United States is $118.00. This means that there is a 300 percent to 450 percent chance that this could change. In this cycle, it hasn’t worked. It has already risen about 5,000 percent since January. Assuming it reaches this aim, it will climb 17,000-22,000% in the current market cycle.
Nobody knows when the present cycle will finish, bringing another crypto winter. But Consimo and other analysts believe the summit should take place in the early half of 2022, not the second.
As for now, the analyst for Cointelegraph named Rakesh Upadhyay says that in the short term, things will be different. Surviving below the 38.2% Fibonacci level of $112.63 and the 20-day exponential moving average of $103 may keep AVAX safe.
That traders are buying lows, and the optimistic attitude might shortly lead to a new high.
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