The cryptocurrency market is slowly recovering from the slight dip experienced on Wednesday.
The cryptocurrency market slightly dipped yesterday, losing less than 1% of its value during that period. However, the total cryptocurrency market cap remains above $2.1 trillion.
Bitcoin, the world’s leading cryptocurrency, is trading above the $47k level again after slightly dropping to $46,000 on Wednesday. Ether continues to trade above $3,300 and could break past the $3,500 psychological level over the coming hours.
AVAX, the native token of the Avalanche ecosystem, is up by more than 7% over the last 24 hours, making it the best performer amongst the top 10 cryptocurrencies by market cap.
At press time, AVAX is trading at $100 per coin. This is the first time AVAX is trading at $100 since the start of the year.
There is no major catalyst behind this ongoing rally. The Avalanche Summit ended a few days ago, and the positives behind the event could be why AVAX is performing well today.
Key levels to watch
The AVAX/USD 4-hour chart is bullish as the cryptocurrency has been performing well. The technical indicators show that Avalanche is outperforming the other major cryptocurrencies at the moment.
The MACD line is above the neutral zone, thanks to AVAX’s ongoing bullish performance. The 14-day RSI of 57 shows that AVAX is no longer in the oversold region.
If the bulls remain in control, AVAX could top the first major resistance level at $112 before the end of the day. In the event of an extended rally, AVAX could rally past the $120 psychological level over the coming days.