AVAX is up by 14% so far today; here is why
The cryptocurrency market has been recovering from its recent slump, with Bitcoin and other leading cryptocurrencies currently rallying.
The broader cryptocurrency market has been performing well over the past 24 hours, with Bitcoin crossing the $48k level for the first time this week. Ether and the other leading cryptocurrencies have also been rallying.
However, one of the biggest performers amongst the top 20 cryptocurrencies by market cap is Avalanche’s AVAX. The coin has rallied by more than 14% over the last 24 hours, outperforming the other leading cryptocurrencies.
The rally is fueled by the news that BitGo, one of the largest cryptocurrency custodians, has added support for AVAX. The addition of AVAX to the BitGo platform means that more institutional investors would gain access to the cryptocurrency. BitGo CEO Mike Belshe said;
“Institutional investors can now access AVAX within the most secure custody offering on the market, and tens of millions of retail users have the potential to gain secure access through the exchanges and platforms powered by our technology.”
Key levels to watch
Thanks to the adoption of AVAX by BitGo, the AVAX/USD 4-hour is one of the most bullish charts in the crypto space at the moment. The coin’s technical indicators show that AVAX is currently performing excellently.
AVAX’s MACD line crossed the neutral zone a few hours ago, indicating a strong bullish trend from the cryptocurrency. Also, the RSI of 61 shows that AVAX is heading towards the overbought region. At press time, AVAX is trading at $117 per coin, above its 50-day simple moving average.
What to expect
If the current market momentum is maintained, then AVAX could look to surpass the first major resistance level at $125 over the coming hours. In the event of an extended bullish trend, AVAX could touch the $130 level before the end of the day.
However, if the bearish regain control, then AVAX could look to defend its first major support level at $110. Unless there is a massive sell-off, AVAX should stay above the 100 in the short term.