Get the latest insights on Avalanche (AVAX) and DogWifHat (WIF) as they defy market trends. Understand the surge in AVAX and the volatile nature of meme coins like WIF.
Today in the cryptocurrency sphere, activity remains subdued, yet Avalanche (AVAX) and Solana's meme coin sensation, Dogwifhat (WIF), are bucking the prevailing trend.
The current global cryptocurrency market capitalization stands at an impressive $2.69 Trillion, reflecting a modest 1.9% fluctuation over the last 24 hours, as per Coingecko's data. Among the top 10 cryptocurrencies, all except Solana (SOL) and Avalanche (AVAX) have experienced changes of less than 1%. While Solana has surged by a commendable 8%, AVAX steals the spotlight with an astonishing 13.5% rise.
In the span of just 24 hours, AVAX has escalated from $55.57 to its present value of $61.30. The coin hit a peak of $64.14 a few hours ago, underscoring its remarkable momentum. AVAX has consistently outperformed over the last month, weathering minor market corrections since Bitcoin's all-time high and subsequent price discovery phase.
Starting from February 17, AVAX has witnessed a meteoric rise from $39.50 to its current valuation, marking a 56% surge over the past 30 days, a 33% increase in the last week, and a striking 13.5% growth in the preceding 24 hours.
For traders monitoring 24-candlestick charts, indicative of swing trading, technical signals indicate AVAX's strength and bullish trend.
The widening gap between the EMA10 and EMA55 signifies accelerated gains over time. The relative strength index stands high at 73, indicating a market dominated by bullish sentiment. With an average directional index (ADX) of 24, a stable and robust bullish trend is evident. However, shorter timeframes hint at a potential slowdown in price growth, possibly signaling stabilization or correction in longer durations.
Shifting focus to today's underdog, DogWifHat (WIF), a meme coin on the Solana network, has emerged as a frontrunner in the current bullish wave. This surge follows the footsteps of Shiba Inu and Dogecoin, pioneers of previous meme coin rallies.
WIF has experienced a surge of 25% in the past 24 hours, 47% over the last week, and an astounding 732% in the past month, according to Coingecko data.
Meme coins, known for their extreme volatility within the crypto realm, often respond more to social trends and market sentiments rather than technical or fundamental analysis. For instance, Dogecoin famously reacts to Elon Musk's tweets.
Over the past year, WIF has witnessed an unprecedented surge of 1,722%, with a remarkable jump from $2.40 to its current value of $3.06 in the last 24 hours alone. Most of WIF's growth has occurred during March, breaching the $0.60 mark for the first time on February 26.
Given its reliance on market sentiment, WIF's performance lacks objective analysis. However, the coin has shown signs of deceleration since March 13, encountering significant resistance around the $3.50 threshold.
