The Avalanche price inched higher on Thursday, extending its two-day winning streak. The AVAX token has been among the best performing digital assets in September. Other high-yielding coins include Cosmos, Shiba Inu, and Celo. The coin has jumped more than 92% since the start of September and 15% in the past week. in the last 24 hours, the coin has inched 11.30% higher. The coin’s total market cap has climbed nearly 9% to $16 billion. Avalanche is the 11th biggest cryptocurrency in the world, sandwiched between Dogecoin and Terra.
What is Avalanche?
Avalanche is billed as the fastest smart contracts platform in the blockchain industry. The platform launched on the main net on September 21, 2020. Since then, the platform has rapidly grown and secured more than 200 individual projects, including DeFi projects. AVAX is the native token of Avalanche used to pay for fees and secure the platform through staking.
The group behind the Avalanche platform recently announced that they received a $230 million investment from a group led by Polychain and Three Arrows Capital. This was after the private sale of its surging AVAX cryptocurrency.
Investors seem confident about the Avalanche price in the next few weeks. Is Avalanche the next big thing? According to Emin Gün Sirer, the director at Avalanche Foundation, “Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers…”
Avalanche Price Technical Analysis
The four-hour chart demonstrates several things about the Avalanche price. First, the price has been rallying for the past few weeks, albeit gradually. It has managed to move above the 25-day and 50-day exponential moving averages. Its RSI has increased to 61, reinforcing its bullish outlook.
Therefore, I expect the AVAX price to extend its bullish outlook as the bulls eye $100. However, a move below the key support level at $52 will invalidate this view.