AVAX Leads Top 10 Coins With 10% Daily Increase – Will It Flip ADA This Week?
When Will AVAX Flip ADA? Credit: Hameem Sarwar
Key Takeaways
- Binance announced it would add USDC-margined AVAX futures contracts.
- After the announcement, AVAX reached its highest price since May 2022.
- Will AVAX flip ADA as the eighth largest cryptocurrency?
Avalanche has been the best performing top 10 cryptocurrency today, March 18 2024. AVAX is now inching close to flipping ADA as the eighth largest cryptocurrency based on its market capitalization.
Since AVAX’s market cap is only slightly below that of ADA, the larger question remains: Will AVAX reach a new all-time high price this year?
How Has AVAX Fared This Cycle?
The AVAX price has been on an absolute tear since September 2023, increasing by 630%. The upward movement was only temporarily hampered by nearly two-month correction in December 2023 and January 2024, before the bullish trend resumed. Today, AVAX reached a high of $64.50, its highest price since May 2022.
AVAX reached a confluence of resistance levels at $61. The resistance is created by a long-term horizontal resistance area and the 0.382 Fibonacci retracement resistance level.
The weekly RSI and MACD both give positive readings, since they are trending upward and in positive territory. There is a potential risk in the form of a bearish divergence in the weekly RSI. That has not been confirmed yet, however.
Despite these positive readings and price action, the AVAX price is trading at a critical confluence of horizontal and Fibonacci resistance levels, allowing for the possibility that it will get rejected.
When Will AVAX Flip ADA?
Today’s AVAX increase is the largest out of the top 10 coins. Earlier this morning, Binance announced that it will launch USDC-Margined AXAX perpetual future contracts with leverage up to 7 timesx. It is possible that this contributed to the rise in price.
Due to the AVAX increase and the underperformance of ADA, the market cap for Avalanche is creeping up to that of Cardano.
In fact, AVAX is currently at $23,984 billion while ADA is at $24,085 billion, a difference of only 0.004%. In fact, if the ADA price stays the same, AVAX would only have to increase to $64.60 to flip ADA as the eighth largest cryptocurrency.
The wave count suggests that AVAX will likely flip ADA later this week. AVAX likely started a five-wave upward movement during the aforementioned September 2023 low. Giving waves one and three a 1:1 ratio leads to a high of $157. This is a new all-time high and an increase of 150% from the current price.
The sub-wave count is given in black, suggesting that AVAX is in wave sub-wave three of this increase, which is likely to be the sharpest.
Both the daily RSI and MACD support the continuation of the increase.
AVAX Can Reach New All-Time High This Year
To conclude, AVAX has been one of the best performers in the cryptocurrency market since September 2023. Due to the positive readings in both the weekly and daily time frames, the price should not only flip ADA as the eighth largest cryptocurrency, but also reach a new all-time high this year.
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