It’s been a quiet day in the cryptocurrency space, but Avalanche (AVAX) and Solana meme coin Dogwifhat (WIF) are bucking the trend.
The global cryptocurrency market cap today stands at a whopping $2.69 trillion, with a slight change of 1.9% over the past 24 hours, according to data from Coingecko. In the top 10, all coins except Solana (SOL) and Avalanche (AVAX) recorded changes of less than 1%. Solana posted a respectable 8% gain, but the most notable gainer in the group was AVAX with a massive 13.5% gain.
AVAX, which was at $55.57 just 24 hours ago, has now surged to $61.30. A daily high of $64.14 was registered just a few hours ago, showing the coin’s incredible momentum. Avalanche (AVAX) has had an outstanding performance over the past 30 days, overcoming many minor corrections that have occurred in the cryptocurrency space since Bitcoin reached ATH and entered price discovery.
Since February 17, AVAX has surged from $39.50 to its current price, growing 56% in the last 30 days, 33% in the last 7 days, and 13.5% in the last 24 hours.
For those who follow the 24 candlestick charts (mainly swing traders who hold the coin for a while), technical indicators show that AVAX is strong and bullish.
The gap between EMA10 and EMA55 (average price over the last 10 and 55 days respectively) is widening, indicating that traders’ profits are growing faster over time. The relative strength index, which measures how bullish or bearish the market is, is high at 73. This means that the market is currently dominated by 7 bulls for every 3 bears.
The Average Directional Index (ADX), which indicates the strength of a particular trend, is set at 24, indicating a stable and strong bullish trend. However, on time frames shorter than 24 hours (the charts followed by day traders and scalpers who set their charts and candlesticks to 4 hours or less), price gains are slowing, suggesting a potential stabilization or correction over longer time frames.
Now let’s turn our attention to today’s acronym: DogWifHat (WIF). This Solana meme coin is leading the current bull market, taking over from Shiba Inu, which led the previous rally (2020), and Dogecoin, the OG meme coin that grabbed all the attention in 2017.
According to data from Coingecko, WIF has been on the rise, surging 25% in the last 24 hours, 47% in the past week, and an astonishing 732% in the past 30 days.
If cryptocurrencies are considered highly volatile among traditional investors, MEMCOIN is considered extremely volatile among cryptocurrency investors. In most cases, there is little technical or fundamental reason behind their movements and they tend to be more sensitive to social trends, market sentiment, etc. For example, Dogecoin, the most popular and robust meme coin, has proven to be responsive to Elon. Musk’s tweet.
Over the past year, WIF has surged a whopping 1,722%, according to data from Coinmarketcap. In the last 24 hours, WIF has surged from $2.40 to the current $3.06. Most of the coin’s growth occurred in March, with the coin surpassing $0.60 for the first time on February 26th.
There is little objective analysis of WIF because its performance is largely determined by market sentiment. However, the coin has been slowing down since March 13 and has hit strong resistance near $3.50.
