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Analysis of Crypto Market Movement
Today in the cryptocurrency market, a sense of quietude prevailed, except for the exceptional performances put forth by Avalanche (AVAX) and Solana meme coin Dogwifhat (WIF). The global cryptocurrency market cap has reached a staggering $2.69 trillion, reflecting a somewhat modest 1.9% adjustment within the last 24 hours, according to Coingecko data. Notable exceptions within the top 10 coins are Solana (SOL) and Avalanche (AVAX), both of which have shown changes eclipsing the 1% mark. While Solana noted an appreciable 8% growth rate, the standout performer of the group is AVAX, which skyrocketed by an impressive 13.5%.
Avalanche (AVAX) Surge
Within the span of just 24 hours, AVAX has undergone a remarkable price surge from $55.57 to the current $61.30. Notably, the coin hit a daily high of $64.14 just recently, underscoring the strong momentum behind AVAX. Over the past 30 days, AVAX has exhibited exceptional resilience amidst minor industry corrections following Bitcoin’s all-time high attainment and its subsequent price exploration phase. Starting from $39.50 on February 17, AVAX has witnessed a notable 56% growth over the last 30 days, with a 33% surge in the past week alone.
From a technical analysis viewpoint, traders focusing on the 24-candlestick charts are observing a robust and bullish performance by AVAX. The widening gap between EMA10 and EMA55 reflects an acceleration in trader gains. The relative strength index stands high at 73, indicating a market predominantly led by bullish sentiment. Moreover, the average directional index sits at 24, pointing towards a stable and potent bullish trend. Yet, for shorter timeframes such as those utilized by daytraders and scalpers employing candlestick sets of 4 hours or less, the growth in price has been tapering, hinting at a possible consolidation or correction in extended timeframes.
DogWifHat (WIF) Meteoric Rise
Shifting focus towards the underdog of the day, DogWifHat (WIF), we witness a soaring performance in the realm of Solana meme coins. WIF has taken the lead in the ongoing bull run, displacing previous leaders such as Shiba Inu in the 2020 rally and the original meme coin, Dogecoin, which captured attention back in 2017. WIF has surged by an impressive 25% in the last 24 hours, 47% in the preceding week, and a staggering 732% over the last 30 days, as per Coingecko data.
While cryptocurrencies already embody volatility in the eyes of traditional investors, meme coins amplify this volatility to extreme levels within the crypto community. Often driven more by social trends and market sentiments rather than technical or fundamental factors, meme coins like WIF exemplify this characteristic. For instance, Dogecoin’s notable reactions to Elon Musk’s tweets highlight this phenomenon.
Over the past year, WIF has achieved an outstanding 1,722% growth according to Coinmarketcap data. Within the last 24 hours alone, WIF has leaped from $2.40 to its current price of $3.06. The bulk of WIF’s growth has materialized during March, with the coin surpassing the $0.60 milestone for the first time on February 26.
Despite its meteoric rise, objective analysis of WIF remains challenging due to its sentiment-driven price trajectory. However, recent data indicates a slowdown in growth since March 13, with strong resistance near the $3.50 threshold.
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