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That's why AVAX is up 14% today


 

The cryptocurrency market has bounced back from its recent slump, with Bitcoin and other leading cryptocurrencies rallying right now.

The broader cryptocurrency market has done well over the past 24 hours. Bitcoin crossed $ 48,000 for the first time this week. Ether and the other leading cryptocurrencies have also rallied.

However, one of the biggest performers among the top 20 cryptocurrencies by market capitalization is Avalanche's AVAX. The coin has gained more than 14% in the last 24 hours, outperforming the other leading cryptocurrencies.

The rally is fueled by news that BitGo, one of the largest cryptocurrency custodians, has added AVAX. The addition of AVAX to the BitGo platform means more institutional investors will get access to the cryptocurrency. Mike Belshe, CEO of BitGo, said:

“ Institutional investors can now access AVAX within the most secure custody offering on the market, and tens of millions of home users have the potential to gain secure access through the exchanges and platforms based on our technology. "

An overview of important levels

Thanks to the introduction of AVAX in BitGo, the AVAX / USD 4-hour chart is currently one of the most bullish charts in the crypto space. The technical indicators of the coin show that AVAX is currently doing extremely well.

AVAX's MACD line crossed the neutral zone a few hours ago, indicating a strong uptrend in the cryptocurrency. The RSI of 61 also shows that AVAX is moving towards the overbought territory. At the time of writing, AVAX is trading at $ 117 per coin, above its 50-day simple moving average.

What you can expect

If current market momentum is maintained, AVAX could attempt to break the first major resistance level at USD 125 in the coming hours. In the event of a sustained uptrend, AVAX could hit the $ 130 mark before the end of the day.

However, if the bear market regains control, AVAX could attempt to defend its first major support level at $ 110. Unless there is a massive sell-off, AVAX should stay above 100 for a short time.

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