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Why is Avalanche up more than 16% today?



The cryptocurrency market is bouncing back from recent losses, with Avalanche being one of the top performers.

Avalanche has been one of the top-performing cryptocurrencies in the past 24 hours. The coin is up more than 16% in the past 24 hours as the broader cryptocurrency market continues to rebound from its recent losses.

The rally stems from a recent research paper by Bank of America analysts who stated that Avalanche was a viable alternative to Ethereum. The analysts believe that the scalability of Avalanche while maintaining security and decentralization makes it an excellent alternative to Ethereum for DeFi projects, games, and NFT projects.

The researchers added that Avalanche's subnet functionality is gaining acceptance as more and more projects host their protocols on the Avalanche blockchain. Another catalyst behind the rally of Avalanche is the inclusion of the USDC stablecoin in its log two days ago.

The addition of the stablecoin is intended to promote DeFi adoption in the ecosystem, with USDC being the second largest stablecoin behind Tether's USDT.

An overview of important levels

The AVAX / USD 4-hour chart looks bullish right now thanks to the cryptocurrency's recent performance. The technical indicators show that AVAX is currently doing extremely well, similar to the broader market.

The MACD line is currently above the neutral zone, indicating a bullish trend. Additionally, the RSI of 64 shows that AVAX could soon enter the overbought territory. At the time of writing, AVAX is trading at $ 107 per coin and remains one of the leading cryptocurrencies in the market.

If current market conditions are maintained, AVAX could cross the first major resistance point at USD 119 in the next few hours. In a situation where the broader market continues to recover, AVAX could hit the $ 130 level for the first time since November.

Unless there is a longer bullish performance, the resistance level of USD 140 should absorb further upward movements for a short time.

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