- AVAX surged by over 13% in the last 48 hours.
- Avalanche’s Funding Rate has hit its highest point in over six months.
Over the past few days, Avalanche [AVAX] experienced a notable rally. It might be the only altcoin that has surpassed even Bitcoin [BTC] in recent upward movements.
Avalanche decouples from Bitcoin’s trend
Upon analyzing the daily timeframe chart of Avalanche, AMBCrypto found some intriguing trends. Notably, AVAX has sustained an upward trajectory for eight consecutive days, with only a single-day interruption.
During this period, AVAX showed a remarkable 28% increase, and in the last 48 hours alone, it rose by over 13%. The closing trade on the 5th of December saw a notable 8.2% increase, reaching around $24.5.
At press time, AVAX continued its rise, registering an additional 6% gain and trading at around $26 at the time of this writing.
Source: TradingView
Bitcoin has also displayed positive momentum in recent days, although it took three days to achieve a 9% increase. Thus, AVAX has outpaced Bitcoin in terms of both the rate and extent of its recent gains.
Technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), underscored AVAX’s bullish trend.
At the time of assessment, the RSI was over 75, signaling strong momentum, while the MACD lines were on the verge of a bullish crossover. These indicators collectively suggested a favorable outlook for AVAX.
Avalanche: Volume picks up the pace
An examination of Avalanche’s volume trend on Santiment revealed a substantial increase over the past few days. The chart showed a consistent uptick in volume since the onset of the month.
Commencing at around 594 million at the beginning of the month, the volume rose to over 816 million by the close of the 5th of December. As of this writing, the volume was over 1.2 billion, nearly doubling the volume at the beginning of the month.
Source: Santiment
When AMBCrypto delved deeper into the volume data on CoinMarketCap, we remarkable uptrend was evident. Notably, there has been a notable increase of over 70% in the last 24 hours alone.
Additionally, market capitalization has experienced a significant uptick, marking an increase of over 19% as of this writing.
How much are 1,10,100 AVAXs worth today?
Positive sentiments across the board
Derivative traders have exhibited excitement regarding the ongoing price trend, as evidenced by the press time Funding Rate. Coinglass showed that Avalanche’s Funding Rate was around 0.05% at press time, its highest point over the past six months.
This Funding Rate showed that traders were actively speculating on the continued upward movement of the price. Also, it reflected a prevailing positive sentiment in the market at the time of writing.
