- Avalanche crypto price has soared by over 161% from the lowest point this year.
- Trader Joe, BENQI, and Pangolin are doing relatively well as demand rises.
- These are some of the biggest dApps in its ecosystem.
Avalanche (AVAX) price surged to the highest point since September 2022 as key members of its ecosystem boomed. The coin soared to a high of $22.6, which was 161% above the lowest level this year.
Pangolin, Trader Joe, BENQI
Avalanche is a leading blockchain that aims to change the Web3 industry. It offers a platform that is cheap to build on and one that has superior speeds than other networks like Ethereum and Tron. AVAX is the token that powers the ecosystem.
Avalanche price jumped sharply as investors reacted to the strong performance of its ecosystem. As I wrote earlier, Pangolin, a decentralized exchange (DEX) in the platform, has seen its token surge by over 1,100% recently. User activity in its network has beenb rising in the past few weeks.
Read more: How to buy Avalanche.
Pangolin is not the only dApp that is doing well. Trader Joe’s JOE token has jumped by over 30% in the past 24 hours. Trader Joe, which is a leading decentralized exchange, has seen the total Unique Active Wallets (UAW) jump to over 78.9k in the past 30 days.
In the same period, the volume processed in the ecosystem rose to over $488 million while transactions have soared to 355k. This is a sign that the network is gaining traction as the cryptocurrency rally resumes.
BENQI’s QI token has jumped by over 40% in the past 24 hours even as its ecosystem metrics remains under water. Unlike Pangolin and Trader Joe, BENQI’s UAW has risen by just 10% in the past 30 days to 1.62k. Transactions and volume has dropped by 5.42% and 8.53%, respectively. GMX has also lost its market share recently.
Avalanche price has also risen as investors reacted to the soaring crypto prices. Bitcoin has soared to over $37,000 while the total market cap of all coins is nearing $1.5 trillion.
Avalanche price forecast
Turning to the daily chart, we see that the AVAX crypto price has been in a strong uptrend. The Relative Strength Index (RSI) has surged to the overbought level. It has moved above the 50-day and 25-day Exponential Moving Averages (EMA).
AVAX token has flipped the important resistance at $21.43 into a support. This price was the highest swing on April 18th. It is also nearing the crucial resistance point at $22.63, the highest point in February.
Therefore, the outlook of the coin is bullish, with the next important resistance point to watch being at $25. If this happens, the price is about 11% above the current level.
