- Avalanche price has been in a strong bullish trend in the past few days.
- Trader Joe’s JOE coin has risen by more than 20% in the past 24 hours.
Avalanche price surged to the highest level since October 6 as Trader Joe’s coin went parabolic. AVAX rose to a high of $18, which was about 22% above the lowest level this month. As a result, its combined market cap has risen to more than $5.2 billion.
Trader Joe price goes vertical
Avalanche is one of the best-known smart contract platforms in the world. It is a proof-of-stake platform that aims to have a strong market share in industries like Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse.
Avalanche has an expanding ecosystem made up of thousands of applications. According to DeFi Llama, Avalanche has over 200 DeFi applications that have a total value locked (TVL) of more than $5 billion.
AAVE is the biggest DeFi platform in Avalanche. It is followed by Wonderland, Benqi, Stargate Finance, and Trader Joe.
Trader Joe is a one-stop-shop for decentralized trading on the Avalanche ecosystem. It makes it possible for traders to trade and swap tokens, provide liquidity, farm for yield, lend, stake, and even trade NFTs. In the third quarter, Trader Joe processed over $1.84 billion in trading volume, with an average of $20 million per day. It has between 4k and 6k daily active users.
Learn more about how to buy Avalanche.
This means that it combines features provided by protocols like Uniswap, Aave, Curve Finance, and OpenSea in one platform.
In most cases, Avalanche price is usually affected by the happenings in its ecosystem. As such, it tends to react when a token in its ecosystem does well. This explains why Avalanche has done well this week.
Trader Joe’s JOE price jumped by more than 17% in the past 24 hours as its ecosystem did well. This price action is in line with how Cosmos price jumped after Osmosis went parabolic.
Avalanche price prediction
The four-hour chart shows that the AVAX price has made a strong recovery in the past few weeks. It has moved slightly above all moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.
Avalanche has formed an inverted head and shoulders pattern. This week, it managed to move above the neckline of this pattern at $16.36. In price action analysis, this pattern is usually bullish in nature.
Therefore, there is a likelihood that the Avalanche price will continue rising as bulls target the key resistance level at $20. A drop below the support at $16.50 will invalidate the bullish view.
