- Pangolin token has surged by over 1,100% from its October lows.
- This jump has also helped Avalanche’s AVAX token.
- User metrics in Pangolin have improved in the past few weeks.
Pangolin (PNG) price has gone vertical as the volume in its exchange makes a slow comeback. The token surged to a high of $0.1400, which was about 1,100% above the lowest point in November. As it jumped, the total market cap soared to over $55 million.
The Pangolin price surge has also pushed Avalanche (AVAX) higher. The token soared to a high of $22, the highest point this year. AVAX has jumped by over 151% from its October low, making it one of the top-performing big cryptocurrencies.
Read more: How to buy Avalanche.
Ecosystem activity rising
Pangolin is an upcoming DEX that exists in the Avalanche, Flare, and Hedera Hashgraph ecosystem. The platform makes it easy for people to swap and trade cryptocurrencies while paying extremely lower costs.
The DEX industry is highly competitive, with the top players being the likes of Uniswap, PancakeSwap, dYdX, and Orca. Most of their tokens have jumped sharply in the past few days because of the strong performance of digital coins.
Bitcoin rose to the year-to-date high of $37,500 on Thursday morning while Ethereum, Solana, Cardano and Tron rose to their highest points this year. In most cases, DEX and CEX coins do well when cryptocurrency prices are rising.
Pangolin itself is seeing improved metrics. According to DappRadar, the number of Unique Active Wallets (UAW) in its ecosystem rose by 44% in the past 30 days to 3.3k. In the same time, the number of transactions jumped by 182% to over 47.3k while the volume soared by 428% to $12.1 million.
These numbers are encouraging since they show that the ecosystem is improving. However, the platform is still a smaller one than. Most of its activity is happening in the Avalanche network. Also, these metrics are much lower than where they were in their record high. Pangolin has a Total Value Locked (TVL) of over $20 million.
Pangolin price prediction
The daily chart shows that the PNG price has roared back. It has surged from an all-time low of $0.017 in October to a high of $01.4. Along the way, it flipped the important resistance point at $0.078, the highest point on February 3rd. The token has also jumped above all moving averages.
The Relative Strength Index (RSI) has surged to the extreme overbought point of 80. This is a sign that the token has the momentum. The MACD remains above the neutral point. Therefore, the outlook for PNG is bullish, with the next level to watch being at $0.14.
