- Avalanche (AVAX) has surged over 12% in the last 24 hours, hitting a high of $64.14. Technical indicators show it remains in a strong uptrend.
- Meme coin DogWifHat (WIF) has rallied 25% in the past 24 hours and 732% in the past month, though it has slowed down recently after hitting resistance.
- While most major cryptos tread water, Avalanche and DogWifHat have broken out with double-digit gains as traders pile into coins with bullish technicals and positive sentiment.
Crypto prices have been relatively stagnant in the past 24 hours. However, two coins have broken out of the slump and posted impressive gains.
Avalanche Skyrockets Over 12%
Avalanche (AVAX) has surged over 12% in the last 24 hours. The coin hit a daily high of $64.14 before pulling back slightly. Avalanche has been one of the best performing major cryptocurrencies in recent weeks. It is up 56% over the past month.
Technicals Suggest Avalanche Remains Bullish
According to technical indicators, Avalanche remains in a strong uptrend. The widening gap between the 10-day and 55-day exponential moving averages shows traders are rapidly increasing their gains. The relative strength index of 73 also indicates a bullish market dominated by buyers.
Meme Coin DogWifHat Also Rallies
DogWifHat (WIF), a popular Solana meme coin, has also posted strong gains. It is up 25% in the past 24 hours and an astounding 732% over the past month. As a memecoin, WIF tends to be driven more by market sentiment than fundamentals. It has slowed down recently after hitting resistance near the $0.35 level.
The Takeaway
While most major cryptocurrencies tread water, Avalanche and DogWifHat have broken out with double-digit gains. Their momentum highlights the diverging fortunes of cryptos during sideways markets. Traders appear to be piling into coins with bullish technicals and positive sentiment.
