Avalanche (AVAX) Hits A New ATH At $124. Why is AVAX Rising and Will It Continue to Rise?
As the cryptocurrency markets were undergoing downward corrections, Avalanche (AVAX) broke an all-time record by surpassing $124. AVAX, one of the cryptocurrencies with the title of Ethereum killer, continues the upward trend it started at the beginning of this month. The increasing decentralized finance (DeFi) activities and the agreements it has made have an important place in the rise of AVAX.
Avalanche (AVAX) managed to set the all-time record at $124.35 today and is currently trading at $122. And it continues its upward trend. There is resistance near $125 and support at $116. AVAX has solid support at $110. If AVAX can break above $125, it could continue higher. AVAX has a market cap of $26.8 billion and ranks 11th by market cap.
The growing interest in decentralized finance (DeFi) and the agreements and partnerships Avalanche has made are pushing AVAX higher. Ava Labs announced in an announcement on November 16 that they will be working in partnership with Deloitte from now on. In addition, Avalanche launched Blizzard earlier this month, a fund of over $200 million that aims to grow the network's ecosystem. All these developments were welcomed by investors and investments in AVAX increased significantly. Therefore, AVAX can continue its successful upward trend in the coming days.
In short, the increasing interest in decentralized finance and NFT market in the crypto market and Avalanche taking important steps in this direction and continuous self-improvement push AVAX to the heights. In addition, AVAX receives great support by establishing important partnerships. This leads to a significant increase in investments in AVAX. I think AVAX will continue to move up for a while, if it can continue its uptrend, it can move up to $180. Could AVAX be Ethereum's killer? I think this is a bit of a challenge, but it certainly attracts a lot of new investors and platforms. This shows that the ecosystem will grow more in the future.
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