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It has been a quiet day in the crypto space, but Avalanche (AVAX) and Solana meme coin darling Dogwifhat (WIF) are defying the trend.
The global cryptocurrency market cap today sits at a whopping $2.69 Trillion, marking a modest 1.9% change in the last 24 hours, according to data from Coingecko. In the top 10, all coins except for Solana (SOL) and Avalanche (AVAX) have registered changes of less than 1%. Solana is up by a respectable 8%, but the real showstopper in the group has been AVAX, which has skyrocketed by a staggering 13.5%.
AVAX, which was priced at $55.57 just 24 hours ago, has surged to its current $61.30. The daily high of $64.14 was registered just a few hours ago, demonstrating the coin's remarkable momentum. Avalanche (AVAX) has been a standout performer during the last 30 days, weathering many of the minor corrections that have occurred in the crypto industry since Bitcoin reached its ATH and entered into price discovery.
Since February 17, AVAX has soared from $39.50 to its current price, marking a 56% growth in the last 30 days, a 33% growth in the last 7 days, and a 13.5% growth in the last 24 hours.
For those following the 24-candlestick charts (mostly swing traders that hold their coins for a little while), technical indicators suggest that AVAX is strong and bullish.
The gap between the EMA10 and EMA55 (the average price of the last 10 and 55 days, respectively) is widening, indicating that traders are increasing their gains faster as time passes. The relative strength index, which measures how bullish or bearish the market is, is high at 73. That means the market is currently dominated by 7 bulls for every 3 bears.
The average directional index (ADX), which indicates the strength of a specific trend, is set at 24, suggesting a stable and strong bullish trend. However, on time frames shorter than 24 hours (charts followed by daytraders and scalpers with candlesticks sets to 4 hours or less), the price growth is slowing down, hinting at a potential stabilization or correction in longer timeframes.
Now, let's turn our attention to the underdog of the day, DogWifHat (WIF). This Solana meme coin has been leading the current bull run, taking over from Shiba Inu, which led the previous rally (in 2020), and the OG memecoin, Dogecoin, which garnered all the attention back in 2017.
WIF has been on a tear, surging 25% in the last 24 hours, 47% in the last week, and a mind-boggling 732% in the last 30 days according to data from Coingecko.
If cryptocurrencies are considered volatile among traditional investors, memecoins are considered extremely volatile among crypto investors. Most of the time, there are little technical or fundamental reasons behind their moves and they tend to be more susceptible to social trends, market sentiments, etc. For example, Dogecoin, the most famous and solid meme coin has been proven to react to Elon Musk’s tweets.
Over the past year, WIF has skyrocketed by a staggering 1,722% according to data from Coinmarketcap. In the last 24 hours alone, WIF has jumped from $2.40 to its current price of $3.06. Most of the coin's growth has occurred during March, with the coin breaking past the $0.60 milestone for the first time on February 26.
There's little objective analysis to be done with WIF, as its performance is largely driven by market sentiment. However, the coin has been slowing down since March 13, registering strong resistance near the $3.50 mark.
