It's been a quiet day in the crypto space, but Avalanche (AVAX) and Solana meme coin darling Dogwhiphat (YF) are bucking the trend.
The value of the global cryptocurrency market today stood at a record $2.69 trillion, a modest change of 1.9 percent over the past 24 hours, according to data from Koingeco. In the top 10, all coins except Solana (SOL) and Avalanche (AVAX) recorded changes of less than 1%. Solana is up a respectable 8%, but the real showrunner in the group is AVAX, which is up an impressive 13.5%.
AVAX, which traded at $55.57 24 hours ago, is now at $61.30. The daily high of $64.14 was recorded a few hours ago, which shows the coin's remarkable movement. Avalanche (AVAX) has stood out over the past 30 days, weathering most of the minor corrections that have occurred in the crypto industry since Bitcoin reached its ATH and went into price recovery.
Since February 17th, AVAX has risen to its current price of $39.50, representing a 56% gain over the past 30 days, a 33% gain over the past 7 days, and a 13.5% gain over the past 24 hours.
For those following 24-candlestick charts (mostly swing traders who hold their coins short-term), 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) is widening, meaning traders are increasing their profits faster as time goes by. The relative strength index, which measures how bullish or bearish the market is, is higher at 73. This means that the market is currently dominated by 7 bulls to 3 bears.
The average directional index (ADX), which indicates the strength of a certain trend, is set at 24, which indicates a stable and strong bullish trend. But in less than 24-hour time frames (candlesticks followed by day traders and scalpers that stay up to 4 hours or less), price growth is slowing, hinting that it may stabilize or correct in longer time frames.
Now, let's turn our attention to the underdog of the day, DogWifHat (WIF). This Solana MM coin has been leading the current bull run, taking over from Shiba Inu, which led the previous rally (in 2020), and Dogecoin, which grabbed all the attention in 2017.
YF has been on a tear, up 25% in the last 24 hours, 47% in the last week, and a mind-boggling 732% in the last 30 days, according to Coingecko data.
If cryptocurrencies are considered volatile among traditional investors, memecoins are considered highly volatile among crypto investors. Usually, there are little technical or fundamental reasons behind their movements and they are more exposed to social trends, market sentiments, etc. For example, Dogecoin, the most famous and strong meme coin, has been proven to respond to Elon. Musk's tweets.
Over the past year, WIF has surged an impressive 1,722%, according to Coinmarketcap data. In the last 24 hours alone, WIF jumped from $2.40 to its current price of $3.06. Much of the coin's growth occurred in March, with the coin first surpassing the $0.60 milestone on February 26.
There is little empirical analysis with WIF as performance is largely driven by market sentiment. However, the coin has been declining since March 13, registering strong resistance near the $3.50 mark.
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