The cryptocurrency Avalanche (AVAX) is showing an attractive rising trend. AVAX, closely followed by Turkish investors, is emerging as a high-volume altcoin that could potentially outperform Bitcoin (BTC) in recent times.
According to analyses, AVAX has demonstrated an almost uninterrupted increase over an eight-day period. During this time, it experienced a 28% rise, recording a 13% increase in the last 48 hours and closing on December 5 with an 8.2% gain, trading at approximately $24.5.
As of this writing, AVAX is trading at $26.52, marking a 1% increase. Even though Bitcoin has also shown a positive trend, it is indicated that AVAX has outpaced it in terms of rate and scope.
Technical indicators are supporting AVAX’s upward trend. The RSI is giving an overbought signal above 75, while the MACD lines appear to be on the verge of an upward crossover. These indicators suggest a positive outlook for AVAX.
The volume trend of Avalanche is also showing a significant increase on the Santiment analysis platform. Starting at a volume of $594 million at the beginning of December, it rose to $816 million by the end of the month and currently exceeds $1.2 billion. Data from CoinMarketCap indicates a volume increase of over 70% in the last 24 hours, with AVAX’s market value rising by more than 19%.