AVAX is up 41% since the USD coin launched on Avalanche – is it the right time to buy in?

2 years ago 429

AVAX, the inferior token successful the Avalanche network, has been surging successful caller days contempt a market-wide slump successful the crypto sector. In fact, since the stablecoin USDC launched connected Avalanche, AVAX has surged astir 41%. Technical indicators besides amusement that the coin is connected a bull-run close now. But however acold tin it truly go? Here is what we cognize truthful far:

  • AVAX is connected a bullish tally and could interruption into $160 successful the adjacent term

  • Much of this maturation has mostly been driven by the summation of USDC connected Avalanche.

  • BitGo is besides adding AVAX to its work portfolio, different affirmative successful the bull run

Data Source: Tradingview.com

AVAX – The Price Action and Analysis

Even earlier the motorboat of USDC connected Avalanche, AVAX was inactive doing well. According to information from Coinbase, the coin was trading astatine astir $78.49 earlier the launch. However, astatine the clip of publishing this post, AVAX was astatine $110.87. 

This represents a 41.25% growth, meaning the coin has by acold outperformed the full crypto market. But is determination capable upside for much growth? The reply is yes successful fact, looking astatine the method indicators, it seems AVAX is breaking into a monolithic bull tally that could spot it deed $160 successful the adjacent term.

Should You Buy AVAX?

It’s been a week of bullish events for the coin. In summation to the USDC addition, analysts astatine the Bank of America confirmed that they spot Avalanche arsenic a superior alternate to Ethereum, a determination that led to a 16% surge. 

The BitGo quality besides saw the coin rally to a 2-week high. The maturation of the Avalanche ecosystem besides looks rather promising. For the semipermanent crypto investor, this would beryllium the champion clip to adhd AVAX into your portfolio.

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