Avalanche (AVAX) Overtakes TRON (TRX) in Market Capitalization, Marking a Significant Shift in the Cryptocurrency Market

The price of AVAX has climbed 11.73% over the past 24 hours, showing increased investor confidence. Meanwhile, TRON has seen a moderate decline

Cryptocurrency market capitalization has seen a significant shift with Avalanche (AVAX) overtaking TRON (TRX).

Over the past 24 hours, AVAX has seen a surge of 11.73%, indicating increased investor confidence. This comes as the token price rallied from a low of $41.75, reaching a high of $46.72 during the period.

Meanwhile, TRX has seen a moderate decline, initially dropping to a low of $0.2100 before recovering slightly towards the end of the 24-hour period. The token price opened the period at $0.2145.

Avalanche’s Strong Upward Momentum

Chart: Coin Edition

AVAX has seen a strong upward momentum, surging from a recent low of $41.75 to a high of $46.72. This marks a 26.34% spike in trading volume, highlighting growing interest from buyers as the price ascended.

Avalanche’s market capitalization has also surged to $19.12 billion, indicating positive sentiment among investors. This increase in market cap has pushed AVAX past TRX.

The immediate support level for AVAX is at $41.75, which marks the low of the recent trading range. If the price declines, this level could be a critical point to watch. A secondary support level at $42.50 was also briefly tested and could provide further cushion.

On the resistance side, the price is currently encountering a key barrier at $46.72. A breakthrough above this resistance could pave the way for further gains. Moving past this level, the next resistance zone lies between $47.50 and $48.00.

Read also: Will Avalanche Be the First RWA Coin to Cross $10B Market Cap?

However, the 1-hour RSI reading of 73.20 suggests that AVAX might be overbought in the short term, which could lead to a price correction. The 1-hour MACD is above the signal line, indicating bullish momentum.

TRON’s Declining Market Activity

Chart: Coin Edition

TRX, on the other hand, has seen a 1.44% decrease in price, moving from $0.2145 to $0.2114. This marks a 15.45% decrease in trading volume, suggesting weaker market activity and reduced investor interest. TRON’s market capitalization is now at $18.25 billion, reflecting the subdued price action.

For TRX, the key support levels to watch are $0.2100 and $0.2080. If the price dips below these levels, there could be further downward pressure.

On the resistance side, $0.2145 is the immediate barrier, with a potential higher resistance zone between $0.2150 and $0.2160. If TRX can break above these levels, it may pave the way for further gains.

TRON’s 1-hour RSI reading is 57.21, indicating a neutral market position. This suggests neither overbought nor oversold conditions, which could mean that TRX is still consolidating.

The 1-hour MACD, like AVAX, is above the signal line, hinting at possible short-term upward movement.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.