The cryptocurrency market has recovered from its recent slump, with Bitcoin and other major digital currencies currently rebounding.
The broader crypto market performed well over the past 24 hours, with Bitcoin climbing above the $48,000 mark for the first time this week. Ether and other leading cryptocurrencies also joined the rally.
Among the top 20 cryptocurrencies by market capitalization, Avalanche’s AVAX stands out as one of the best performers. The token surged more than 14% in the last 24 hours, outpacing several other major coins.
The rally follows news that BitGo, one of the largest crypto custodians, added AVAX support. BitGo’s integration of AVAX on its platform means increased institutional access to the token. BitGo CEO Mike Belshe commented:
“Institutional investors can now access AVAX through the most secure custody offering in the market, and tens of millions of retail users potentially gain secure access via exchanges and platforms powered by our technology.”
Key Levels to Watch
With BitGo’s adoption of AVAX, the AVAX/USD 4-hour chart is among the more bullish setups in the crypto space right now. Technical indicators for the token show strong performance.
AVAX’s MACD line crossed into positive territory a few hours ago, signaling a robust bullish trend. Additionally, a 61 reading on the RSI indicates AVAX is moving toward overbought conditions. At the time of writing, AVAX trades around $117 per token, sitting above its 50-day simple moving average.
What to Expect
If the current market momentum persists, AVAX could attempt to break the first major resistance level at $125 within the next several hours. Should the bullish trend extend, the token could reach $130 before the end of the day.
Conversely, if bearish pressure returns, AVAX may look to defend its first major support level at $110. Barring a significant sell-off, AVAX is likely to stay above $100 in the near term.