Avax and BCH Prices Have Increased by 200% in 2023. Will They Rise Even More in 2024
Journalist.
- BCH is up 75% and AVAX is up 45% in the last 30 days.
- BCH indicators were bullish, but AVAX legs could turn bearish.
In recent years, Layer 2 blockchains have gained significant popularity. However, Layer 1 chains have also reached some milestones. In particular, Bitcoin Cash, [BCH] Avalanche and AskFX looked at the current market conditions to see how these coins are performing.
A look at the growth of Bitcoin Cash and Avalanche
Although the market has been volatile in recent weeks, AVAX and BCH compare favorably. According to a recent tweet from a popular crypto influencer, the price of both coins has increased by almost 200% in the past year.
CoinMarketCap reports that Bitcoin Cash is up over 75% in the last 30 days. At press time, Bitcoin Cash was trading at $462.81 and had a market cap of $9 billion. The coin’s trading volume also increased by 90%, which served as the basis for the bull run. AVAX, on the other hand, is up 45% in the last 30 days. The token was valued at $54.65 and had a market cap of more than $30 billion. This made it the tenth most valuable cryptocurrency.
BCH continues to be bullish, while AVAX legs could turn bearish
According to an analysis of Santimet data, the weighted sentiments of both BCH and AVAX remained positive. This showed that bullish sentiment was very high.
Santiment
Although sentiment suggested that an uptrend was possible, AskFX examined the charts of both tokens daily to see what indicators the market had to say.
According to our analysis, BCH’s MACD showed the possibility of a bullish crossover. The Chaikin Money Flow Indicator (CMF), which measures a stock’s cash flow, also saw a sharp increase. This indicated a bullish rally.
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Read the forecast price [AVAX] of Avalanche 2024-25.
For AVAX the situation was more complex. For example, MACD showed a bearish crossover. The price of the token had reached the upper limit of the Bollinger Bands and then recovered from there.
Avalanche CMF also went sideways. These metrics suggest that AVAX’s recent gains could be halted in the next few days.
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