The market for cryptocurrencies began falling as last year was closing. The slump continued throughout the first month of January while the coins were trying to hold their grounds firm. We have come across so many announcements from crypto projects just as they were trying to get hold of the market. Among them, one project stood out and reached several rebound levels since last November. You guessed it right. AVAX, after a bullish week, expects another rebound as it reaches $78.
Avalanche crossed another milestone last week as it crossed the $10 billion mark in the total value locked. It pushed Avalanche to the fourth spot, just behind Binance Smart Chain. The coin opened this week with a firm $10.6 billion TVL. Speculations are that AVAX could cross $11 billion soon, if not by this week. Even popular crypto projects like Solana and Polygon remain behind Avalanche as far as TVL goes. Moreover, the market dominance of AVAX expanded to nearly 0.36% of the entire market in just a month since the beginning of 2022, pushing it from 4.89% to 5.25%. Check out this AVAX price prediction to see if the crypto will sustain its rally over the long term.
AVAX also lost nearly 5% in the last 24 hours before getting to $78. The sliding lines on the chart have pushed a bearish sentiment out towards AVAX lately. According to some predictions, the coin might face some resistance at its current level, in which case the coin might experience a decline as deep as 40%.
Analyst Miles Deutscher from Roobee.Finance says AVAX has one of the strongest fundamentals in the market currently.
Miles also posted a 16-thread tweet on how to get a 100% profit from AVAX. Roobee.Finance recently signed a deal with Avalanche for integration. The integration of Avalanche with Roobee.Finance, which is a blockchain-based investment ecosystem, is good news for users as it is expected to speed up transactions and reduce the cost of transactions significantly.