Avalanche (AVAX) price is ripe for a breakout as BENQI token soars

by Adolf Balistreri

Avalanche (AVAX) heed has struggled this yr even as its look cryptocurrencies love Ethereum, Tron, and Bitcoin rose to their multi-yr highs. AVAX develop into as soon as trading at $40 on Wednesday morning.

Whereas this heed is Forty five% above its lowest point this yr, it is roughly the place it started the yr. It has also 21% below its highest point in December.

Avalanche’s heed action mirrors that of other coins that did effectively within the fourth quarter of final yr love Solana (SOL) and Injective. They’re every a few parts below their highest ranges in 2023.

BENQI token is hovering

Avalanche heed has wavered this yr largely thanks to earnings-taking among investors who benefited from its surge in 2023.

This heed action shall be likely thanks to its ecosystem, which has no longer considered any essential growth this yr. Let’s order, its DeFi whole value locked (TVL) has remained at spherical $1.39 billion this yr and has been overtaken by the likes of TON and Bitcoin.

This pattern, however, would maybe maybe also commerce soon if the value action of BENQI’s QI token is to head by. QI develop into as soon as one in every of likely the most efficient-performing tokens on Wednesday as it surged to its highest point since December 15th of final yr.

BENQI’s token has soared by greater than 50% within the previous 24 hours whereas its TVL has jumped to over $553 million, making it the supreme participant within the Avalanche DeFi ecosystem. It is followed by the likes of AAVE, Dealer Joe, and GMX.

BENQI is a platform that permits folks to lend and borrow cryptocurrencies. It also has liquid staking parts that has over $292 million in whole sources and the pattern is increasing. In conserving with its internet pages, BENQI has over 100k customers globally.

It is unclear why BENQI token has jumped within the previous few days. A likely motive is that the developers no longer too long ago partnered with CIAN Protocol, a decentralised automation platform worn to onboard complex crypto delta-honest yield programs.

BENQI DeFi partnerships are constructed on every empowering love-minded protocols and bringing most assist to the #Avalanche ecosystem; that is why we’re thrilled to companion with @CIAN_protocol.🤝

CIAN is a decentralized automation platform that helps customers onboard complex crypto… pic.twitter.com/x9aShJ0dtZ

— BENQI🔺 (@BenqiFinance) February 26, 2024

Avalanche heed forecast

avalanche heed

AVAX chart by TradingView

The on each day foundation chart reveals that the AVAX heed has remained in a consolidation portion within the previous few days. It stays below final yr’s high of $50 and has formed a symmetrical triangle pattern, which is nearing its confluence stage.

Avalanche has also remained a bit above the 25-day and 50-day Exponential Transferring Averages (EMA), which is a bullish mark. Extra, the MACD has remained above the honest point whereas the Stochastic Oscillator sits at 50.

Therefore, the outlook for the Avalanche token is bullish, with the subsequent existing stumble on being at $50. This target is ready 26% above the hot stage. A confirmation will happen when the coin flips the crucial resistance at $43.Forty five, the supreme swing on February 15th.

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