Avalanche is considered the fastest blockchain network for smart contracts, which is a proud reputation that other blockchain networks would love to have. It therefore attracts traders and investors, which is confirmed by the fact that it has the most validators securing the activity of the proof-of-stake (PoS) protocol.

Besides that, the Avalanche network is really fast, cost-friendly and green when it comes to energy consumption, so it evitates the war on cryptos on the basis of energy consumption. The price action in recent weeks also confirms the demand for the Avalanche blockchain network and the native AVAX token.

AVAX/USD was trading just below $10 in July, but it reversed with the rest of the crypto market, and has made some massive gains since then. This crypto initially surged to $59, which means a 600% increase in value, while the majority of other cryptocurrencies haven’t even doubled in value during the same period.

We saw a dip last week, as shown on the H4 chart at the top of this article, but the 200 SMA (purple) held as support, and the price bounced off of it. In fact, all moving averages have done a good job as support indicators for Avalanche. We saw another pullback down this week, but the 50 SMA (yellow) turned into support this time, and now Avalanche is looking bullish again, as it heads for all-time-highs, as my colleague Aiswarya indicated a week ago.

The $50 level has turned into support for AVAX/USD

Looking at the daily chart, we see that AVAX/USD has broken above the February highs of $57, and the bullish momentum continues. Buyers are still in control today, after the pullback to the 20 daily SMA (gray) yesterday. That comes at around $50, which seems to have turned into a support zone now. So, the bullish trend continues in Avalanche, and further gains are expected. We are not trading avalanche, but if we see another retrace down, we will try to get in on the long side in this crypto.