- In the past 30 days, BCH and AVAX are up 75% and 45%, respectively.
- While the indicators for BCH were bullish, they could be bearish for AVAX.
Layer 2 blockchain has become very popular recently. However, the Layer 1 chain has also achieved several milestones. bitcoin cash [BCH] and avalanche [AVAX]. AMBCrypto took a look at how these coins are currently performing given the market conditions.
Looking back at the growth of Bitcoin Cash and Avalanche
Although the market has been a bit volatile over the past few weeks, AVAX and BCH have performed relatively well. To be precise, according to recent information, Tweet According to popular cryptocurrency influencers, the two aforementioned coins have recorded nearly 200% growth in the last year in terms of price.
according to coin market cap, Bitcoin Cash has risen over 75% in the past 30 days. At the time of writing, the coin was trading at $462.81 and had a market cap of over $9 billion. The good news is that the coin’s trading volume also surged by over 90%, creating the basis for a bull market.
Meanwhile, AVAX has gained 45% in the past 30 days. At the time of this writing, the token is trading at $54.65, making it the 10th largest cryptocurrency with a market capitalization of over $30 billion.
Which way are they heading?
With both tokens posting promising gains last year, AMBCrypto is excited to take a look at those metrics to see which direction they’re headed as we near the end of the first quarter of 2024. I planned it.
Analysis of Santimet data reveals that both BCH and AVAX’s weighted sentiment remains in positive territory. This clearly shows that bullish sentiment towards both tokens is high.
Source: Santiment
While sentiment was pointing to the possibility of further uptrend, AMBCrypto checked the daily charts of both tokens to see what market indicators were suggesting.
According to our analysis, BCH’s MACD showed a possible bullish crossover. Chaikin Money Flow (CMF) also recorded a sharp increase, suggesting a bullish rally.
Source: TradingView
read Avalanche [AVAX] price prediction 2024-25
However, the situation with AVAX was a little more complicated. For example, the MACD showed a bearish crossover. The token price touched the upper bound of the Bollinger Bands and rebounded from there.
Additionally, the Avalanche’s CMF went sideways. All these indicators suggest that AVAX is likely to lose its momentum in the coming days.
Source: TradingView
