Avalanche (AVAX) Climbs toward $100 amid TVL Rebound

Total value locked supports Avalanche’s price movements.

Avalanche (AVAX) sees massive upward strength as the coin approaches the psychological zone of $100. The lucrative move comes as the TVL rebounds. For now, AVAX price highlights a bullish outlook, eyeing higher value areas.

AVAX TVL Gained Over 35%

DeFi Llama data shows Avalanche’s total value locked touched $11.12 billion after exploring lows of $8 billion as January ended. Nevertheless, Ethereum continues to be the leader in this sector, with its total value locked hovering at $127.6 billion. Terra takes the second sport (15.1 billion total value locked), while Binance comes after Avalanche, with $13.2 billion.

Avalanche TVL rebounds show growing interest in projects related to Avalanche. That means positive incentives for AVAX price. Furthermore, the TVL rebound comes in February’s first half. That means Avalanche received backing from the overall market sentiment.

A Move Past $100 Will See AVAX Exploring $106

AVAX price settled beyond the resistance of $92 and tried to test levels beyond the hurdle of $97. The Relative Strength Index stays in the moderate area regardless of the latest upward move. That means an additional room for upsurges if the correct catalysts appear.

AVAX settling beyond the $97 mark will translate to further surges towards the psychological zone at $100. An action past this threshold will attract speculative investors, pushing AVAX’s price towards the hurdle near $106. Success here will see Avalanche climbing to the resistance mark near $110.

On the other part, AVAX’s previous resistance zone, around $92, will act as the coin’s initial support zone. Avalanche dropping beneath this barrier will trigger a move towards the following foothold at $89. A move beneath this support will push the altcoin towards $85. Avalanche will likely receive material support at this level as the 50 exponential moving average locates near the $85 mark.

While writing these lines, Avalanche trades at $95.24, ranking 9th on the Coinmarketcap crypto-list. Furthermore, that alt exhibits a bullish picture, eyeing higher levels past $100. Keeping the current momentum in the near term will see AVAX hitting its optimistic goals.

Stay tuned for the latest updates in the crypto markets.

By Edward Richardson
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