- BCH and AVAX were up by 75% and 45% in the last 30 days, respectively.
- Indicators were bullish on BCH, but thighs might turn bearish for AVAX.
Layer 2 blockchains have gained much popularity in the recent past. However, Layer 1 chains have also achieved a few milestones, especially Bitcoin Cash [BCH] and Avalanche [AVAX]. AMBCrypto took a look at how these coins are doing currently, considering the market condition.
A look at Bitcoin Cash and Avalanche’s growth
While the market remained somewhat volatile in the last few weeks, AVAX and BCH have been performing well comparatively. To be precise, as per a recent tweet from a popular crypto influencer, the two aforementioned coins registered nearly 200% growth during the last year in terms of price.
According to CoinMarketCap, Bitcoin Cash was up by more than 75% in the last 30 days. At press time, the coin was trading at $462.81 with a market capitalization of over $9 billion. The good news was that the coin’s trading volume also surged by over 90%, acting as a foundation for the bull rally.
On the other hand, AVAX was up by 45% in the last 30 days. At the time of writing, the token was trading at $54.65 with a market cap of over $30 billion, making it the 10th largest crypto.
Which way are they headed?
Since both tokens registered promising gains in the last year, AMBCrypto planned to have a look at their metrics to see which direction they are headed as we are about to exit the 1st quarter of 2024.
An analysis of Santimet’s data revealed that both BCH and AVAX’s weighted sentiment remained in the positive zone. This clearly indicated that bullish sentiment around both tokens was high.
Source: Santiment
Though sentiments indicated that a further uptrend is possible, AMBCrypto checked both tokens’ daily charts to see what market indicators had to suggest.
As per our analysis, BCH’s MACD displayed the possibility of a bullish crossover. Its Chaikin Money Flow (CMF) also registered a sharp uptick, hinting at a bull rally.
Source: TradingView
Read Avalanche’s [AVAX] Price Prediction 2024-25
However, the situation for AVAX was a bit more complicated. For instance, the MACD displayed a bearish crossover. The token’s price had touched the upper limit of the Bollinger bands and bounced back from there.
Additionally, Avalanche’s CMF also went sideways. All these metrics suggest that the possibility of AVAX losing its gaining spree is high during the upcoming few days.
Source: TradingView
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