The cryptocurrency market is showing signs of a recovery. Bitcoin (BTC) has reclaimed the $85,000 price point. The global crypto market cap has also risen to $2.78 trillion. Avalanche (AVAX) follows the current market uptrend. AVAX’s price has rallied 0.9% in the daily charts, 17.8% in the weekly charts, 6.3% in the 14-day charts, and 3.2% over the previous month. Despite the rally, the asset’s price is down 43.7% since mid-April 2024.
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Cryptocurrencies Gain Amid Tarrif Pause
The cryptocurrency market resurgence came after President Trump announced a 90-day pause on tariffs, except for those on China. The move may have led to a boost in investor confidence. AVAX and other cryptocurrencies have seen substantial inflows after the rate pause announcement.
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Avalanche’s (AVAX) latest rally also comes after the US Senate confirmed Paul Atkins as the next SEC chair. Outgoing head Gary Gensler was viewed as a villain of the cryptocurrency industry. Many are hopeful Atkins will take a more lenient approach.
Can Avalanche Hit $30 This Week?
According to CoinCodex, AVAX will face a correction over the coming days. The platform anticipates the asset to trade at $17.78 on Apr. 20. AVAX’s price will dip by 11.98% if its falls to $17.78. The platform further anticipates the asset to fall below $15 by May end.
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There is also a possibility that Avalanche (AVAX) will continue its upward momentum. If the global trade war is settled, it may lead to a rise in investor confidence. The crypto market may also enter a rally if the Federal Reserve announces an interest rate cut. A rate cut could lead to a boost in risky investments.