In the world of cryptocurrencies, Avalanche (AVAX) stands out as its value continues to rise steadily. Market experts are observing a significant surge in AVAX's price, which has positioned it as the 12th largest cryptocurrency with a market cap of over $14 billion.

Recent data indicates that AVAX's price has increased by more than 7% within the last week and over 4% in the past 24 hours. Analysts have identified a falling wedge pattern in AVAX's 4-hour chart, suggesting a potential bull rally if the pattern is achieved.

If AVAX manages to break out of this pattern, it could potentially surpass Shiba Inu (SHIB) in market value, as the gap between the two is currently only $400 million. Moreover, analysis from Glassnode data indicates concerning trends for SHIB, such as a rising NVT ratio that suggests a possible price decrease.

Despite some bearish sentiment towards AVAX due to sustained low weighted sentiment, indicators like the Chaikin Money Flow (CMF) and MACD support the possibility of a continued price increase. However, the Relative Strength Index (RSI) and Money Flow Index (MFI) have maintained a flat trend in recent days, contributing to the overall bearish outlook.

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For more information, visit COINTURK NEWS' coverage of Avalanche (AVAX) in the Crypto Market.