Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise?
15 Juillet 2022 - 6:58AM
NEWSBTC
The native token of Avalanche, AVAX, registered a strong upswing
this week, suggesting that the altcoin is gaining a lot of traction
at its current prices. As of this writing, AVAX is trading at
$19.95, up 1.9% in the last seven days, data from Coingecko show,
Friday. The token’s market value grew by more than 4 percent in the
preceding 24 hours and by more than 11 percent on Tuesday, a swift
comeback from its bearish performance over the weekend. Suggested
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Bankrupt AVAX Token Enjoying Decent Accumulation Trade volume
increased by 73 percent during intraday trading. This indicates
that the token is now being acquired and that buyers are actively
trading AVAX. The most recent increase in AVAX’s price happened
after the stock retested its June support levels. This result is
consistent with AVAX’s fluctuating price behavior since it broke
out of its wedge shape. Image: The Coin Republic If this
performance continues over the following two weeks, a minor uptick
can be anticipated before resistance materializes. The AVAX price
has transformed the $18.26 barrier into a support base, together
with the 50 and 200 Exponential Moving Averages. These factors are
crucial for determining the future direction of Avalanche.
Avalanche Seen Retesting $21 Level Provided the price of the token
bounces off this level, investors can anticipate a 10% increase to
retest the 200 four-hour moving average at $20.01. If buyers
persist and overcome the aforementioned level, Avalanche will
retest the $21.47 barrier. AVAX reached a low of $16.37 on
Wednesday before the bulls reclaimed the driver’s seat. The token
traded around $18.20 on the day after facing some resistance
because of sale pressure close to the 50 percent level of the
relative strength index. The token traded around $18.20 on the day
after facing some resistance because of sale pressure close to the
50 percent level of the relative strength index. Since Wednesday,
the Money Flow Index (MFI) for the altcoin has indicated
substantial accumulation. AVAX total market cap at $5.6 billion on
the daily chart | Source: TradingView.com Avalanche TVL In DeFi
Increases Meanwhile, Avalanche’s Total Value Locked for the second
quarter decreased by almost 70% in USD terms quarter-over-quarter,
although the amount of AVAX locked in DeFi grew. Suggested Reading
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Loop? Recent market volatility has not affected the network’s
health, as network staking and decentralization have remained
robust throughout the bear market. AVAX provides many advantages on
the on-chain side of things as well. For instance, its supply held
by whales increased substantially from its monthly low of 43.55
percent on Thursday to its monthly high of 43.89 percent on Friday.
After experiencing remarkable growth beginning in 2021, the
Avalanche network’s usage numbers stabilized and its financial
performance improved in the first quarter of this year. Several
significant milestones contributed to the results of the first
quarter, including the execution of growth plans, subnet
development, and ecosystem expansion. The outlook for Q2 2022 is
optimistic, and strong momentum is anticipated to
continue. Featured image from Fintechs.fi, chart from
TradingView.com
Avalanche (COIN:AVAXUSD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Avalanche (COIN:AVAXUSD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024