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Chainlink (LINK) Soars 9%: Crypto Analyst Predicts Next Big Target

Chainlink (LINK) has performed strongly over the past week, with the token’s price increasing 21.3% in the last seven days. Some analysts have shared their predictions and thoughts on LINK, suggesting keeping an eye on the token and its long-term performance.

What Is LINK’s Next Steppingstone?

Recently, Chainlink announced its partnership with blockchain platform Avalanche and the Australia and New Zealand Banking Group to connect the Avalanche and Ethereum blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

As reported by NewsBTC, the partnership aims to facilitate the “access, trade, and seamless settlement of tokenized assets across networks in different currencies in a process called Delivery vs. Payment (DvP).”

The crypto community appeared to receive the news well. X users expressed their positive sentiments towards the collaboration and Chainlink’s token. The sentiment has seemingly translated to LINK’s performance, as the token’s price soared 9% in the last 24 hours.

Crypto analyst and trader The Lord of Entry shared his prediction for LINK. In the X post, the trader highlights that the token’s performance in the past day had been strong as it broke above the $18.5 resistance level. Chainlink’s LINK unsuccessfully tested the resistance zone over the past week after falling below it on March 18.

The token continued the upward trajectory throughout the day after successfully rising above the $18.5 price. In the early hours of Tuesday, LINK surged above the $20 mark but faced resistance near the $20.5 range.

According to the trader, if the token can break above this level and turn it into a support zone, the next big target for LINK would be the $28 price range.

As of this writing, LINK tested this new resistance level, which has been rising above it twice in the past hour. The token reached $20.6 in the first attempt and briefly surpassed the $20.7 price range during the second attempt. However, the token momentarily failed to flip the resistance zone and fell below $20.5 again.

Chainlink’s “Very Strong” Long-Term Performance

Despite the failed attempts, LINK’s price surged 9% in the past 24 hours. Interest in the token has seemingly risen in the same timeframe as its market activity increased by 55.19%, reaching a daily trading volume of $539.9 million.

Its market capitalization also increased by 8.16% in the past day, reaching $12.02 billion. Chainlink is the 14th-largest cryptocurrency by this metric, according to CoinMarketCap data.

Moreover, LINK has shown a remarkable 182.6% performance in the last year. As a result, crypto analyst Altcoin Sherpa shared some notes on LINK, suggesting that it shouldn’t be actively traded. Sherpa stated that the token is a better fit to “buy and hold” as it is a “safe coin that is going to do strong numbers.”

The analyst considers LINK fundamentally “very strong” and one of the best tokens based on its long-term performance. Ultimately, Sherpa predicts the price will “consolidate for a bit longer before its next move.”

Chainlink, LINK, LINKUSDT, crypto

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AVAX Soars 9% As Avalanche And Chainlink Announce Partnership For Global Asset Circulation

According to a recent announcement from blockchain platform Avalanche (AVAX), Australia and New Zealand Banking Group (ANZ) has partnered with Chainlink (LINK) Labs to explore the potential of on-chain digital assets for global movement and settlement. 

Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the collaboration aims to connect the Avalanche and Ethereum (ETH) blockchains to enable uninterrupted delivery versus payment (DvP) settlement of tokenized assets across networks in multiple currencies.

Tokenized Asset Transaction Across Avalanche And Ethereum Using Chainlink

ANZ, a provider of banking products and services to millions of customers in nearly 30 markets, has reportedly taken an unusual approach to exploring the world of on-chain digital assets. 

By leveraging Chainlink’s CCIP, ANZ is validating how customers can access, trade, and settle tokenized assets across multiple networks and currencies using Delivery vs. Payment. This approach aims to improve settlement efficiency and risk management for digital assets that fall under the classification of “securities” and their transactions.

According to Avalanche, Chainlink’s CCIP has been “crucial” in abstracting the complexities of moving tokenized assets across various blockchains, ensuring “atomic” cross-chain Delivery vs. Payment settlement. 

Notably, within the collaboration, ANZ simulated a transaction where a customer used ANZ’s Digital Asset Services (DAS) portal to purchase tokenized ANZ-issued New Zealand dollar stablecoins (NZ$DC) on Avalanche. 

Subsequently, the customer purchased tokenized Australian nature-based assets issued as non-fungible tokens (NFTs), denominated in tokenized ANZ-issued Australian dollar stablecoins (A$DC), on Ethereum. 

Furthermore, ANZ facilitated the FX conversion between the two currencies, while CCIP provided the necessary infrastructure to transfer tokens and data between Ethereum and Avalanche.

ANZ Harnesses Avalanche’s Evergreen Subnet

Monday’s announcement also revealed that ANZ used its Avalanche Evergreen Subnet for the project, leveraging its Ethereum Virtual Machine (EVM) compatibility, permissioning, and custom gas token features. 

The Evergreen Subnet allowed ANZ to explore new use cases and business models using customizable networks like Avalanche.

ANZ’s collaboration with Chainlink and Avalanche showcases how traditional financial institutions embrace blockchain technology to enhance capital markets. 

Ultimately, Avalanche revealed that the initial results of the test transactions were promising, and the initiative could change how the financial services industry approaches tokenized assets. 

The next steps include deploying the solution on blockchain mainnets and extending the workflows to include communication between different blockchain networks for different use cases.

AVAX Nears 22-Month High 

At the time of writing, Avalanche’s token AVAX has been on a steady uptrend, resulting in a remarkable increase of over 60% in the last 30 days. Currently, the token is trading at $58.31, just below its 22-month high of $65 set on Monday the 18th.

Within the last 24 hours, AVAX experienced a 9% increase after the announcement of the collaboration with Chainlink and ANZ Group. This surge allowed the token to break through the $55 resistance level. However, the $60 level is expected to be another obstacle that could lead to a consolidation period between $55 and $60 should the bullish momentum fade.

Avalanche

Further demonstrating the interest in AVAX, the token’s trading volume in the last 24 hours reached $1,135,122,192, indicating a significant increase of 127.20% compared to the previous day. 

Featured image from Shutterstock, chart from TradingView.com

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Avalanche Unleashes Durango Upgrade, AVAX Price Rockets 8% With ‘Teleporter’ Debut

Blockchain platform Avalanche (AVAX) has announced the launch of the Durango upgrade and introduced Teleporter, a tool designed to improve communication within the protocol’s ecosystem.

Simplified Cross-Chain Messaging?

Teleporter, built on Avalanche Warp Messaging (AWM), the platform’s native messaging protocol, serves as a “developer-friendly interface” that reportedly simplifies the process of sending and receiving cross-chain Ethereum Virtual Machine (EVM) messages. 

According to the announcement, by leveraging Teleporter, Avalanche blockchains will be able to share various types of information, including tokens, non-fungible tokens (NFTs), and oracle price feed data. 

This “coordinated” communication will reportedly promote fluid EVM interoperability, enabling developers to create cross-subnet applications that provide “full functionality” and a “seamless user experience.” The Avalanche announcement goes on to say:

Since the beginning, Avalanche was developed to be a sprawling network of lightning-fast custom app chains. Subnets launched in Spring 2022, sparking an initial cohort of custom app chains that has grown to dozens, with many more coming across all major blockchain verticals. Since then, breakthroughs and highly anticipated releases like AWM (Subnet interoperability), HyperSDK (VM optimization), and Firewood (throughput) have vastly improved the potential capabilities of Subnets, and now Teleporter allows EVM Subnets to pass messages unhindered, natively linking the growing universe of Subnets. 

The protocol also highlights that developers can now build cross-chain swaps and create gaming environments where one subnet can unlock features in another. Institutions will reportedly be able to use Circle’s USDC as a subnet’s native gas token, which Avalanche sees as an avenue for “financial innovation.”

Avalanche Durango Upgrade

The introduction of Teleporter coincided with the successful activation of the Durango upgrade on Avalanche’s Mainnet on March 6. Durango implemented several community-proposed Avalanche Community Proposals (ACPs), including ACP-30, which activated AWM, forming the foundation for Teleporter’s functionality. 

Patrick O’Grady, VP of Platform Engineering at Ava Labs, expressed excitement about the Durango Upgrade, stating that Subnets can now natively communicate with the C-Chain using AWM. 

O’Grady further emphasized that Teleporter provides an EVM-compatible interface, enabling Solidity developers to trigger contract invocations across any Avalanche Subnet. 

On the other hand, Emin Gün Sirer, founder and CEO of Ava Labs, highlighted the role of Avalanche Warp Messaging and Teleporter in “revolutionizing” communication within Avalanche blockchains. Sirer emphasized that these “lightweight primitives” enhance user and developer experiences while solidifying Avalanche’s position as an “interoperability leader.”

Ultimately, with the release of Teleporter, Avalanche states that it is taking a step toward realizing its vision of a connected network of chains, providing increased interoperability and enabling developers to easily build cross-chain applications.

Avalanche

The native token of the Avalanche network, AVAX, has experienced a significant surge of 8% in the past 24 hours, reaching a trading price of $44.18. This increase follows its consistent upward trend, with a remarkable year-to-date growth of over 173%.

Featured image from Shutterstock, chart from TradingView.com

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Avalanche C-Chain Experiences Block Production Halt, AVAX Price Responds

In a recent development, the Avalanche (AVAX) C-Chain encountered a significant disruption in block production, leading to a halt for over one hour. The interruption, which affected the primary network, was observed through the Avascan browser, with the last transaction recorded at block 42046853 (19:13 UTC+8).

Although other subnets experienced a slight delay, the primary network faced the most substantial impact.

Avalanche C-Chain Block Production Halt

Ava Labs, the team behind the Avalanche protocol, acknowledged the issue and promptly initiated an investigation. According to Kevin Sekniqi, co-founder of Avalanche, the disruption is believed to be related to a new inscription wave that was launched approximately an hour before the block production interruption. 

Sekniqi expressed confidence that the incident was caused by an “esoteric bug” stemming from an untested edge case, emphasizing the need for a swift resolution.

The disruption is presumed to be associated with a mempool handling issue specifically tied to inscriptions, which encountered untested edge cases.

When questioned about the possibility of such untested scenarios arising, Sekniqi acknowledged that while ideally, there should be no untested edge cases, the vastness of the codebase and continuous updates make it challenging to anticipate every possible scenario. 

Avalanche

The Avalanche co-founder further clarified that thorough testing is conducted on testnets, but the intricacies of the mainnet environment can introduce “unforeseen challenges.”

At present, no further official statement has been issued by the Avalanche protocol, awaiting additional reports and updates from the development team to gain further insights into the situation. 

AVAX Price Dips

During the occurrence of the block production halt, the AVAX price, which serves as the native token of the Avalanche protocol, exhibited a negative reaction, further extending the ongoing decline observed since Thursday when the price was at $43.

As of now, the AVAX price has reached $36.13, indicating a decline of over 2% within the past 24 hours, accompanied by a substantial drop of 11.7% over the course of the previous seven days.

Avalanche

The subsequent actions taken by the Avalanche team in response to this situation, as well as the consequential effect on the AVAX price, are yet to be determined.

Featured image from Shutterstock, chart from TradingView.com

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Uniswap Expands Reach: Deploys v2 Protocol On Six New Chains Including Arbitrum And Polygon

Uniswap (UNI), one of the largest decentralized cryptocurrency exchanges (DEX) by trading volume, has made an important announcement regarding deploying its v2 protocol on six additional chains. 

The chains on which the v2 protocol has been deployed include Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Smart Chain (BSC), and Avalanche (AVAX).

Uniswap Widens v2 Protocol Deployment

According to a recent post on X (formerly Twitter) by Uniswap Labs, the software product developer working on the protocol, the decision to deploy the v2 protocol on more chains is primarily driven by the desire to simplify the experience for Liquidity Providers (LPs).

While the protocol’s v3 offers advanced features tailored for active liquidity providers, the development team believes the v2 protocol offers a more “straightforward approach.” 

By default, v2 pools cover the entire price range, reducing the need for upfront decisions and minimizing the active involvement of liquidity providers. This simplification streamlines the process and makes it more accessible to a broader range of users, according to the announcement. 

Another benefit of using the v2 protocol on multiple chains, according to Uniswap Labs, is its cost efficiency. Creating pools on v2 is more gas efficient than other versions, resulting in lower gas costs to add liquidity. 

This cost reduction can be translated into savings for users, making swaps on the platform “incredibly affordable.” In addition, the use of v2 on Layer 2 scaling solutions significantly reduces the risk of frontrunning and manipulative practices known as Miner Extractable Value (MEV). 

Ultimately, by offering an official v2 deployment directly accessible through the Uniswap interface, the developers suggest that users can be assured of a safe and secure environment for their swaps.

UNI Price Dip, Platform Metrics Remain Solid

Despite the recent developments that could attract investors’ attention and drive broader adoption of the Uniswap protocol, the exchange’s native token, UNI, is currently undergoing a significant correction in line with the overall market trend.

Currently, UNI is trading at $7.22, representing a 4.4% price drop in the past 24 hours and a 1.1% decline in the last trading hour. However, it’s worth noting that UNI has been one of the better-performing tokens in the market, with price increases of 14.7% and 16.8% in the past fourteen and thirty days, respectively.

Uniswap

Furthermore, according to data from Token Terminal, the Uniswap ecosystem continues to exhibit substantial growth in key metrics. 

The fully diluted market capitalization of Uniswap stands at $7.56 billion, reflecting the total value of all tokens if they were fully in circulation. This figure has experienced a notable increase of 18.4% over the past month. 

In contrast, the circulating market capitalization, which considers the currently circulating tokens, is valued at $6.94 billion, indicating a 19.9% increase over the same period.

Uniswap

Despite the overall surge in market capitalization, the trading volume of the UNI token has experienced a significant decline of 69.3% over the past 30 days, amounting to $2.79 billion. 

The total value locked (TVL), a measure of the value of assets locked within Uniswap’s smart contracts, has also experienced a 14.4% increase, reaching $4.76 billion. 

Featured image from Shutterstock, chart from TradingView.com 

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AVAX Rides The Crypto Avalanche To Success: Market Cap Skyrockets By 344%

Avalanche (AVAX), the blockchain platform known for its scalability and infrastructure, made significant strides in the fourth quarter (Q4) of 2023. According to a report by Messari, AVAX emerged as one of the best-performing tokens, driving the protocol to record notable gains in key metrics.

Record-Breaking Milestones For Avalanche 

The report shows that AVAX experienced a notable increase in its market cap, which climbed 344% quarter-over-quarter (QoQ) and 326% year-over-year (YoY), reaching $14.4 billion at the end of the year. This large increase propelled AVAX’s market cap rank among all tokens from 20 to 9, up 11 spots (currently 10th behind Cardano (ADA).

One of the driving factors behind Avalanche’s significant revenue growth was the surge in inscriptions, particularly Avascriptions (ACS-20 tokens). 

These on-chain call data transactions saw a significant boost, resulting in a substantial increase in revenue. From November to December, Avalanche witnessed a surge in revenue, with a 2,874% increase measured in USD, from $1.9 million to $56.5 million.

Avalanche

The surge in revenue was accompanied by a significant increase in daily transactions, which jumped 450% QoQ to 1.5 million. The emergence of Avascriptions also drove the majority of these transactions.

Avalanche’s C-Chain experienced a record-breaking 6.3 million transactions, with nearly 6.1 million being inscriptions. This marks the highest number of transactions ever recorded in a single day for Avalanche.

While C-Chain saw a 50% QoQ decrease in daily active addresses, this was primarily due to decreased activity on LayerZero – a bridge between different blockchains. However, the report highlights that Avalanche saw a significant increase in active validators, growing 20% QoQ from 1,374 to 1,651 validators. 

According to Messari, this growth in validators, coupled with an 11% QoQ increase in AVAX stakes, indicates a promising long-term appetite for AVAX in the coming year.

Avalanche’s TVL Surges 78%

Avalanche’s Total Value Locked (TVL) denominated in USD experienced a substantial 78% QoQ increase, reaching $1.03 billion by the end of Q4 2023. This positioned Avalanche as the 7th chain by TVL, denominated in USD. 

However, TVL-denominated in AVAX decreased by 71% QoQ, primarily due to AVAX price appreciation driving the increase in USD-denominated TVL.

Avalanche

The report also sheds light on the performance of various protocols on Avalanche. AAVE, the largest protocol by TVL, witnessed a 60% QoQ growth, while Benqi and Trader Joe demonstrated strong gains of 205% and 131% QoQ, respectively. Together, these three protocols accounted for 79% of Avalanche’s TVL, showcasing their dominance in the ecosystem.

Smaller-sized protocols, such as Pangolin and GMX, also showcased impressive growth, while Balancer, aided by Benqi’s sAVAX liquidity pool, attracted significant TVL on Avalanche. Additionally, Q4 witnessed a surge in average daily DEX volumes, rising by 245% QoQ.

Avalanche

Analysis of the 1-day chart reveals that Avalanche’s token trading pair AVAX/USD experienced significant growth during Q4, breaking free from a prolonged period of sideways price action.

However, following a notable uptrend that propelled the token to reach $50, its highest level in 20 months, on December 24, AVAX underwent a sharp correction, plunging to the $27 price level. 

The cryptocurrency has rebounded in response to Bitcoin’s (BTC) rally and the prevailing bullish sentiment in the market. Over the past fourteen days, AVAX has witnessed a 13% price increase, currently reclaiming the $40 zone.

Featured image from Shutterstock, chart from TradingView.com

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AVAX Smashes South: Can Avalanche Find Traction After 15% Plunge?

AVAX, native token of the Avalanche network, made a resounding entrance into the cryptocurrency markets at the onset of the year, establishing itself as a prominent player and outpacing many other altcoins.

The initial enthusiasm surrounding AVAX, however, underwent a notable transformation as the narrative took an unexpected turn. Presently, the token finds itself perched at $36.65, reflecting a marked shift from its earlier bullish trajectory. Over the last seven days, AVAX has encountered a challenging period, sustaining a 15% loss.

AVAX Downturn Sparks Concerns, Social Silence

The reasons behind this recent downturn could be multifaceted, ranging from market sentiment shifts to external factors influencing broader cryptocurrency trends. Investors and market analysts are closely monitoring the situation to discern the underlying dynamics at play and determine whether this is a temporary correction or indicative of a more sustained trend.

Furthermore, a curious case emerges – the dwindling social volume. Despite AVAX’s resilience, online chatter surrounding the platform has taken a nosedive, raising questions about the sustainability of the coin.

The diminishing social volume might suggest a divergence between market performance and investor sentiment, prompting a closer examination of factors influencing both the cryptocurrency’s value and the perception within the community.

Positively, though, the market capitalization of Avalanche has risen by more than 5% in the past few days, indicating a greater influx of investors.

Not too long after Grayscale’s Digital Large Cap Fund adopted the layer-1 blockchain, Avalanche saw a robust comeback. With billions of cryptocurrency assets under its management, Grayscale is one of the biggest digital asset managers.

The inclusion of AVAX in Grayscale’s fund indicates that institutions will still be interested in Avalanche until 2024 and beyond.

Meanwhile, Avalanche’s circulating supply shrank significantly in the latter half of 2023, fueled by a surge in activity surrounding “inscriptions.”

Avalanche Surges: Record Token Burns Celebrated

These data-on-chain creations generate transaction fees, which are then permanently removed from circulation through the network’s burn mechanism.

December alone saw a record 195,000 token burn, a testament to the growing popularity of inscriptions on Avalanche.

Experts attribute this trend to several factors. Inscription-based transactions, initially popular on Bitcoin, are finding new life on Avalanche due to their creative potential and contribution to the burn mechanism.

This creates a positive feedback loop, attracting users and further reducing the circulating supply. Additionally, the rise of inscription activity suggests a growing and engaged Avalanche community, which bodes well for the network’s long-term health.

However, the implications of this trend are nuanced. While token scarcity could lead to increased AVAX value over time, similar to Bitcoin, it also raises concerns about rising transaction fees and potential centralization if large inscription projects control a significant portion of the fee pool.

Featured image from Shutterstock

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Rumbling Ahead: Avalanche (AVAX) Set To Surge 20% Before Cooling Off – Details

The price of Avalanche (AVAX) has been steadily rising leading up to the holiday season. Consequently, in just over two months, the altcoin has more than quintupled in value. In any case, the price of AVAX still has more potential than most other cryptocurrencies, which have seen rises of about 300% over the same time frame.

Investors and aficionados are keeping a careful eye on whether AVAX may reach this milestone before the end of the current year as the cryptocurrency makes steady progress toward the coveted $50 mark, a level it has not hit since May 2022.

AVAX Surges: From Resistance Break To $50 Anticipation

At the time of writing, AVAX was trading at $45.59, down 2.1% in the last seven days, but sustained a 6.7% rally in the last week, data from Coingecko shows. With a market valuation of more than $17 billion, the altcoin has become one of the largest in the business thanks to its continuous rise.

The value of the cryptocurrency has increased dramatically since October, when it was trading at a low of $8.50. With only two months to go, AVAX surged by more than 400%, setting a new annual high of $46.50 and sparking anticipation that it would hit $50 in the remaining days of the year.

AVAX achieved a major breakthrough by breaking away from a falling resistance trend line that had held for 750 days since its all-time high, which propelled this incredible ascension. This break free from the established trend line represented a significant technical advancement and was also a major factor in quickening the pace of AVAX’s price rise.

AVAX’s solid run so far is attributable to a number of favorable factors driving the broader cryptocurrency market. Macroeconomically, the recent drop in inflation rates and signs of probable interest rate reductions by the Federal Reserve and other central banks in 2024 present a good climate for alternative assets like AVAX.

AVAX’s Potential Amid ETF Hope, Market Optimism

Moreover, there is hope that the US Securities and Exchange Commission (SEC) would approve a spot Bitcoin exchange-traded fund (ETF). If this happens, it may pave the way for the introduction of other cryptocurrency ETFs, such as those associated with Avalanche.

The crypto fear and greed index has risen to 75, signifying a favorable feeling, demonstrating the industry’s momentum. Historical data indicates that tokens like as AVAX have a tendency to perform well and remain resilient during times of market optimism, which may indicate additional upward movement in the present market environment.

Even with AVAX’s remarkable price surge, changes in Bitcoin’s price still have an impact. If Bitcoin falls for any reason, the price of Avalanche is probably going to follow.

Meanwhile, crypto analysts on X believe that the trend is likely to go upward.

With a target price of $65, Flash has a bullish projection. His bullish view stems from a breakaway from a long-term trend and a move over a horizontal resistance zone.

Additionally, Bluntz Capital tweeted a bullish wave count that suggests the price of AVAX will finish the fifth and final wave close to $55.

Meanwhile, the price of AVAX stays above the weekly support level at $40 and advances into the resistance zone, which is located between $51 and $55. When compared to the current price of $45.49, this move would represent a gain of around 20%.

With momentum growing and significant changes expected in the cryptocurrency scene, Avalanche (AVAX) could experience a substantial % surge before a cooldown. The interplay of economic factors, regulations, and market sentiment creates an engaging story for both AVAX enthusiasts and investors.

Featured image from Shutterstock

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Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

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Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

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Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

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Avalanche Rules Top 10 Ranking With 61% Weekly Gain – Here’s The Scoop

Among the top 10 cryptocurrencies this week, Avalanche (AVAX) is in the lead after rising by more than 60% in the last seven days. Its price has risen to $36, placing it in the top 10 digital assets in terms of market capitalization.

AVAX prices have been trending higher, which has helped many holders realize gains. The general attitude has not changed notwithstanding this rise in the proportion of holders in profit.

More than half of Avalanche holders kept their assets at a profit, according to recent data from IntoTheBlock. Based on its data, around 70% of holders have experienced financial success.

Avalanche Token Breaks Resistance

Due to this week’s outstanding results, there has been a substantial trade volume, which is a crucial indicator that the uptrend will hold. Notably, it has also propelled the altcoin past its initial lower high, which happened in August 2022 during the bear market’s accumulation phase.

For almost three weeks, the price of Avalanche token fluctuated within a narrow range of $20 to $24, suggesting a lack of strong buying and selling pressure in the market.

AVAX recently gained traction and had a 15% gain; as a result, the price broke through its important resistance level. The coin saw another 15% surge when the price was hovering at its resistance level of $28.

Many causes, all closely related to major developments in its ecology, are responsible for Avalanche’s steady climb. The platform’s rally is a result of its strategic concentration on two intriguing crypto narratives: gaming and real-world assets (RWAs).

Recently, Unit Network, a crypto analyst, provided an explanation of RWAs on Avalanche. According to Bernstein’s forecast, $3 trillion worth of RWAs will be tokenized over the course of the next five years, and Avalanche is leading the charge in order to meet market demand.

Major Banks Embrace Avalanche

Unit Network observed that major banks using Avalanche and its subnets to create RWA solutions include Bank of America, Citi, and JP Morgan.

Meanwhile, Avalanche has continuously maintained a volume above $1 billion, according to Santiment’s data. An examination of the volume trend revealed a price and volume growth that increased simultaneously, indicating a strong and steady movement.

From a technical perspective, the coin’s MACD is showing a notable increase in the histogram, which suggests that there is more buying than selling pressure in the market. In addition, the chart’s averages display a rapid increase, indicating that the price will likely continue to grow in the days to come.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Avalanche Rules Top 10 Ranking With 61% Weekly Gain – Here’s The Scoop

Among the top 10 cryptocurrencies this week, Avalanche (AVAX) is in the lead after rising by more than 60% in the last seven days. Its price has risen to $36, placing it in the top 10 digital assets in terms of market capitalization.

AVAX prices have been trending higher, which has helped many holders realize gains. The general attitude has not changed notwithstanding this rise in the proportion of holders in profit.

More than half of Avalanche holders kept their assets at a profit, according to recent data from IntoTheBlock. Based on its data, around 70% of holders have experienced financial success.

Avalanche Token Breaks Resistance

Due to this week’s outstanding results, there has been a substantial trade volume, which is a crucial indicator that the uptrend will hold. Notably, it has also propelled the altcoin past its initial lower high, which happened in August 2022 during the bear market’s accumulation phase.

For almost three weeks, the price of Avalanche token fluctuated within a narrow range of $20 to $24, suggesting a lack of strong buying and selling pressure in the market.

AVAX recently gained traction and had a 15% gain; as a result, the price broke through its important resistance level. The coin saw another 15% surge when the price was hovering at its resistance level of $28.

Many causes, all closely related to major developments in its ecology, are responsible for Avalanche’s steady climb. The platform’s rally is a result of its strategic concentration on two intriguing crypto narratives: gaming and real-world assets (RWAs).

Recently, Unit Network, a crypto analyst, provided an explanation of RWAs on Avalanche. According to Bernstein’s forecast, $3 trillion worth of RWAs will be tokenized over the course of the next five years, and Avalanche is leading the charge in order to meet market demand.

Major Banks Embrace Avalanche

Unit Network observed that major banks using Avalanche and its subnets to create RWA solutions include Bank of America, Citi, and JP Morgan.

Meanwhile, Avalanche has continuously maintained a volume above $1 billion, according to Santiment’s data. An examination of the volume trend revealed a price and volume growth that increased simultaneously, indicating a strong and steady movement.

From a technical perspective, the coin’s MACD is showing a notable increase in the histogram, which suggests that there is more buying than selling pressure in the market. In addition, the chart’s averages display a rapid increase, indicating that the price will likely continue to grow in the days to come.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Bullish Sentiment Surrounds AVAX Price As Republic Adopts Avalanche Blockchain

Tech firm Republic has recently announced its mission to democratize private market investing, with the selection of Avalanche as the platform for launching its profit-sharing digital asset, the Republic Note (R/Note).

The R/Note is a revenue-sharing digital security that is backed by Republic’s private equity portfolio, which includes over 750 assets.

Republic And Avalanche Forge Partnership

According to Republic’s announcement, Avalanche was chosen for several key reasons. Firstly, its scalability and speed ensure that Republic Note holders can enjoy seamless and cost-effective transactions. 

Notably, Avalanche has established partnerships with renowned brands like Amazon Web Services and Mastercard, highlighting its technical capabilities.

Additionally, Republic plans to launch a dedicated Subnet on Avalanche next year, offering a purpose-built network specifically designed for the Republic Note. 

This will provide enhanced security, privacy, and regulatory compliance, creating a robust digital security environment.

Mission alignment between Republic and Ava Labs, the team behind Avalanche, is another crucial factor. Per the announcement, both entities share a commitment to fostering a more inclusive future for financial markets through tokenization.

Furthermore, Avalanche’s “eco-friendliness” sets it apart from other blockchains, consuming significantly less energy, per the announcement. 

The pre-sale of Republic Notes has already attracted participation from thousands of individual retail investors, resulting in pre-sales exceeding $30 million. The public listing of the Republic Note is scheduled for December. 

Optimism For AVAX Price

The partnership between Republic and Ava Labs is anticipated to have a positive impact on the AVAX price. The launch of the Republic Note on Avalanche’s platform establishes a strong foundation for expanding its reach to a global audience of investors. 

Despite a 5% decline in the past 24 hours, AVAX has outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), with a 130% rally over the past 30 days, positioning itself as one of the industry’s top performers.

Avalanche

However, it is important to note that AVAX has recently undergone a correction, and its ability to surpass the $20.64 level will be crucial in determining its prospects amidst the ongoing bullish momentum.

Resistance levels at $21.59 and $22.74 have proven challenging for AVAX to breach and consolidate since February 2023.

Overall, the forthcoming launch of the Republic Note on Avalanche’s mainnet is a significant milestone in making the asset accessible to pre-sale participants who have contributed over $30 million. 

It remains to be seen whether this partnership can further bolster AVAX’s price and reinforce the positive trend observed over the past 30 days, potentially driving AVAX to new yearly highs in 2023.

The collaboration between Republic and Ava Labs underscores their shared vision of democratizing access to private markets through tokenization. 

Featured image from Shutterstock, chart from TradingView.com

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Trademark Tussle: Trader Joe’s Grocery Slaps Lawsuit On DEX Trading Platform

Trader Joe’s, a well-known supermarket chain in the United States, has taken legal action against a decentralized exchange (DEX) platform named Trader Joe, alleging that it has violated federal trademark laws. 

The DEX platform, which operates under the domain name traderjoexyz.com, not only shares the same name as the supermarket but, according to recent reports, also appears to be trying to leverage the supermarket’s established brand and reputation. 

US Supermarket Giant Locks Horns With Trader Joe DEX

Trader Joe’s has gained popularity in the digital realm by initially launching on the Avalanche (AVAX) network and later expanding its presence to BNB Chain, Arbitrum (ARB), and Ethereum (ETH). 

It currently holds over $77 million worth of tokens across various chains and has processed trades amounting to $25 million in September alone. 

However, its success has been overshadowed by a heated dispute regarding the origin of its brand and allegations of fraudulent attempts to misrepresent its origins.

Trader Joe’s supermarket chain has grown increasingly frustrated by the lack of response to its requests to cease the misuse of its trademark. As a result, the matter has escalated internationally, and a complaint was filed with the World Intellectual Property Organization (WIPO) in May 2022 to force the crypto entity to relinquish its domain name.

Furthermore, recently filed court documents in the US District Court for the Central District of California shed light on the proceedings at WIPO. According to these documents, the defendants presented a false narrative that distorted the true origins of “Trader Joe’s.” 

They claimed that the platform was named after the co-founder’s brother, a claim that Trader Joe’s supermarket chain has vehemently denied.

JOE Token Plummets In Value Amidst Legal Battle

Trader Joe DEX has recently seen notable variations in several critical metrics, with shifts in trading volume, market capitalization, revenue, and total value locked.

Over the past 24 hours, Trader Joe’s experienced a decline of 1.68% in its performance. This short-term dip in value has been reflected in the platform’s seven-day performance, with a 3.85% decrease. 

However, despite these recent setbacks, the DEX has managed to maintain relative stability over 30 days, with a modest decline of 1.04%.

Trader Joe

According to Token Terminal data, one of the most striking figures is the platform’s 180-day performance, which shows a significant drop of 60.82%.

Nevertheless, when considering market capitalization, Trader Joe’s DEX boasts a circulating market cap of $90.84 million, indicating its prominence within the DEX ecosystem. 

Moreover, the platform has shown a positive trend, with a recent increase of 2.26%. Total value locked (TVL) is another crucial metric used to assess the health and popularity of a DEX platform. Despite the recent market fluctuations, Trader Joe DEX continues demonstrating a TVL of $78.66 million. 

However, it experienced a decline of 4.54%, suggesting a potential shift in user participation and liquidity within the platform.

Finally, trading volume, an essential measure of a platform’s activity, has witnessed a significant annualized decrease of 18.45%, amounting to $7.61 billion. This decline in trading volume raises concerns about engagement and participation on the Trader Joe DEX platform.

Featured image from Shutterstock chart from TradingView.com 

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Avalanche (AVAX) Climbs Higher: Q1 2023 Results Show Impressive Growth

According to the latest report by Messari, Avalanche (AVAX) has shown a strong rebound in the first quarter of 2023. The market cap of the blockchain platform increased by 65.8% quarter on quarter (QoQ), reflecting the broader market trend and the thaw of the crypto winter that took by storm the crypto industry in 2022. 

Avalanche’s Q1 2023 Performance

According to the report, Avalanche experienced a decline in daily average active addresses and transactions during Q1 2023. The 20.7% and 31.9% decline followed an anomalous spike and a high growth period of subnet activity in Q4.

However, the report also highlights that Avalanche’s supply of Bitcoin BEP2, a token on the Binance chain (BTC.b), increased by 64% during Q1, reaching over $250 million in market cap. This is a positive sign for the platform’s growth and demonstrates the increasing interest in Avalanche as a blockchain platform.

Avalanche

The report further notes that mainstream interest in Avalanche network infrastructure continued to grow during Q1, with partnerships with blockchain services (AWS) and Tencent Cloud, a secure, reliable, and high-performance cloud computing service. This demonstrates the growing recognition of Avalanche as a major player in the blockchain space.

In addition, Avalanche launched several notable developments during Q1 aimed at ushering in developers. These include the launch of HyperSDK, Glacier API, and integration with The Graph. These developments are expected to increase the adoption of Avalanche as a blockchain platform and attract more developers to build on the platform.

The Avalanche Effect

According to Messari,  Avalanche’s Total Value Locked (TVL) denominated in USD increased by 4.2% QoQ in Q1 2023, following the crypto market relief rally in January. However, TVL denominated in AVAX declined by 34.3%, suggesting that the increase in USD was due to asset price increases rather than new capital inflow.

Avalanche

Despite this decline, liquid staking derivatives (LSDs) and yield farming platforms supported Avalanche and its DeFi ecosystem. Benqi liquid staking TVL grew by 88.6% QoQ to $100 million by the end of Q1, and Vector Finance, a yield optimization platform, increased by 50% QoQ to $36 million. Collectively, these two protocols finished Q1 in the top 10 by TVL, with ~$136 million in TVL.

Avalanche’s most prominent protocol by TVL denominated in USD, Aave, was down slightly 5% QoQ, but Benqi Lending, Trader Joe, and GMX grew by 49%, 24%, and 70%, respectively. However, there remained concentration risk in the leading application, with Aave making up 43% ($432 million) of Avalanche’s DeFi TVL by the end of Q1.

Avalanche Validators Show Volatility

According to the report,  Avalanche’s network health remained stable in Q1 2023, with the average number of validators, total stake, and average engaged stake remaining consistent. However, the average number of delegators grew by 26.1% QoQ, indicating increasing participation in the network.

Despite the stability of stake across a greater number of validators and delegates, there was some volatility in the number of validators that went offline during Q1. Both the average amount of unresponsive stakes and the number of unresponsive validators increased by over 70% QoQ. However, the percentage of unresponsive stakeholders and validators remained high enough to sustain block production.

Overall, the Messari report indicates that Avalanche’s network health remained stable in Q1 2023, with consistent numbers of validators, total stake, and average engaged stake. The growth in the number of delegators also suggests increasing participation in the network. 

While there was some volatility in the number of validators that went offline during Q1, the percentage of unresponsive stakes and validators remained high enough to sustain block production. These findings demonstrate the continued growth and resilience of the Avalanche network and its potential for further expansion and adoption in the blockchain space.

Avalanche

Featured image from Unsplash, chart from TradingView.com

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AVAX Value Drops By 2% Following Grayscale Removal of Avalanche From Large Cap Fund

In its latest quarterly update, Grayscale announced the rebalancing of funds for the fourth quarter of 2022. As part of the rebalancing, Grayscale sold off a certain amount of its Digital Large Cap Fund and dumped its held tokens, including Avalanche Network token AVAX.  

AVAX has slipped by 2% following the sell-off in the past 24 hours. According to Grayscale, the sold-off AVAX tokens were replaced with the purchase of the existing fund components in proportion to their respective weightings.

Grayscale Purchased And Existing Tokens

The AVAX sell-off was only part of the CoinDesk Large Cap Select Index and Grayscale Digital Large Cap Fund. In its CoinDesk Smart Contract Platform Select Ex ETH Index and Grayscale Smart Contract Platform Ex-Ethereum Fund portfolio rebalancing, the company sold off Algorand native token ALGO.

In its CoinDesk DeFi Select Index methodology, Grayscale adjusted its DeFi Fund’s portfolio and purchased Synthetix (SNX) after selling some existing assets. 

As of now, the Grayscale portfolio fund now includes 65% Bitcoin (BTC), 30% Ethereum (ETH), 1.86% Cardano (ADA), 1.39% Polygon (MATIC), and 1% Solana (SOL). Meanwhile, its DeFi Fund’s Fund Components include  65.05% Uniswap (UNI), 12.39% Aave (AAVE), 8.15% MakerDAO (MKR), 6.02% Synthetix (SNX), 4.58% Curve DAO Token (CRV), and 3.81% Compound (COMP). 

Since July, Grayscale has been carefully monitoring the CoinDesk Large Cap Select Index. The index launched in April tracks the market capitalization-loaded performance of “the largest and most liquid digital assets.”

During Grayscale usage of the Index, the quarterly scheduled rebalancing resulted in the dumping of Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Polkadot (DOT), and more Uniswap (UNI) purchases.

AVAX Slips After Grayscale Dumped

Before the sell-off, AVAX was still sitting at a $12 zone; however, after Grayscale dumped its holdings, the AVAX token dropped by 2% and traded at $11.39 Friday morning. 

AVAX has appreciated over the past months. It has surged from around $9 to $13. Notably, Grayscale fund’s portfolio, which currently has $163 million in assets under management (AUM), only held a small portion of AVAX tokens. As of September 30, AVAX made up less than 1% of the company’s fund’s assets, according to its previous quarterly report.

There was no significant move from ALGO, which was also removed from the Grayscale portfolio fund. It fell from a range of $0.17 to $0.15. As of the time of writing, ALGO currently trades at $11.73 with a 24-hour trading volume of $45 million. 

AVAX price chart on TradingView

On the other hand, AVAX seems to be gaining momentum to the upside at the time of writing as it has already formed a retracement; a reversal is likely to happen. AVAX currently trades at $11.73, down by 0.8% in the last 24 hours, with a trading volume of $125 million over the same period.

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Avalanche Fires Back to $17; Can The Bulls Push More To $20 Instead?

  • AVAX’s price shows strength as it bounces from a downtrend with high volume, aiming for a rally to $20.
  • AVAX faces a rejection to trend higher above $17 after the price fell sharply below key resistance.
  • AVAX’s price remains strong below the 50 Exponential Moving Average (EMA) as it attempts to rally past a key area.

The price of Avalanche (AVAX) has remained strong as it approaches the $17 region, facing resistance to rising to the $20 region. The crypto market has appeared more stable this week, with Bitcoin (BTC) and Ethereum (ETH) experiencing significant price movement. This new relief rally in the crypto market has benefited smaller coins such as Avalanche (AVAX), which has rallied from its downtrend movement to a high of $17 as price attempts to break through key resistance. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart

Weekly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

Although many altcoins have struggled to trend in a range market, the price of AVAX has seen more of a downtrend move as the price of AVAX dropped from a high of $150 to $15, seeing more than an 80% decline in its price.

AVAX’s price recently declined from an all-time high of more than $150 to a region of $75 before rallying to a high of $100; the price of AVAX faced further rejection to its price to a range low of $60. 

The price of AVAX bounced immediately, forming pin bar candlesticks as the price rallied to $96 with what seemed to be a relief for more rally to the upside.

AVAX’s price faced a much bigger rejection at $96 as the price has continuously declined from this high to a weekly low of $15, where the price attempted to rally high but with less volume accompanying this rally.

Despite AVAX rallying from its weekly low, the price failed to break past the resistance at $35.3, corresponding to Fibonacci’s retracement value of 23.6%. The price to break the resistance at $35.3 for more relief.

Weekly resistance for the price of AVAX – $35.

Weekly Support for the price of AVAX – $15.

Price Analysis Of AVAX On The Daily (1D) Chart

Daily AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the daily timeframe, the price of AVAX remains strong and trades above the key Support formed at $15 after the price rallied from its daily low, with the current market looking favorable for most crypto assets.

The price of AVAX needs to break and hold above 50 EMA, acting as a strong resistance to the price of AVAX. The price of $17.50 corresponds to the value of 50 EMA, acting as resistance for the price to break higher to a region of $20. 

Daily resistance for the AVAX price – $17.50.

Daily Support for the AVAX price – $15.

Featured Image From zipmex, Charts From Tradingview 

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Avalanche Sits On A Time Bomb As Price Eyes $10, Will Price Escape This?

  • AVAX price continues to trend downwards as price remains bearish with price trading on key support. 
  • AVAX trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs. 
  • The price of AVAX needs to break and hold above the key resistance of $30 to resume bullish price movement. 

The price of Avalanche (AVAX) continues to struggle to discover its bullish trend as the price fails to break the key resistance of $30 against tether (USDT). The previous weeks saw the crypto market cap as good as Bitcoin (BTC) prices and other crypto assets. Still, the price of Avalanche (AVAX) continues to struggle to join the green party as the price continues in its downtrend movement. (Data from Binance) 

Avalanche (AVAX) Price Analysis On The Weekly Chart.

Despite showing some great price movement in recent weeks with so many traders and investors becoming interested in the different projects being built on the Avalanche ecosystem, which could have been a huge boost for the price to trend higher but that wasn’t the case the price has struggled to trend higher than $30. 

After the price of AVAX dropped to a weekly low of $15, the price rallied from this low to a high of $30, where the price faced resistance to breaking above this region to a height of $50 as the price was rejected and has since maintained a bearish price movement.

The price of AVAX bounced from $18 haven faced rejection from $22, but the price could not trend higher as the price continued to trend in a downtrend. If the price of AVAX continues in this trend, we could see the price retesting support area at $10.

Weekly resistance for the price of AVAX – $21.

Weekly support for the price of AVAX – $15.

Price Analysis Of AVAX On The Daily (1D) Chart
Daily AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the daily timeframe, the price of AVAX continues to trade above key support formed in recent weeks when the price dropped from a region of $45 to a daily low of $15. 

The price of AVAX continued in its downtrend, moving in a range as the price has formed a descending triangle with what looks like a break out to the upside could be imminent.

The price of AVAX needs to rally away from key support to avoid price dropping to a low of $10 if the price breaks to the downside of the descending triangle. 

The relative strength index for the price of AVAX on the daily chart shows the price being dominated by sell orders as the mark is below 50.

Daily resistance for the AVAX price – $18.

Daily support for the AVAX price – $15.

Featured Image From The Coin Republic, Charts From Tradingview

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Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

  • AVAX price ranges below 50 and 200 EMA on the daily timeframe. 
  • Price continues to maintain a downtrend as it aims to break out to the $20 range.
  • AVAX price closes attempting to break out of its downtrend on low timeframe. 

Avalanche (AVAX) price has failed to sustain its head high above the blood bath of the bear market against tether (USDT). With what proved to be a major run for the price of Avalanche (AVAX) from a low of $10 to a high of $145, many predicted the AVAX project causing a major upset for many crypto projects. The statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have affected the market negatively, with AVAX prices not exempted. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart 

The price of AVAX has continued to decline as there seems to be no hope of a major bounce after losing its weekly support of $25 as the price looks to reclaim its $10 support on the weekly chart.

The price of AVAX continues to hold above a key support area of $10; the price of AVAX needs to break its downtrend that has been maintained for weeks. A break would see the price retesting $20-$25. 

For the price of AVAX to restore its relief, the price needs to break and hold above the $20 resistance preventing the price of AVAX from trending higher. If the price of AVAX keeps rejecting $20, we could see the price going lower. 

Weekly resistance for the price of AVAX – $25.

Weekly support for the price of AVAX – $15-$10.

Price Analysis Of AVAX On The Four-hourly (4H) Chart
Four-Hourly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the 4H timeframe, the price of AVAX continues to range in a downtrend line as the price attempts to break out. This could signal a relief bounce on a low timeframe.

The price of AVAX trades at $17.4 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for AVAX price. The price of $17.7 and $20 corresponds to the resistance at 50 and 200 EMA for the price of AVAX. The price of AVAX needs to reclaim 200 EMA for a chance to trend to $25-$30. 

Four-Hourly resistance for the AVAX price – $20-$25.

Four-Hourly support for the AVAX price – $17-$15.

Onchain Analysis Of AVAX
AVAX On-chain Analysis | Source: AVAXUSD On Messari.io

Although many investors and projects are building on the Avalanche network, it has experienced a difficult time in terms of price during the bear season. The price of AVAX, based on the on-chain data, is beginning to see a little relief over the last 24 hours compared to previous weeks.

Featured Image From Daily Hodl, Charts From Tradingview and Messari