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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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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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Avalanche Rumbles: AVAX Eyes To Reclaim $50 As Upgrade Fuels Optimism On Testnet

In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is causing a stir, riding the waves of a recovery rally that commenced last month. As the broader spectrum of alternative coins experiences a resurgence, AVAX stands at the forefront, ready to extend its ascent, with whispers in the market hinting at a potential surge towards the coveted $50 mark.

Avalanche Booms: Durango Upgrade Ushers Growth

Presently, the AVAX price confidently stands above the 50% retracement level at $39.91, signaling a robust support level within the market range spanning from $28.00 to $49. Technical indicators add to the positive sentiment, with the Simple Moving Averages (SMA) gracefully trending upwards. This suggests that the path of least resistance favors continued price appreciation, creating an optimistic atmosphere among market observers.

The buzz surrounding AVAX reaches a crescendo as the eagerly anticipated AVAX Durango upgrade gears up for implementation on the 13th of February. The community’s anticipation has been steadily building since the pre-release of the upgrade’s code on February 2.

This upgrade brings forth a suite of exciting features, including the Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize communication capabilities on-chain and across chains, promising a more interconnected and resilient network. This enhancement is set to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.

Market analysts, fueled by the palpable excitement, predict that the mounting buying pressure could propel a substantial 20% surge, potentially propelling AVAX to $49.95, effectively filling the current market range.

In a more bullish scenario, the gains might extend to $54.92, marking levels not witnessed since the bloom of May 2022 and showcasing an impressive 35% climb from current valuation.

AVAX: On-Chain Metrics Signal Sustained Growth

Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both social dominance and social volume metrics for AVAX have gracefully eased, painting a picture of serenity in the market. This tranquility often lays the foundation for sustained price growth, steering clear of premature topping out fueled by heightened volatility from mainstream attention.

As the imminent AVAX Durango upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential surge that might unfold. With technical indicators, on-chain metrics, and market sentiment aligning favorably for AVAX, the cryptocurrency seems poised to continue its upward trajectory, potentially scaling new heights in the unfolding weeks.

Featured image from Pixabay, chart from TradingView

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AVAX Price Closes In On $40 With Latest 10% Surge

The Avalanche token has been in a positive form recently, with the AVAX price turning in a good performance over the past week. This latest price boost makes a run to the $40 level more or less inevitable for the altcoin.

However, investors are curious to see how long this rally will last, especially with the unlocking of a substantial amount of AVAX tokens on the horizon.

AVAX Price Overview

As of this writing, the AVAX price is slightly above $39, reflecting a nearly 8% jump in the last 24 hours. This recent increase only underscores how well the cryptocurrency has been performing in recent weeks.

According to data from CoinGecko, the value of the Avalanche token has increased by approximately 10% in the past week. After sinking to a low of $28 in late January, AVAX’s price has recovered quite well in the new month, surging by more than 17% since February started.

With the latest price growth, Avalanche looks set to reclaim $40, a level it occurred between December 2023 and early January 2024. The token, however, lost this level due to the downturn that hit the entire crypto market following the Bitcoin spot ETF approval.

With $40 already in sight, the question is whether AVAX can sustain a rally above this mark in the long term. While price indicators like the Relative Strength Index (RSI) are not showing any signs of trend reversal, upcoming events suggest that the Avalanche token might need to overcome some degree of bearish pressure in the coming days.

Avalanche To Unlock About $370 Million Worth Of Tokens

According to on-chain data, Avalanche will unlock 9.54 million tokens (worth about $372 million) on February 22. This figure represents about 2.6% of AVAX’s total supply and will be disbursed in four tranches.

Breaking it down, 2.25 million AVAX is expected to go to strategic partners, 1.67 million coins to the foundation, 4.5 million tokens to the Avalanche team, and 1.13 million AVAX are set to be released in a little over a week.

It is common for crypto projects to execute token unlocks, which may have a corresponding impact on the value of the unlocked token (AVAX, in this case). This effect is because this substantial amount of token, once unlocked, may become available for trading on the open market.

If these newly unlocked tokens are dumped on the open market, this can place some bearish pressure on the burgeoning price of AVAX. This selling pressure could halt the recent growth of the Avalanche token.

AVAX

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Avalanche To Support Meme Coins; AVAX To The Moon?

The Avalanche Foundation is expanding its support of meme coins. This move could further boost the popularity of Avalanche, a low-fee and high-throughput blockchain, and even support its native coin, AVAX.

Avalanche Foundation To Support Meme Coins

Taking to X on December 29, the foundation said it would continue its Culture Catalyst initiative to encourage meme coin activity, among others, including Real-World Assets (RWAs), non-fungible tokens (NFTs), and more. This campaign, they continue, aims to foster innovation and propel the adoption of blockchains by supporting the creation of “new forms of creativity, culture, and lifestyle.”

The Avalanche Foundation believes that meme coins have carved out a significant niche in crypto, representing the collective spirit and shared interests of diverse crypto communities. By recognizing and encouraging this culture, the foundation hopes to develop and expand the Avalanche ecosystem, attracting new users.

As they resume Culture Catalyst, the foundation will start by purchasing select Avalanche-based meme coins to create a collection. The selection process will be based on several critical criteria, including the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment.

This move is a significant step for the Avalanche Foundation, as it indicates a growing recognition of the potential of meme coins to drive innovation and growth. It is because meme coins have become increasingly popular in recent years, often attracting large communities and generating significant trading volume. According to CoinMarketCap data on December 29, meme coins have a cumulative market cap of over $23 billion.

Meme coins cumulative market cap | Source: CoinMarketCap

Will AVAX And COQ Extend Gains In 2024?

The foundation’s support for meme coins could further boost the popularity of Avalanche, as it will bring more attention to AVAX, a coin used for paying network fees. Thus far, AVAX remains in an uptrend, adding nearly 400% from October 2023 lows. Though there has been a cool-off, buyers have the upper hand. With rising demand triggered by more meme coins deploying on Avalanche, AVAX prices will likely float even higher.

Avalanche price trending upward on the daily chart | Source: AVAXUSDT on Binance, TradingView

One of the Avalanche-based meme coins, COQ, is among the top 10 most liquid. According to DEX Tools data, there are over 34,000 COQ holders when writing. As of December 29, Dogecoin (DOGE) is the largest and most valuable meme coin, with over $13.2 billion in market cap. However, the launch and subsequent stellar performance of COQ propelled it to command a market cap of $114 million. 

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AVAX Price Rallies 10% – Is Avalanche Rally Just Getting Started?

AVAX price rallied over 10% and traded above the $45 level. Avalanche is gaining pace and might soon clear the $50 resistance zone.

  • AVAX price is moving higher from the $38.00 support zone against the US dollar.
  • The price is trading above $42.00 and the 100 simple moving average (4 hours).
  • There is a major rising channel forming with support near $40.80 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
  • The pair could continue to rise if it stays above the $40 and $38 support levels.

AVAX Price Could Extend Rally

After a downside correction, Avalanche’s AVAX found support near the $38.00 zone. A low was formed near $36.48, and the price started a fresh increase.

The price gained over 10% and broke many hurdles near $40. It even outperformed Bitcoin and Ethereum. There was a clear wave above the 76.4% Fib retracement level of the downward move from the $45.33 swing high to the $36.48 low.

AVAX price is now trading above $42 and the 100 simple moving average (4 hours). There is also a major rising channel forming with support near $40.80 on the 4-hour chart of the AVAX/USD pair.

AVAX Price

Source: AVAXUSD on TradingView.com

On the upside, an immediate resistance is near the $45.40 zone. The next major resistance is forming near the $46.80 zone. If there is an upside break above the $45.40 and $46.80 levels, the price could surge over 10%. In the stated case, the price could rise steadily toward the $50 level or even $52.

Dips Supported in Avalanche?

If AVAX price fails to continue higher above the $45.40 or $46.80 levels, it could start a downside correction. Immediate support on the downside is near the channel trend line at $40.80.

The main support is near the $38.00 zone. A downside break below the $38.00 level could open the doors for a major decline towards $34.20 and the 100 simple moving average (4 hours). The next major support is near the $27.50 level.

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.

Major Support Levels – $40.80 and $38.00.

Major Resistance Levels – $45.40, $46.80, and $50.00.

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Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?

Avalanche has seen its native token AVAX rise rapidly over the last 30 days to make its way into the top 10 tokens by market cap. This rally was not exactly out of the blue as activity had begun to pick up once more on the Avalanche network. During this time, the open interest has risen rapidly as well, eventually touching a new all-time high.

Avalanche Open Interest Rises To $413 Million

On Tuesday, the Avalanche open interest rose to the highest level since its launch following AVAX’s surge to $40. The open interest reached $413 million on December 12 after continuously rising for over a month. The surge happened in tandem with the price surge and has made daily highs almost every day in December.

The surge began in October after trailing around $70 million for the better part of a month. However, in November, there was a noticeable change in the open interest as traders began to take their positions in the digital asset.

Avalanche AVAX OI

Between November and December, the AVAX open interest has risen by over 400%. On Tuesday alone, the open interest grew another 19%, bringing the total Avalanche open interest across all exchanges to 11.43 million AVAX.

73% of the total open interest is actually coming from only two exchanges; Binance and ByBit. According to data from Coinglass, Binance accounts for 44% of the total OI at $184 million (4.54 million AVAX), while ByBit accounts for 28.8% of the OI with $119.67 million (2.95 million AVAX). BingX, OKX, and Bitget make up the rest of the top 5 with $50.37 million, $43.7 million, and $41.8 million, respectively.

Avalanche AVAX price chart from Tradingview.com

Rise In OI Sending AVAX Price To $100?

While the Avalanche open interest has soared to a new all-time high, there is still a long way to go for the AVAX price before it reaches its all-time high of $146. Nevertheless, the rise in open interest is still incredibly bullish for the price.

As proven by historical performance, the price of AVAX has often risen whenever the open interest has been on the rise. This was the case between 2021 and 2022 when the price of the altcoin rose above $100 before eventually crashing in 2022.

If the Avalanche open interest continues to rise from here, it is expected that AVAX will follow through. A break in OI over $500 million will no doubt see the altcoin clear the coveted $50 level once more. However, $100 still looks to be a long way from here and will likely be reached sometime in 2024.

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AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

AVAX price rallied over 50% and traded above the $40 level. Avalanche is now correcting gains, but the bulls might remain active near the $32 support zone.

  • AVAX price gained pace above the $30 and $40 levels against the US dollar.
  • The price is trading above $30 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $35.00 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
  • The pair could continue to rise if it stays above the $35 and $30 support levels.

AVAX Price Corrects Lower

In the past few days, Avalanche’s AVAX saw a strong increase above the $25 resistance zone. It gained over 50% and broke many hurdles near $30. It even cleared the $40 level before the bears appeared.

A new multi-month high was formed near $43.06 before the price started a downside correction, like Bitcoin and Ethereum. There was a 15% drop and the price traded below the $38 level. There was a move below the 23.6% Fib retracement level of the upward move from the $21.24 swing low to the $43.06 high.

AVAX price is still trading above $30 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $35.00 on the 4-hour chart of the AVAX/USD.

AVAX Price

Source: AVAXUSD on TradingView.com

On the upside, an immediate resistance is near the $38.00 zone. The next major resistance is forming near the $40.00 zone. If there is an upside break above the $38.00 and $40.00 levels, the price could surge over 10%. In the stated case, the price could rise steadily toward the $45 level.

Dips Limited in Avalanche?

If AVAX price fails to continue higher above the $38.00 or $40.00 levels, it could continue to move down. Immediate support on the downside is near the trend line at $35.

The main support is near the $32.00 zone or the 50% Fib retracement level of the upward move from the $21.24 swing low to the $43.06 high. A downside break below the $32.00 level could open the doors for a major decline towards $18.80. The next major support is near the $26.50 level and the 100 simple moving average (4 hours)

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now below the 50 level.

Major Support Levels – $35.00 and $32.00.

Major Resistance Levels – $38.00, $40.00, and $45.00.

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Avalanche Pays Premium to Incentivize Validators, Will AVAX Soar To $145?

Avalanche, the fourth-generation proof-of-stake (PoS) blockchain, incurs significant costs to incentivize its validators. Token Terminal data on December 7 shows that in the past year, the smart contract platform paid over $275 million in AVAX to compensate its validators despite generating only $11.5 million in user fees. 

Avalanche Is Paying A Premium To Incentivize Validators

Although it appears that Avalanche is paying a premium for validators, this is critical in securing the network and ensuring all transactions are confirmed. Overall, and being a proof-of-stake network reliant on node operators for security and decentralization, Avalanche’s decision to pay validators a premium is, as its users demand, to maintain a robust network of nodes. 

According to CoinMarketCap data, the network has a market cap of over $9.8 billion. It is currently in the top 10 by liquidity, surpassing Polygon and Polkadot, competing low-fee alternatives. As it is, by incentivizing validators with generous rewards, Avalanche ensures that there is a strong pool of nodes available to maintain the network’s operation.

Through these validators, AVAX holders can stake and receive rewards. As of December 7, there are over 1,539 validators currently staking over 248 million AVAX and earning 7.84% APY. At the same time, statistics show that Avalanche has a staking ratio of 57.11%. Most AVAX in circulation are used to secure the network at this level.

Avalanche validators | Source: Avalanche.network

While AVAX incentivization might draw more validators, Avalanche documentation also states that the network doesn’t require complex hardware to operate a node. At the same time, the blockchain, unlike Ethereum, states that staked AVAX is not at risk of being slashed–or penalized by the network–provided all network requirements are met. This feature could explain the steady rise in validator count over the past three years.

Validator client count | Source: Avalanche.Network

AVAX Is Up By 200%, Trading At 2023 High

While Avalanche grows its validator count, AVAX prices have also been expanding steadily, mirroring the general market. Thus far, AVAX is changing hands above $26, up over 200% in the last three months. At spot rates, AVAX is trading at new 2023 highs and in a bullish breakout formation, looking at price action in the daily chart.

Avalanche price trending upward on the daily chart | Source: AVAXUSDT on Binance, TradingView

Related Reading: Apollo Crypto Predicts Bitcoin Price Of $200,000 This Cycle, Here’s Why

Looking at how AVAX is, bulls might break above $30. If the accompanying surge is with expanding trading volume, it might be the base for another leg up that might lift the coin toward $90 or higher in the sessions ahead. When AVAX peaked in 2021, it rose to as high as $145.

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AVAX Price Prediction: Avalanche Rally Just Getting Started?

AVAX price is showing positive signs above the $20 support. Avalanche bulls seem to be in control, and they might aim for a rally toward $25.

  • AVAX price is showing positive signs above the $20 level against the US dollar.
  • The price is trading above $21 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $20.60 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
  • The pair could continue to rise if there is a clear move above the $22.50 and $23.00 resistance levels.

AVAX Price Signals Fresh Rally

After a strong increase, Avalanche’s AVAX faced resistance near the $24.00 zone. It started a downside correction from $24.05 but remained in a positive zone, like Bitcoin and Ethereum.

There was a drop below the $23 and $22 levels. The price declined below the 50% Fib retracement level of the upward move from the $15.60 swing low to the $24.05 high. It even spiked below the $20 support zone. However, the bulls were active above $18.80.

AVAX price found support near $18.80 and the 61.8% Fib retracement level of the upward move from the $15.60 swing low to the $24.05 high. It is again moving higher and trading above the $20 level.

There was a move above the $21 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $20.60 on the 4-hour chart of the AVAX/USD pair. On the upside, an immediate resistance is near the $22.50 zone.

AVAX Price Prediction

Source: AVAXUSD on TradingView.com

The next major resistance is forming near the $23.00 zone. If there is an upside break above the $22.50 and $23.00 levels, the price could surge over 10%. In the stated case, the price could rise steadily towards the $25 level.

Dips Limited in Avalanche?

If AVAX price fails to continue higher above the $22.50 or $23.00 levels, it could start another decline. Immediate support on the downside is near the $20.60 level and the 100 simple moving average (4 hours).

The main support is near the $19.50 zone. A downside break below the $19.50 level could open the doors for a fresh decline towards $18.80. The next major support is near the $15.80 level.

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.

Major Support Levels – $19.50 and $18.80.

Major Resistance Levels – $22.50, $23.00, and $25.00.

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Avalanche C-Chain Burning $12.65 Of AVAX Every Second, What Does It Mean For Price?

Taking to X on November 22, one user, @kevinsekniqi, notes that the Avalanche C-Chain is burning roughly $12.65 of AVAX every second, a development that could be a massive boost for AVAX in the long term.

The surge in AVAX burning on the C-Chain is primarily due to the launch of inscriptions, which permit storing data on the Avalanche’s C-Chain, pushing the number of AVAX being taken out of circulation.

Avalanche Burning AVAX At Record Pace

@kevinsekniqi estimates that if the burn rate is maintained at spot rates, it could see approximately $400 million of the coin taken away from circulation. This could be a significant figure supporting AVAX bulls long-term since reducing supply at constant demand would naturally lead to price gains.

The heightened activity in recent days stems from the over 2.3 million daily transactions tied to users creating and transferring “ASC-20” tokens to inscribe data permanently onto Avalanche’s C-Chain. On average, the Avalanche C-Chain processes around 450,000 transactions daily. However, this figure has been changing in recent days, reading from on-chain data.

On-chain activity is up roughly 4X due to inscriptions, driving the network’s revenue as gauged by gas fees collected.

Change in on-chain activity on the C-Chain | Source: SnowTrace

Through inscriptions, new use cases, as demonstrated in Bitcoin, around provable ownership and identity have emerged. Since Avalanche is a public ledger maintained by distributed validators operating nodes, gas fees must be paid. Part of the gas is burnt as part of Avalanche’s structure.

FTX Group Selling AVAX, Bulls Dominant

It is not immediately clear how the spike in the number of inscriptions on the C-Chain will impact prices. Though more inscriptions could support bulls, other external market factors should be considered. 

According to Scopescan data, FTX Group, a team tasked with managing FTX estate, recently sent 916,780 AVAX worth $20.7 million to Binance. Transfers to centralized exchanges are often interpreted as bearish. Following this, AVAX prices fell by 13% on November 21. 

FTX Group moving AVAX to Binance | Source: Scopescan on X

Prices remain stable, and AVAX maintains an uptrend despite prices contracting this week. Looking at the developments in the daily chart, the coin roared 190% from October 2023 lows. It peaked at around $16 in November. 

Avalanche price trending downward on the daily chart | Source: AVAXUSDT on Binance, TradingView

At present, prices have cooled off, dropping by approximately 18%. Nonetheless, the uptrend remains. Any break above $16 could spur more activity, even lifting the coin towards August 2022 highs of around $30. 

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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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AVAX Price Prediction: Avalanche Bulls Are Just Getting Started

AVAX price rallied over 50% and climbed above $22.50. The price might correct lower but there could be more upsides above $25.

  • AVAX price is showing a few positive signs above the $20 level against the US dollar.
  • The price is trading above $22 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $20.50 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
  • The pair could continue to rise if there is a clear move above the $24.50 and $25.00 resistance levels.

AVAX Price Doubles In Value In Few Days

After forming a base above the $10.00 level, Avalanche’s AVAX started a major rally, outperforming Bitcoin and Ethereum. There was a clear move above the $15 and $20 resistance levels.

The price gained over 50% in the past few days and even cleared the $22.50 resistance. A new multi-week high was formed near $24.70 and the price is now consolidating gains. There was a minor decline below the $22.50 level.

The price declined below the 23.6% Fib retracement level of the upward move from the $15.59 swing low to the $24.70 high. However, the bulls were active above $20.00.

AVAX price is now trading above $22.00 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $20.50 on the 4-hour chart of the AVAX/USD pair. On the upside, an immediate resistance is near the $24.50 zone.

AVAX Price Prediction

Source: AVAXUSD on TradingView.com

The next major resistance is forming near the $25.00 zone. If there is an upside break above the $24.50 and $25.00 levels, the price could surge over 20%. In the stated case, the price could rise steadily towards the $30 level.

Dips Limited in Avalanche?

If AVAX price fails to continue higher above the $24.50 or $25.00 levels, it could start a downside correction. Immediate support on the downside is near the $22.50 level.

The main support is near the $20.50 zone. A downside break below the $20.50 level could open the doors for a fresh decline towards $18. The next major support is near the $15.50 level.

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.

Major Support Levels – $22.50 and $20.50.

Major Resistance Levels – $24.50, $25.00, and $30.00.

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Avalanche Shines With A 31% Rally – Can AVAX Bulls Maintain Push To $22?

Avalanche (AVAX) has had a relatively quiet second half of 2023 regarding price performance and ecosystem advancements. However, the token experienced a mesmerized turnaround towards the end of October, which has seen its value rise almost vertically in the past few weeks.

Avalanche’s positive run coincides with an optimistic climate in the general crypto market, as investors appear to be more interested in various digital assets. While Bitcoin, the premier cryptocurrency, continues to hold its own above the $37,000 mark, most altcoins seem ready to take advantage of changing market sentiment.

Avalanche Displays Strength With 31% Rally – Price Overview

The Avalanche price reached a yearly low of $8.78 in late September, forming the bottom for a trend reversal. The cryptocurrency’s price has been on a bullish run since then while looking to reclaim the highs achieved at the beginning of 2023.

As of this writing, the AVAX token is valued at $18.58, reflecting a massive 31% price increase in the past 24 hours. Meanwhile, the price of the altcoin has swelled by more than 48% in the weekly timeframe.

A broader look at the Avalanche price chart further highlights the token’s strength and attractiveness over the past few weeks. According to CoinGecko data, the value of AVAX has more than doubled in the past month.

Avalanche’s positive price action – in such a short timeframe – further emphasizes the favorable sentiment currently brewing in the general crypto market. Investors have also seen other altcoins, like Solana, Ethereum, and Chainlink, go on an upward trajectory in the past weeks.

Based on data from CoinMarketCap, AVAX has witnessed more than an 85% increase in its daily trading volume. Meanwhile, the token’s current market cap of roughly $6.68 billion reflects a 31% jump in the past day. 

Can AVAX Maintain Bullish Momentum To $22?

Many investors would be watching to see how far the Avalanche token can keep up with its red-hot momentum. And this makes sense, considering that the cryptocurrency was one of the best performers in the last bull market, rallying to a peak of $145.

In the short term, price action data suggests AVAX might be able to break above the psychological $20 level without much resistance. Nevertheless, investors should watch out for the $22 threshold, as it has proven to be a significant resistance zone in the past.

If Avalanche manages to breach and close above the $22 price mark, the token’s price could experience a parabolic run to $60. On the flip side, if the resistance level holds strong, the AVAX price could fall to find support at around $15. 

Avalanche

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Avalanche (AVAX) May Be Down, But It’s Not Out, Here’s Why

Avalanche (AVAX) has been hit pretty hard since the bear market started. The digital asset which reached an all-time high of $146 back in November of 2021 is not trading just below $15. This has led to a decline in confidence in the digital asset. However, protocols such as Avalanche have shown over time that they can sometimes be underestimated and the latest announcement from the project proves this.

Avalanche Keeps Building

Normally, during the bull market when there is decreased participation in the space, a lot of protocols tend to not build as much as they usually would. However, Avalanche has continued to develop products and has announced the launch of Core Web.

One major barrier to entry for users who are new to the decentralized finance (DeFi) space is how hard it is to navigate the space. Getting things done and trading in DeFi can often be a convoluted process, which is why Avalanche has launched Core Web to address this.

It is a new suite of products that would allow DeFi users to be able to manage all of their tokens in one place, as well as their NFTs. Core Web would make it possible for users to carry out multiple actions without having to switch between multiple sites and apps. 

AVAX trading at $14.8 | Source: AVAXUSD on TradingView.com

Users will be able to access hundreds of decentralized applications (DApps) on the Avalanche network, as well as being able to access the subnets. Additionally, it doesn’t just work for Avalanche but also with the Bitcoin and Ethereum networks. Users will be able to swap, trade, bridge, and switch between any EVM-compatible network using Core Web.

Betting On AVAX 

AVAX, the native token of the Avalanche ecosystem, has lost a significant portion of its all-time high value over the course of 2022. At current prices, the cryptocurrency is sitting more than 89% below its all-time high price and there is no reprieve in sight for the digital asset.

The TVL in Avalanche has also followed the trend of its price too. It hit an all-time high of $12.21 billion back in December 2021. Its TVL is currently sitting at $1.3 billion at the time of this writing, an over 89% decline.

However, with the developments going on, there is still a lot of value in holding AVAX. It is also important to keep in mind how whales are viewing the digital asset though. Data from WhaleStats show that Avalanche whales only hold around $27,000 worth of AVAX presently. If this is to be viewed as an indicator of investors’ sentiment towards the token, it is very bearish for AVAX. The price is down about 50% in the last 30 days and if AVAX is unable to hold $14.5, it is possible that there could be a decline below $13 in the future of the cryptocurrency. 

Featured image from Binance Academy, chart from TradingView.com

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