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How To Buy, Sell And Trade Tokens On The Avalanche Network

The Avalanche (AVAX) network has gained prominence as a leading blockchain platform, providing users with a robust infrastructure for token transactions. It is a Layer 1 blockchain protocol that provides a high-performance platform for decentralized applications (dApps) and smart contracts. 

Avalanche strives to provide users with a fast, secure, and scalable ecosystem for token transactions. It is a blockchain platform that aims to address the blockchain trilemma of scalability, security, and decentralization, thanks to its unique Proof of Stake (PoS) mechanism. Avalanche is commonly regarded as a viable alternative to Ethereum.

Avalanche serves as a leading light in the Web3 ecosystem by innovating a secure network that doesn’t compromise scalability or decentralization. The network possesses a remarkable characteristic in the form of its consensus protocol, referred to as Snow. 

This protocol employs an innovative method known as “Snow consensus”, which enables the network to achieve nearly instantaneous transaction finality. Utilizing the “Snow consensus” method enables the network to achieve rapid confirmation times and efficient throughput by collectively validating transactions through a network of validators, overcoming the limitations of the blockchain trilemma. By addressing the challenges posed by the blockchain trilemma, Avalanche is actively working towards providing robust security and stability to the dynamic advancements in Web3.

This prominent network provides developers and investors with an advantageous blend of cost-effectiveness, high transaction speeds, dependability, and the scalability necessary for widespread acceptance. Avalanche’s commitment to sustainability and environmental consciousness further enhances its appeal. Consequently, it comes as no surprise that Avalanche has emerged as a prominent force in the Web3 ecosystem, commanding a significant presence.

How does Avalanche Work?

Avalanche’s platform sets itself apart from other blockchain projects through three fundamental design aspects: its distinctive integration of subnets, consensus mechanism and utilization of multiple built-in blockchains.

Subnetworks (subnets)

One capability that makes Avalanche innovative is Subnets, a game-changing technology that empowers developers to create projects on networks that they can design to fit their needs. Subnets are deeply customizable and inherit speed and security from Avalanche’s Primary Network. 

Subnetworks, composed of groups of nodes, play a crucial role in achieving consensus on the chains within Avalanche’s platform. Each subnetwork is responsible for validating a specific set of blockchains. Additionally, all validators within a subnetwork must also validate Avalanche’s Primary Network.

It is also important to note that the Avalanche blockchain can reportedly process 4,500 transactions per second (depending on the subnet), a significant improvement over Ethereum’s less than 20. Avalanche’s native token is AVAX, which is used to secure the network and pay transaction fees.

Avalanche Consensus

Avalanche Consensus is a novel protocol that builds upon Proof of Stake (PoS) to achieve agreement among nodes in a blockchain network. When a user initiates a transaction, it is received by a validator node that randomly selects a subset of validators to check for consensus. 

Through repeated sampling and communication, validators reach an agreement. Validator rewards are based on Proof of Uptime and Proof of Correctness, which consider staked tokens and adherence to software rules. Avalanche’s consensus resembles an avalanche, where a single transaction grows through repeated sampling and agreement.

Built-in Blockchains

Avalanche is built using three different blockchains in order to address the limitations of the blockchain trilemma. Digital assets can be moved across each of these chains to accomplish different functions within the ecosystem.

  • i. The Exchange Chain (X-Chain) is the default blockchain on which assets are created and exchanged. This includes Avalanche’s native token, AVAX.
  • ii. The Contract Chain (C-Chain) allows for the creation and execution of smart contracts. Because it is based on the Ethereum Virtual Machine, Avalanche’s smart contracts can take advantage of cross-chain interoperability.
  • iii. The Platform Chain (P-Chain) coordinates validators and enables the creation and management of subnets.

Unique Features of  Avalanche Network

The Avalanche ecosystem has experienced consistent growth, drawing the attention of a considerable number of projects, developers, and users. This expanding ecosystem fosters a dynamic and diverse trading environment, granting traders the opportunity to access an extensive range of assets and trading prospects. Participating in trading activities on the Avalanche network provides a multitude of significant advantages derived from the platform’s exceptional and unmatched features and capabilities. These include:

Enhanced Liquidity

The liquidity on the Avalanche network is strengthened as it continues to attract an expanding user base and an ever-growing assortment of projects. This heightened liquidity is important to traders, as it guarantees the presence of ample buyers and sellers within the market. Consequently, this diminishes slippage and fosters price stability, empowering traders to execute trades at their desired prices with minimal adverse effects.

Cross-chain Interoperability

Avalanche facilitates cross-chain interoperability through its support for the Ethereum Virtual Machine (EVM), enabling smooth interaction and compatibility with assets and decentralized applications (dApps), built on the Ethereum network. 

This cross-chain interoperability broadens the horizons of trading opportunities, granting traders access to a wider selection of assets and the ability to leverage the liquidity present in other blockchain networks.

Security

Security is a top priority for the Avalanche network, and it implements robust Byzantine fault tolerance (BFT) mechanisms. These measures safeguard the network against malicious attacks and guarantee the integrity of transactions. 

As a result, users can confidently participate in token transactions and interact with dApps on the Avalanche network, knowing that their security remains uncompromised.

Ecosystem Expansion

The expanding market depth on Avalanche empowers traders to broaden their asset selection, granting them access to a more extensive array of trading options. As adoption gains momentum, an increasing number of projects and tokens are introduced on the platform, enriching the diversity of available assets. 

This diverse assortment of assets facilitates portfolio diversification and facilitates the exploration of various investment opportunities, accommodating a wide range of trading strategies and individual preferences. Avalanche works with a wide variety of Ethereum DApps and infrastructure projects, including Trader Joe and UniSwap.

How To Get Started On The Avalanche Network

In order to engage in token transactions on the Avalanche (AVAX) network, users are advised to acquire a Metamask wallet. Metamask is a widely utilized browser extension wallet that facilitates interactions with blockchain networks such as Ethereum. It can be easily accessed and installed as an extension on popular web browsers like Google Chrome.

To add your Metamask Wallet to your browser as an extension, simply click on the ‘Add to Chrome’ icon located in the top right corner, as depicted below:

Avalanche

After you have installed and set up MetaMask, you can use it to manage your cryptocurrency wallets, interact with decentralized applications (DApps), and safely perform transactions on supported blockchains directly from your browser. 

Remember to write down your seed phrase on paper and keep it in a secure place. Avoid storing it online or on your device.

Afterwards, you can add the Avalanche (AVAX) network to your Metamask wallet by following the instructions provided on the Metamask website here.

Trading On The Avalanche (AVAX) Network

In order to execute trades on the Avalanche Network, users will need to fund their wallet with AVAX tokens. AVAX is the native cryptocurrency for the Avalanche Network, and it functions as the primary medium of exchange for transactions, gas fees and liquidity provision on the platform. Hence, users should ensure a sufficient amount of AVAX tokens in their wallet to cover the cost of trading on the Avalanche network.

Users have the option to purchase AVAX on centralized exchanges like Binance. Once you have obtained AVAX, you can copy your wallet address from Metamask and proceed to send the AVAX tokens from Binance to your Metamask wallet.

You can also buy AVAX directly from your Metamask wallet.  Click on the buy/sell button within Metamask to open the interface. Here, you can put how much AVAX token you intend to buy in terms of dollar amounts, pick your payment method, and then click “Buy”.

Kindly note that if you wish to buy cryptocurrencies directly within Metamask, you will need to provide information such as your country and state of residence. Rest assured, the process is quick and uncomplicated, typically taking just a minute to complete.

Metamask wallet

The arrival of your AVAX tokens in your wallet should take no more than a few minutes. Once they are successfully deposited, you are ready to commence trading tokens on the Avalanche network. 

Now, it’s time to visit Trader Joe, and embark on your trading journey.

How To Trade Tokens On The Avalanche Network Using TraderJoe

Trader Joe is a decentralized exchange (DEX) on the Avalanche network. It allows users to trade tokens directly from their wallets using liquidity pools. Trader Joe prioritizes user control, security, and privacy while providing a user-friendly trading experience.

Make sure to be on the right Trader Joe website so as to protect your assets from malicious activities. The first step on the website is clicking on the “Connect Wallet” option at the top right corner, as shown in the image below:

Trader Joe Avalanche

Connect to the preferred wallet option (Metamask) as presented in the image below:

Connect Metamask

Once connected, switch Metamask to AVAX (no need to switch if you’re already on the AVAX network):

Trader Joe

After connecting MetaMask to the Avalanche network, go to Trader Joe, and then you can start trading on the Avalanche (AVAX) network using Trader Joe. 

Once you reach the Trader Joe interface, you can proceed by choosing your desired tokens. Since Trader Joe follows a token-to-token trading model, simply click on the “select token” button to pick the trading pair you wish to trade against. Users can search tokens by name, symbol or contact address:

Avalanche Network

Buying and Selling Tokens With The Metamask Wallet

Users of the Avalanche (AVAX) Network have the option to purchase and sell tokens directly through the Metamask extension wallet, which is already connected to the Avalanche network.

To proceed, ensure that you are connected to the Avalanche network and possess AVAX tokens for swapping and paying transaction fees. Next, locate the “Swap” button, illustrated below, and click on it. This action will redirect you to the Swap interface within Metamask.

Getting AVAX tokens

Using the image above as a guide, you can also search for tokens using the name or the contract address, just like on Trader Joe. Input the amount of AVAX you want to swap, confirm that you have the correct token, and then click “Swap.” 

Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking Token Prices on The Avalanche  Network

Utilizing on-chain tools such as Dexscreener, users of the Avalanche network can access extensive market insights for specific tokens. These insights encompass crucial data like price information and contract details, equipping users with reliable and up-to-date information. By leveraging these insights, users can make informed trading decisions and engage in the market with confidence.

Dexscreener also allows Avalanche users can stay updated on token metrics and market dynamics, thereby improving their trading strategies and enhancing their overall trading experience. It provides valuable information such as price data, market cap, token supply, contract details, etc, that empowers users to make more informed decisions and navigate the market properly.

Dexscreener Avalanche

Dexscreener provides a range of beneficial features specifically designed for users on the Avalanche network. One standout feature is its advanced charting functionality, which offers real-time and historical price data for a diverse selection of tokens.

Through these charts, users can access valuable information about price trends, trading volumes, and other essential metrics. This empowers them to identify optimal entry and exit points for their trades with accuracy and certainty.

Dexscreener

Conclusion

In conclusion, the Avalanche network provides a robust ecosystem for decentralized finance (DeFi) and token trading. With its fast transaction speeds, low fees, and high scalability, Avalanche offers an efficient and user-friendly platform for buying, selling, and trading tokens.

The network supports various decentralized exchanges, such as Trader Joe, and provides on-chain tools like Dexscreener to empower users with market insights. It is important for users to stay informed, exercise caution, and adapt to the evolving landscape of the Avalanche network to make the most of its features and opportunities.

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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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A Bullish Beginning? $151 Million Poured Into Crypto Funds In 2024’s First Week

The first week of 2024 marked a notable milestone in crypto asset investments. Investment products in this particular sector witnessed inflows amounting to $151 million, according to a recent report from CoinShares.

Crypto Asset Funds Sees Surge In Inflows

This $151 million surge in inflow, as highlighted by James Butterfill, Head of Research at CoinShares, is particularly noteworthy in light of the Grayscale vs. US Securities and Exchange Commission (SEC) lawsuit, with these inflows contributing to a total of $2.3 billion since the case began in October 2022.

This amount accounts for 4.4% of the firm’s total managed assets. Even without a spot exchange-traded fund (ETF) launch in the US, Butterfill revealed that American exchanges contributed to over half of these inflows, at 55%. German and Swiss exchanges followed, contributing 21% and 17% of the inflows, respectively.

Crypto asset flows by country.

Bitcoin emerged as the leader in investment inflows, amassing $113 million. This substantial sum equates to 3.2% of the total assets under management (AuM) in the last nine weeks.

James Butterfill pointed out an interesting trend that challenges the anticipation of the US SEC approval of a spot Bitcoin ETF being a “buy the rumor, sell the news” event. Butterfill noted in the report:

If many truly believed that launch of the [spot] ETF in the US would a “buy the rumour, sell the news” event, we surely would expect to see inflows into short-bitcoin ETPs, instead, outflows over the last 9 weeks have amounted to US$7m.

Notably, this is because “buy the rumor, sell the news” implies that investors buy assets ahead of an anticipated event (like the spot ETF launch) and sell them when the actual event occurs, often leading to a price decline.

However, the observation here by Butterfill is quite the opposite. Instead of seeing inflows (more investment) into short-Bitcoin exchange-traded products (ETPs) (which benefit from a decline in Bitcoin’s price), there have been outflows amounting to $7 million over the last nine weeks.

This indicates that investors might not expect a significant price drop following the spot Bitcoin ETF launch in the US, contradicting the “buy the rumor, sell the news” expectation.

Ethereum And Altcoins: A Mixed Bag Of Sentiments

Ethereum’s performance in the crypto asset investment space has also been noteworthy. The second-largest crypto by market cap saw inflows of $29 million, with the last nine weeks bringing in $215 million. This influx indicates a significant shift in investor sentiment towards Ethereum.

While Solana, on the other hand, faced outflows amounting to $5.3 million, Cardano, Avalanche, and Litecoin witnessed inflows. Cardano saw $3.7 million, Avalanche $2 million, and Litecoin $1.4 million in inflows. The blockchain equity sector also started the year on a strong note, recording inflows of $24 million in the past week.

Crypto asset flows.

Despite Bitcoin’s dominance in inflows, the flagship crypto has recently experienced a net outflow of $32.8 million, with short Bitcoin investment products also seeing a minor outflow last month.

However, Bitcoin’s recent $113 million inflow has shown the asset’s move to rebound. Even in price performance, Bitcoin has increased by 5.2% over the past week and appears to be continuing its upward trajectory by 1.1% in the first 24 hours, with its trading price nearing the $45,000 mark.

Bitcoin (BTC) price amid crypto asset fund inflow weekly report

Contrastingly, Ethereum, after a 2% decline over the past week, is showing signs of recovery, increasing by nearly 1% in the past day. Other altcoins such as Solana, Cardano, Avalanche, and Litecoin have been less fortunate, experiencing significant losses, with Avalanche and Cardano being the top losers, down by 27.3% and 17% in the past week.

Litecoin and Solana, though also in the red, have seen slightly lesser declines. Solana is down by 10% over the past week and 1.6% in the past 24 hours, while Litecoin mirrors this trend, down by 10.8% over the week and 0.4% in the last day.

Featured image from iStock, Chart from TradingView

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3 Under The Radar Altcoins Expected To Hit $100 Before The Bitcoin Halving

With the Bitcoin halving expected to happen today, crypto enthusiasts are already starting to take positions in various altcoins. Among these, there are a number of coins that have shown a lot of promise when it comes to reaching the $100 price mark and this report takes a look at three.

MoonRiver (MOVR) Tops Lists Of Altcoins To Reach $100

The MoonRiver (MOVR) token has been one that has flown under the radar for quite a while now. This has to do with the fact that the price of the altcoin fell from its all-time high of $485 to as low as $5 earlier in 2023. However, this has not eradicated the bullish narrative for the asset.

So far, as the crypto market has recovered, the MOVR token has seen one of the most significant rallies. In the days leading up to Christmas, the price would go from around $6 to as high as $44 in a couple of days, notching 700% gains during this time.

Since then, the price has since retraced and fallen around 50%. But with the price still holding above $20, it shows a lot of promise for the coin. Given its low supply of around 11 million coins and a tendency to rise quickly in a short time, MoonRiver is one of the coins poised to break the $100 mark.

MoonRiver (MOVR) price chart from Tradingview.com (Altcoins $100)

Litecoin (LTC) Slow Movement Coming To An End

The Litecoin price rallied tremendously in 2023 leading up to its halving and was among some of the best-performing altcoins. However, once the halving was completed, the LTC price would crumble and fall into a slow and steady decline. However, this has changed as the coin’s price has begun to pick up steam once again.

With the Bitcoin reversal, the Litecoin price is on the up once again, briefly crossing $75 in the early house of Tuesday. The altcoin, which is often referred to as the digital silver, could be poised to see firmer rallies, especially as the Bitcoin halving draws closer, which is often a catalyst for the bull market. If this continues, then LTC could easily cross $100.

Avalanche (AVAX) Sees An Awakening

Just like Solana (SOL), the Avalanche network has undergone an awakening that has brought investors back to the chain. As a result, the AVAX price has rallied, going from its 2023 low of around $9 to as high as $47 in December 2023.

As the new year rolled around, the Avalanche network has continued to enjoy attention from crypto investors and this has helped it maintain its bullish momentum. Just like MoonRiver (MOVR) and Litceoin (LTC), Avalanche (AVAX) is another token expected to cross the $100 mark.

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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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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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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 Uprising: Crypto Analyst Predicts Bullish Wave To Push Price To $30

The Avalanche (AVAX) price has performed reasonably well this year, going from a low of around $9 to as high as $24 before correcting back downward. Since the correction, the altcoin has been trading in a tight range around $20 and $21. However, this might not continue for much longer following one crypto analyst’s prediction.

An AVAX Bullish Wave Is Rising

Crypto analyst Babenski has unveiled their bullish prediction for the AVAX price going forward. According to the analyst, the digital asset could be poised for an incredible run that could break multiple bearish resistances to bring its price to $30.

Babenski’s analysis hinges on the EMA100 (Exponential Moving Average) which they identify as providing dynamic support for the altcoin. This began during the October rally where prices started rising and AVAX did not lose the EMA100 despite multiple corrections.

AVAX price chart from Tradingview.com

Even on the 4-hour chart that the analyst presents, the altcoin’s price also touched down toward the EMA100. But once again, this dynamic support held as the price bounced off and continued on its merry way. This suggests a lot of support for the asset at this level.

Additionally, the crypto analyst reveals that the AVAX price has also broken out of a bullish pennant. This is shown in the chart as the price resumed its uptrend above $21. This breakout “Looks bullish in short term,” according to the analyst, and could send the price to $30.

However, the bullish trend is not the only one that is spinning for the AVAX price. While bulls remain firmly in control, there is still the possibility of the altcoin losing its dynamic support. If this happens and the price drops lower, then Babenski reveals that the next significant support is located just around the $17 price level.

AVAX price chart from Tradingview.com

Avalanche Ordinals Take Center Stage

The Avalanche network has also seen a surge in its network usage that could contribute to the price surge predicted for the AVAX price. Following the Polygon network, Ordinals have also made their way to the Avalanche network and their adoption caused a spike in transaction numbers

Last week, Ordinals minting accounted for around 96% of the total transaction numbers, and as the fees on the network increased, so did the demand for AVAX. Additionally, Avalanche has debuted its new explorer after cutting ties with Etherscan. The network has now moved to a new multichain explorer for considerably cheaper than what they used to get with Etherscan.

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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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AVAX Holders Beware: $204 Million Token Unlock Could Trigger Price Crash Today

Token unlocks for cryptocurrencies such as AVAX are not new but that does not negate the kind of impact that these unlocks can have on the price. Depending on the size of the unlock, it could trigger a market crash as millions of new coins roll into circulation and are dumped on retail. This could certainly be the case for AVAX today given the size of the upcoming unlock.

AVAX Unlock At $204 Million

AVAX’s most recent unlock is about to see a total of 9.5 million tokens being brought into the open market. With the price of the altcoin trending above $21, this puts the total value of the unlock at approximately $204 million.

According to data from the Token Unlocks website, this unlock will see another 2.68% of the total token supply added to the circulating supply. This will take the percentage of the total supply already unlocked from 55% to 57.68%. This cliff unlock will continue to inflate the AVAX supply, posing a potential roadblock for rallies as the supply increases.

AVAX token unlock

The standard allocation for this cliff unlock is spread across multiple spheres, with the largest portion going to staking rewards. 50% of the total unlocked tokens usually go to these stakes. Then the team portion is 10%, while the foundation gets 9.3%.

Implications For Token Price

Naturally, an inflation in supply is not good for the token price and this will likely be reflected in the AVAX price soon after. However, taking a look at the last unlock event carrying the same number of coins which took place on August 23, 2023, the chart shows only a small dip in price, suggesting that the unlock event had already been priced in.

If this were to repeat, then it’s possible that the AVAX price could maintain its momentum. But the difference between the current trend and that of August is that the token’s price has risen quickly in the last day. This could trigger selling as investors try to take advantage of the price recovery and secure their gains.

As data from IntoTheBlock shows, the percentage of AVAX holders that are currently sitting in profit has reached a new 20-month high. A total of 4.02 million holders are sitting in profit, which makes up 66% of the total holder base.

The last time that the holder profitability was this high was back in April 2022 when the price was at $94.93. What followed was aggressive profit-taking that would send the price falling more than 70% in a few months. So a repeat of this could see the AVAX price return toward $10.

AVAX price chart from Tradingview.com (token unlock)

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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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Pro-XRP Lawyer Deaton Picks His Top 10 Cryptos For The Year Ahead

In a recent post on X (formerly Twitter), noted XRP advocate and lawyer John Deaton shared his top 10 cryptocurrency picks for the next 12 months. His selection includes a mix of well-established and emerging digital currencies.

He stated, “If you had to pick only 10 tokens to own for the next 12 months (as a trade) what are they? Here’s mine: BTC, XRP, ETH, QNT, RNDR, SOL, KAS, AVAX, HBAR, CSPR. What am I missing?”

Analysis Of The Pro-XRP Lawyer’s Picks

Bitcoin (BTC): Deaton likely selected Bitcoin due to the potential imminent approval of a spot Bitcoin ETF in the United States. Bloomberg Intelligence analysts anticipate that the US Securities and Exchange Commission (SEC) might approve multiple spot Bitcoin ETF by January 10, 2024, a move that could significantly impact Bitcoin’s value

XRP: Deaton’s choice of XRP is consistent with his role as a strong supporter and legal advocate for the XRP community. XRP’s status as a regulatory-defined token in the United States with high utility adds to its appeal. Currently, XRP is consolidating after being rejected at the 0.618 Fibonacci retracement level at $0.7492.

XRP price

Ethereum (ETH): Despite the harsh criticism of Ethereum’s founder, Deaton has included ETH in his list. This might be due to its position as the second-largest cryptocurrency by market cap. Also, BlackRock and several other financial giants have recently applied for a Spot Ethereum ETF, adding to the potential bullish trajectory of ETH in the next 12 months.

Quant (QNT): The QNT token of Quant Network has found itself in a downtrend channel since late January this year, down approximately 35% from its year-to-date high. With the current price of $98.74, QNT is 78% below its all-time high of $428.38 on November 21, 2023. Nevertheless, Quant can boast partnerships with major financial institutions, including the Bank for International Settlements (BIS), Bank of England, Bank of Canada, MasterCard, Amazon, and Barclays, to develop and test use cases for central bank digital currencies (CBDCs).

Quant price

Render Network (RNDR): The RDNR token is currently up 725% since the beginning of the year. Render Network provides a decentralized GPU rendering platform, allowing artists to scale GPU rendering work on-demand to high-performance GPU nodes. Notably, the RDNR price has also profited from the AI narrative.

Solana: SOL has been one of the other big winners this year, up nearly 600% at the current price since it went below $8 at the end of last year. Solana is currently seen as the potential biggest challenger to Ethereum as a layer-1 blockchain, which is why Deaton may have ranked SOL on his list.

Kaspa (KAS): Kaspa has gained attention due to its positioning as a highly scalable Layer-1 blockchain, with a focus on fast confirmations and high throughput. Its underlying technology, GhostDAG/PHANTOM protocol, aims to balance security, scalability, and decentralization. The KAS token’s impressive performance, with an over 2,600 % increase year-to-date, makes it a notable inclusion.

Avalanche (AVAX): Avalanche’s AVAX token might be included due to its recent gains of almost 130% since mid-October. Deaton may have chosen AVAX because of Avalanche’s involvement in the Monetary Authority of Singapore’s tokenization initiative, Project Guardian, as well as its partnership with Amazon Web Services and Deloitte, all of which are potential catalysts for price appreciation.

Hedera (HBAR): Hedera Hashgraph has gained prominence by becoming part of FedNow, the US Federal Reserve’s instant payments platform. This development led to a significant surge in the price of Hedera’s HBAR token.

Casper (CSPR): Casper’s inclusion may be due to its position as one of the fastest-growing blockchain projects, with a focus on solving the blockchain trilemma of scalability, security, and decentralization.

Remarkably, Deaton’s selections reflect a balance between established market leaders like Bitcoin and Ethereum, and emerging, high-potential projects like Kaspa and Casper. This blend indicates a strategic approach to cryptocurrency investment, recognizing both stability and innovation within the digital asset space.

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AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?

The open interest for AVAX has been on a consistent rise over the last month, carrying the price of the altcoin along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price.

AVAX Open Interest Surge To $224 Million

According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX.

Binance actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period.

AVAX open interest

ByBit exchange accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day.

The largest jump in open interest was recorded on the Bitmex exchange as it rose 17.78% to bring the crypto exchange’s total open interest to 55,340 AVAX with $1.53 million. Altogether, the open interest in the altcoin has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month.

AVAX price chart from Tradingview.com (Open interest)

Can Price Cross $30?

The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the open interest crossed $220 million was in May 2022 when the price was still trading above $50.

Also, taking a look at AVAX’s historical performance, it shows that whenever the open interest has risen quickly, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55.

If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning the altcoin could be trading well below its fair value.

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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.