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Avalanche (AVAX) Downtrend Persists Amid Market Uncertainty

Generally, the cryptocurrency market is bearish at the moment, with coins like Avalanche (AVAX), Ethereum, Litecoin, XRP, Solana, and others all caught in this trend. Currently, the price of AVAX is on a strong bearish move below the 100-day Moving Average (MA) and could continue in that direction for a while before retracing.

Technical Indicators Suggest A Bearish Trend For Avalanche

Observing the chart from the 4-hour timeframe, AVAX has crossed below both the 100-day moving average and the trend line. This could mean that the price is on a downward trend. The MACD indicator on the 4-hour timeframe suggests a very strong bearish movement as the MACD histograms are trending below the MACD zero line.

Avalanche

Also, both the MACD line and MACD signal line are trending below the zero line. Given the formation of the MACD indicator, it shows that there is a possibility that the price will still move further downward.

Furthermore, the Relative Strength Index (RSI) also on the 4-hour timeframe suggests a bearish trend as the RSI signal line is trending around the oversold zone. Despite the potential of a retracement at this point, the price will drop more following this.

Avalanche

The alligator indicator is another powerful tool used to determine the trend of an asset. A look at the above image shows that both the alligator’s lip and teeth have crossed over the alligator’s jaw facing the downward direction. This formation suggests that the trend is bearish and that the price could witness a deeper decline.

What Could Happen Next

Based on the price’s previous movement, there are two major resistance levels of $50 and $59.99 and a support level of $39.95. As Avalanche is on a negative trajectory, if prices manage to break below the support level of $39.95, it could trigger a move further toward the next low of $27.53.

On the other hand, if the price fails to break below its previous low, it might start an upward correction movement toward the resistance level of $50.80. However, if it manages to break past this level, AVAX might move even further toward the $59.99 resistance level.

As of the time of writing, the Avalanche was trading around $38, indicating a decline of 1.75% in the last 24 hours. Its market cap is down by over 16%, while its trading volume has increased significantly by nearly 250% in the past day.

Avalanche

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Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead

AVAX, the native token of the Avalanche protocol, presented a mixed experience for investors in the month of March. The altcoin initially rose by over 64% to trade above $65 for the first time since May 2022 before declining by 18.44% in the last two weeks. 

Unsurprisingly, AVAX’s price movement has drawn much attention from investors and market experts alike. Notably, a popular crypto analyst with the X handle Rekt Capital has advised against panic, stating the recent decline of the altcoin could prove to be rather beneficial for investors.

AVAX To Return To $65-$70 Price Zone, Analyst Stands Confident

In a post on X on March 30, Rekt Capital shared that AVAX has suffered an overall decline since encountering the $65-$70 price zone in mid-March. However, the analyst has described this price drop as a “healthy dip,” which could result in the token returning to previously high levels.

Currently, AVAX trades in the range of $52-$54, but Rekt Capital predicts the altcoin is heading to the region of $44-$49, which represents its highest price points recorded in December 2023. On entering this price zone, Rekt Capital expects the token to find support and embark on an uptrend back to the $65-$70 region. 

However, in the presence of overwhelming bearish pressure, the analyst technical analysis revealed that AVAX could drop further to around $32.66, indicating a potential price decline of 39.62% and 49.9% from the coin’s current price and its peak price in March, respectively 

Avalanche (AVAX) Price Overview 

At the time of writing, AVAX trades around $53.50 with no significant price movement in the last day, while recording a 0.51% decline over the past week based on data from CoinMarketCap. Meanwhile, the crypto asset’s trading volume is down by 16.62% and valued at $370.86 million. 

However, AVAX has generally been one of best best-performing assets in the last six months boasting a market gain of 471.35% within this period. Notably, in December 2023, the altcoin rose by about 150% to move from $20.41 to a monthly high of $49.98.

Off the market, AVAX has also scored some positive strides. Most recently, the Avalanche network announced a collaboration with fellow blockchain Chainlink and the prestigious Australia and New Zealand Banking Group (ANZ) targeted at exploring the use of crypto assets in global financial settlement systems. The use of AVAX in such a project would largely amplify the token’s adoption, which would elicit a positive effect on its market price.

AVAXAVAX trading at $53.30 on the daily chart | Source: AVAXUSDT chart on Tradingview.com

Featured image from Zipmex, chart from Tradingview

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

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

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

Tokenized Asset Transaction Across Avalanche And Ethereum Using Chainlink

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

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

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

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

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

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

ANZ Harnesses Avalanche’s Evergreen Subnet

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

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

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

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

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

AVAX Nears 22-Month High 

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

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

Avalanche

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

Featured image from Shutterstock, chart from TradingView.com

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

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

Simplified Cross-Chain Messaging?

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

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

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

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

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

Avalanche Durango Upgrade

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

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

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

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

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

Avalanche

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

Featured image from Shutterstock, chart from TradingView.com

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

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

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

Avalanche C-Chain Block Production Halt

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

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

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

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

Avalanche

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

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

AVAX Price Dips

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

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

Avalanche

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

Featured image from Shutterstock, chart from TradingView.com

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

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

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

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

Avalanche Token Breaks Resistance

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

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

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

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

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

Major Banks Embrace Avalanche

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

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

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

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

Featured image from Shutterstock

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

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

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

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

Avalanche Token Breaks Resistance

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

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

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

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

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

Major Banks Embrace Avalanche

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

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

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

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

Featured image from Shutterstock

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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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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