Avalanche: Can final week’s achievements beat the chances of a downtrend? 

by | Feb 4, 2023 | Crypto | 0 comments

Avalanche: Can last week's achievements help beat the odds of a downtrend? 


  • Avalanche’s social dominance and mentions elevated. 
  • Metrics remained in help of a value pump, whereas market indicators recommended a pattern reversal. 

3 February’s weekly roundup of Avalanche [AVAX] pointed in direction of a basic progress of the community. Notably, Ava Labs launched its new explorer for Avalanche P-Chain, which got here with a number of helpful options. 

Learn Avalanche’s [AVAX] Price Prediction 2023-24

Moreover, Intain, a monetary platform, introduced that it will open a tokenized market for asset-backed securities, which shall be constructed on Avalanche. Lastly, OKXweb3’s partnership with Avalanche will enable customers to simply purchase Avalanche NFTs on OKX.

The above weekly roundup was supplemented by AVAX Day by day’s tweet on 2 February, which talked about that AVAX’s social mentions and social dominance had elevated by over 5%.

Although the token remained in style, its Galaxy Rating and AltRank weren’t as promising as many anticipated. AVAX’s value rallied final week, registering double digit beneficial properties. In accordance with CoinMarketCap, AVAX’s value elevated by 15% within the final week, and at press time, it was buying and selling at $21.07 with a market capitalization of over $6.6 billion.

Apparently, AVAX made it to the listing of the highest gainers within the Avalanche ecosystem, due to its weekly value motion. 

A promising week certainly!

Over the past seven days, AVAX’s value spiked twice. The value surge was accompanied by a rise in AVAX’s DyDx funding charge, indicating larger demand within the derivatives market. AVAX’s Binance funding charge additionally registered an uptick, which established its demand within the futures market.

Optimistic sentiments round AVAX additionally spiked, reflecting the crypto neighborhood’s religion within the token. Furthermore, LunarCrush’s data revealed that Avalanche’s market dominance elevated by 9% over the last week. 

Supply: Santiment

How a lot are 1,10,100 AVAXs worth today?

The climate is altering

The great occasions, nonetheless, gave the impression to be ending as AVAX’s value declined by 4% within the final 24 hours. Most market indicators revealed that bears had entered the market, which might result in a value decline over the approaching days. Furthermore, the Relative Energy Index (RSI) was simply close to the overbought zone.

AVAX’s Chaikin Cash Move (CMF) went down and was resting beneath the impartial mark, which was a growth within the sellers’ favor. As well as, the MACD displayed the potential of a bearish crossover, additional rising the possibilities of a continued downtrend. 

Supply: TradingView





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