YEREVAN (CoinChapter.com) – Avalanche, a layer-1 smart contract platform, fared reasonably well against the previous bearish week wherein several altcoins trimmed their valuations. In the meantime, Avalanche’s native AVAX lost 5% in the same period and arrived at a significant rebound level at $78.
Also read: Avalanche (AVAX) jumps 80% in less than three weeks amid renewed risk-on appetite.
However, the digital asset flashed warning signs on the daily chart as it traded in a Descending Channel. In detail, the formation features two parallel trendlines with a negative slope that maintains the price swing while driving the value down.
AVAX retested the Channel’s resistance on Feb. 10 and could be headed for the support, which would mean a further 40% decline. However, another resistance retest might occur if the token can hold the rebound level at $78.0. In hindsight, AVAX has rebounded from the bar on three separate occasions since Nov. 2021.
Notably, the Descending Channel does not predict a bias after the digital asset completes the formation. However, it is instrumental in determining short-term vectors. For example, AVAX could drop to approximately $47.0 against the platform’s bullish fundamentals if the Channel stays relevant.
On Feb. 14, Roobee.finance, a blockchain-based investment platform, announced Avalanche Network’s integration. In addition, the investment vehicle clarified that the “deployment to Avalanche will help increase transaction processing speed significantly and lower gas fees for Roobee.finance users.”
Moreover, crypto analyst Miles Deutscher tweeted his bullish views on Avalanche and called it “one of the strongest L1 plays” on the market.
Due to this design, Avalanche can settle transactions in sub 2 seconds and has seen some of the most impressive speeds in crypto. But.. As we know in crypto, tech isn’t everything. You need real user growth to underpin L1 fundamentals. $AVAX emphatically ticks this box.
mentioned the analyst in the thread.
Also read: Bitcoin cannot be superseded by other cryptos as a store of value – Fidelity researcher.
Additionally, Mr. Deutscher commented on the rising number of transactions on the platform as of Feb. 9.
Moreover, Avalanche’s total value locked (TVL) stood at $10.6 billion on Feb. 14, surpassing Solana (SOL) and Polygon (MATIC). The platform also increased its market dominance from 4.89% to 5.25% year-to-date.
The recent Federal Open Market Committee (FOMC) decision, along with some technical cues, could be…
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
EYWA, a consensus bridge that secures transactions across multiple protocols, has raised a total of…
StakingFarm is proud to announce the launch of its groundbreaking Bitcoin liquid staking product, a pioneering…
Rahaman Kargar, founder of Blockchain Asset Management, proudly announces the launch of its blockchain fund tailored…
Trace Labs, the core developers of OriginTrail, has joined the European Union's initiative to foster a…