Key Takeaways:
- Avalanche’s native token AVAX gained over 27% in three days.
- But the token risks running into a heavy selling zone, as per a crytpo analyst.
- Meanwhile, Umbria Protocol bridged Avalanche and Ethereum through Narni.
YEREVAN (CoinChapter.com) — AVAX, the native token of Avalanche — a smart contract platform, outperformed its top crypto rivals in terms of gains in the past three days. In detail, its price token rose by 27% to $95.80 in the said timeframe.
The Avalanche token’s upside move brought it near a critical resistance that risked capping its gains, as spotted by crypto analyst ‘TraderXO.’ In detail, he noted that AVAX could — more or less — tail trends in the Bitcoin (BTC) and Ethereum (ETH) markets. That said, if the top two tokens decisively close above their key resistance levels, AVAX would do the same.
Also read: Avalanche (AVAX) at rebound level amid a new partnership.
Additionally, TraderXO indicated a so-called ‘short trigger’ at $95, i.e., traders’ likelihood of raising their bearish bets near the level could rise. Should AVAX rise next resistance level near $97 — and then fall back to $95 — the analyst anticipated traders to open new short entries, thus triggering a sell-off.
However, the $78-84 support bar has proven instrumental for AVAX on several occasions throughout Q4 2021 and Q1 2022. It could prevent further decline and help the digital asset recover the bullish incentive.
Also read: Avalanche (AVAX) jumps 80% in less than three weeks amid renewed risk-on appetite.
Meanwhile, fundamental developments on Avalanche continue, with a new bridge with Ethereum.
Narni bridges Avalanche and Ethereum
Umbria Network, a protocol, which enables DeFi applications on the Ethereum blockchain, bridged the latter with Avalanche through Narni on Feb. 15.
The announcement specified that sending 0.01 ETH through Narni would cost $2.43 and take 2 min 42 sec. Meanwhile, the same transaction through “AVAX official bridge” would cost $27.62 and take 10 min 34 sec.
Barney Chambers, co-lead developer and founder of Umbria Network, called creating Narni a necessary task, noting its importance for users.
Onboarding new crypto users to Avalanche can be difficult due to the technical challenges and knowledge required, the lengthy transaction times, and the prohibitive costs. Our bridging protocol removes these barriers, which ultimately increases access to Avalanche projects from Ethereum.
said the executive.
Also read: Ethereum killers Solana (SOL), Terra (LUNA), and Avalanche (AVAX), back on track after brutal January—what to expect?
In detail, Narni already supports Ethereum bridges to Polygon, Binance Smart Chain (BSC), and plans to add Fantom “shortly.” In addition, the protocol provided a detailed roadmap of upcoming bridges, including Solana and Cardano, in Q2 2022.
