• Mon. Mar 4th, 2024

Assessing Chances of Avalanche (AVAX) Recovery in the Upcoming Week

Nov 11, 2022
  • Avalanche’s TVL extended downtrends.
  • The previous week saw increased integrations and partnerships.

AVAX Daily highlighted Avalanche’s C-chain weekly state, revealing some notable stats. For example, the transaction count surged by more than 4%. Furthermore, the token’s staking rewards saw an approximately 9% uptick in that timeframe –  a commendable development.

Nevertheless, DeFiLlama confirmed a different tale, with the chart showing Avalanche’s TVL dropped sharply within the past few days. That came even as the altcoin saw increased partnerships and integrations.

The Recent Updates

The renowned Twitter handle Avaxholics posts updates associated with the AVAX ecosystem. It recently tweeted about notable developments within the last few days. For instance, ThoSwap confirmed its Avalanche cross-chain decentralized exchange aggregators went live.

Also, SoulSwap announced the release of v2 (limit order) and its availability on Avalanche. Can these developments help $AVAX reverse its declines and paint a green picture?

What to Expect?

While publishing this blog, AVAX changed hands near $14.11, losing more than 23% within the past seven days, with its market cap beyond $4.32 billion. Surprisingly, evaluating Avalanche’s metrics showed things may worsen things for investors, as they indicated more declines in the upcoming days.

Moreover, the altcoin could not gain massive interest within the derivatives marketplace, with its funding rate staying considerably lower on Binance. Despite the discussed integrations, Avalanche’s development activity has recorded declines lately – a negative sign for the blockchain.

More bad news seemed impending for holders after AVAX’s CMF (Chaikin Money Flow) and MFI (Money Flow Index) recorded declines. These indicators remained beneath their respective neutral levels during this publication.

The Chaikin Money Flow displayed a bearish sign as it headed further south. Moreover, the Bollinger Bands confirmed that Avalanche price could dip into a high volatility region. Considering the metrics plus other indicators, the BB heightened the probability of continued price declines.

Though the RSI (Relative Strength Index) remained somewhat low, the indicator bounced back and climbed toward the neutral level, offering some respite for investors. Moreover, Avalanche enthusiasts should watch broad market cues for informed decisions.

Feel free to share this article.

Don't Miss Out On Bitcoin Evolution!

The Top Bitcoin and Cryptocurrency Price Prediction Software / Trading Robot

Sign Up

Try Crypto Engine With a Trusted Broker