Avalanche’s original token, AVAX, registered a strong upswing this week, showing that altcoin is gaining a lot of traction at its current price.
As of this writing, AVAX is trading at $ 19.95, up 1.9% in the last seven days, data from Coingecko shows, Friday.
The token market value rose more than 4 percent in the previous 24 hours and more than 11 percent on Tuesday, a quick return from bearish performance over the weekend.
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AVAX Tokens Enjoy Eligible Accumulation
Trading volume increased 73 percent during intraday trading. This indicates that tokens are currently being purchased and buyers are actively trading AVAX.
The most recent increase in the AVAX price came after the stock tested its June support level. These results are consistent with the fluctuating price behavior of AVAX since the rupture of the wedge shape.
Image: The Coin Republic
If this performance is continued over the next two weeks, a small increase can be anticipated before resistance occurs.
The AVAX price has turned the $ 18.26 barrier into a support base, along with the 50 and 200 Exponential Moving Averages. These factors are important to determine the direction of avalanches in the future.
Avalanche Appears Retesting $ 21 Level
If the token price bounces from this level, investors can anticipate a 10% rise to retry the 200 four-hour moving average at $ 20.01. If buyers stay and overcome that level, Avalanche will retry the $ 21.47 hurdle.
AVAX hit a low of $ 16.37 on Wednesday before the bulls grabbed the driver’s seat. The token traded around $ 18.20 on the day after facing some resistance due to selling pressure close to the 50 percent level of the relative strength index.
The token traded around $ 18.20 on the day after facing some resistance due to selling pressure close to the 50 percent level of the relative strength index. Since Wednesday, the Money Flow Index (MFI) for altcoin has shown a substantial accumulation.
AVAX total market cap at $5.6 billion on the daily chart | Source: TradingView.com
Avalanche TVL In DeFi Rises
Meanwhile, Total Value Locked Avalanche for the second quarter decreased almost 70% in USD quarter-on-quarter terms, even as the number of AVAX locked in DeFi increased.
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New market volatility does not affect network health, as network staking and decentralization remain strong in bear markets.
AVAX provides many advantages on the side of the chain as well. For example, the supply held by whales increased significantly from 43.55 percent monthly on Thursday to 43.89 percent monthly on Friday.
After experiencing incredible growth since 2021, the number of Avalanche network usage has stabilized and my financial performance improved in the first quarter of this year.
Some of the key milestones that contributed to the first quarter results, included the execution of the growth plan, subnet development, and ecosystem expansion. The outlook for Q2 2022 is optimistic, and strong momentum is anticipated to continue.
Featured image from Fintechs.fi, chart from TradingView.com
