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

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Avalanche: Can last week's achievements help beat the odds of a downtrend? 
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  • Avalanche’s social dominance and mentions increased. 
  • Metrics remained in support of a price pump, while market indicators suggested a trend reversal. 

3 February’s weekly roundup of Avalanche [AVAX] pointed towards a general growth of the network. Notably, Ava Labs launched its new explorer for Avalanche P-Chain, which came with several useful features. 

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

Additionally, Intain, a financial platform, announced that it would open a tokenized marketplace for asset-backed securities, which will be built on Avalanche. Lastly, OKXweb3’s partnership with Avalanche will allow users to easily buy Avalanche NFTs on OKX.

The above weekly roundup was supplemented by AVAX Daily’s tweet on 2 February, which mentioned that AVAX’s social mentions and social dominance had increased by over 5%.

Though the token remained popular, its Galaxy Score and AltRank were not as promising as many expected. AVAX’s price rallied last week, registering double digit gains. According to CoinMarketCap, AVAX’s price increased by 15% in the last week, and at press time, it was trading at $21.07 with a market capitalization of over $6.6 billion.

Interestingly, AVAX made it to the list of the top gainers in the Avalanche ecosystem, thanks to its weekly price action. 

A promising week indeed!

Over the last seven days, AVAX’s price spiked twice. The price surge was accompanied by an increase in AVAX’s DyDx funding rate, indicating higher demand in the derivatives market. AVAX’s Binance funding rate also registered an uptick, which established its demand in the futures market.

Positive sentiments around AVAX also spiked, reflecting the crypto community’s faith in the token. Moreover, LunarCrush’s data revealed that Avalanche’s market dominance increased by 9% during the last week. 

Source: Santiment

How much are 1,10,100 AVAXs worth today?

The weather is changing

The good times, however, seemed to be ending as AVAX’s price declined by 4% in the last 24 hours. Most market indicators revealed that bears had entered the market, which could lead to a price decline over the coming days. Moreover, the Relative Strength Index (RSI) was just near the overbought zone.

AVAX’s Chaikin Money Flow (CMF) went down and was resting below the neutral mark, which was a development in the sellers’ favor. In addition, the MACD displayed the possibility of a bearish crossover, further increasing the chances of a continued downtrend. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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