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Avalanche: Everything you need to know about AVAX and its latest development



Avalanche: Everything you need to know about AVAX and its latest development
Source: StockAI

  • AVAX’s RSI was oversold, at press time, which was somewhat of a bullish signal.
  • However, the major market indicators suggested that selling pressure was imminent. 

Avalanche [AVAX] made quite a name for itself on 30 December when it announced that, a SocialFi, had chosen Avalanche to build its “Fi”. is a global social network established to connect people of all ethnicities, races, and faiths from all over the world.

A 93.52x hike on the cards if AVAX hits Bitcoin’s market cap?

This development was optimistic for AVAX as it added value to the network. Furthermore, as per CoinMarketCap, at the time of writing, AVAX’s price had registered a decline of more than 7% in the last seven days and was trading at $10.69 with a market capitalization of over $3.3 billion. 

Good days to come soon?

AVAX’s Relative Strength Index (RSI), at press time, was in an oversold position, which drastically increases the chances of a trend reversal in the first week of this year.

Furthermore, a few of the metrics were also supportive of the aforementioned possibility. For instance, AVAX’s social volume spiked over the last week, reflecting its popularity in the crypto community. 

Source: Santiment

Its NFT ecosystem also witnessed growth in the past few days, as its total number of trade counts and total NFT trade volume in USD went up. Nonetheless, AVAX’s development activity took a different path and declined. Moreover, its price surge was accompanied by a rise in volume.

Source: Santiment

How many AVAXs can you get for $1?

New year is here, but investors must be cautious

Though a few of the metrics looked positive, the market indicators suggested that things might get darker. For instance, the Money Flow Index registered a downtick, which was bearish.

The Chaikin Money Flow (CMF) also went with MFI and declined. The Exponential Moving Average (EMA) Ribbon revealed a bearish advantage in the market, which might restrict AVAX’s price from going up. 

Source: TradingView

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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