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

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

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  • 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


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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