Avalanche: Investors may want to watch out for AVAX after reading this

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Avalanche [AVAX] devel­op­ers recent­ly pushed a new upgrade named AvalancheGo@v1.8.6. This ver­sion is back­wards com­pat­i­ble with v1.8.0, which is option­al but rec­om­mend­ed by developers.

Apart from the launch of this new update, sev­er­al pos­i­tive devel­op­ments have hap­pened in the AVAX com­mu­ni­ty late­ly. These have added val­ue to the blockchain. AVAX’s price also cor­re­spond­ed to those devel­op­ments, as it reg­is­tered a 2% gain in the last 24 hours. 

At the time of writ­ing, AVAX was trad­ing at $18 with a mar­ket cap­i­tal­iza­tion of $5,325,276,801. Though the devel­op­ments look promis­ing, the real ques­tion is whether they can help AVAX start its next bull-rally.

Source: Coin­Mar­ket­Cap

Community developments 

AVAX has gone through with a num­ber of part­ner­ships with sev­er­al oth­er play­ers in the mar­ket. These have helped increase the pop­u­lar­i­ty of the blockchain and the ser­vices it offers. The most recent one being Avalanche’s col­lab­o­ra­tion with Boba Net­work, which is a mul­ti-chain Layer‑2 scal­ing solution. 

Accord­ing to the offi­cial tweet, this part­ner­ship will enable faster trans­ac­tions at low­er costs. 

Inter­est­ing­ly, AVAX also recent­ly ranked the first in the list of top Avalanche projects with the high­est bull­ish sen­ti­ment. This news com­pli­ment­ed the recent uptick in AVAX and sug­gest­ed brighter days ahead of us. 

What to expect next?

A few on-chain met­rics were also in favor of AVAX as they sug­gest­ed a fur­ther surge in its price in the com­ing days. For instance, AVAX’s devel­op­ment activ­i­ty increased con­sid­er­ably over the last week, which can be tak­en as a pos­i­tive sig­nal as it reflects devel­op­ers’ efforts in improv­ing the blockchain.

The NFT space also dis­played some action as the total num­ber of NFT trade counts spiked last week along with social vol­ume. How­ev­er, the social vol­ume reg­is­tered a decrease after the surge. 

Source: San­ti­ment

Inter­est­ing­ly, CryptoQuant’s data revealed that AVAX’s Rel­a­tive Strength Index (RSI) and sto­chas­tic were in neu­tral posi­tions, sug­gest­ing the mar­ket can go in any direc­tion. Con­sid­er­ing all the pos­i­tive devel­op­ments hap­pen­ing in the net­work, we can expect AVAX to per­form bet­ter in the next week. 

Source: Cryp­to­Quant

AVAX’s dai­ly chart also sug­gest­ed a sim­i­lar out­come as most of the mar­ket indi­ca­tors were in its favor. AVAX’s On Bal­ance Vol­ume (OBV) reg­is­tered an uptick, which is a bull­ish sig­nal. More­over, the Bollinger Bands (BB) sug­gest­ed that AVAX’s price was in a crunched zone. This increased the pos­si­bil­i­ty of a north­bound move­ment soon. 

How­ev­er, the Chaikin Mon­ey Flow (CMF) was in a neu­tral posi­tion and the Expo­nen­tial Mov­ing Aver­age (EMA) Rib­bon indi­cat­ed sell­ers’ advan­tage in the mar­ket, which might cause hin­drance in AVAX’s next bull run. 

Source: Trad­ingView



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