AVAX Brushes Off Bearish Pressure With 11% Rally – Details
2024年7月21日 - 7:30PM
NEWSBTC
AVAX continues to rush forward to greater heights with the token
reaching $28.74 since last week. This has been the biggest push by
the bulls, influenced by the growing market confidence fueled by
Bitcoin’s rally to $60k. Avalanche’s dev team is also hard at work
with multiple on-chain news supporting this most recent price
action. Related Reading: Here Are 5 Reasons To Be Bullish On
Bitcoin, Analyst Says AVAX Gaming Grows With More Projects Although
the gaming side of crypto is still relatively small, platforms like
Avalanche provide developers with a stable and secure blockchain to
deploy crypto-centered games. Just last Friday, Fableborne
announced that their first play-to-airdrop event was a success,
with more than 77,000 concurrent players joining the occasion.
@fableborne wrapped up its first Play to Airdrop campaign
with an impressive player turnout.https://t.co/MxPRTt0zzW —
Avalanche Gaming 🔺 (@GamingOnAvax) July 19, 2024 July 20th also
marks the announcement of ChronosWorlds that they partnered with
Avalanche, stating that the platform is their “preferred deployment
chain.” This just shows that developers trust AVAX as a crypto and
gaming platform. Avalanche is the chain for gaming. Our team
recently partnered up with @avax as our preferred deployment chain.
We’re so excited to partner up with this amazing team and are
excited about our future plans. pic.twitter.com/myz3BN6ra7 —
ChronosWorlds (@ChronosWorlds) July 19, 2024 As of writing, AVAX is
still gaining ground, following the general upward trend in the
market. The coin has tallied an 11% rally in the last week, data
from Coingecko shows. This bullishness and the continuous effort
toward onboarding more dev teams and improving the platform puts
Avalanche in an advantageous position within the market to gain
more ground against the bears. $28.74 Might Not Be Enough For The
Bulls As of now, the bulls are in a slight advantage against the
bears which might not last in the coming days. Although the
correlation with major currencies like Bitcoin is great for
mounting to retake the $32.12 price range, it will take time before
bulls will reach those heights once more. The current position of
the bulls leaves them in a precarious situation. Stuck between
accumulation, to further pump the price and gain ground, or
consolidation, to keep the status quo and hope for better
conditions; they should consider consolidating their current
position. Related Reading: Analyst Upbeat On XRP Rally Despite SEC
Meeting Cancellation – Details Consolidation means slowing the
accumulation stage, giving way to stability and a platform to move
through to higher price ranges. Right now, if AVAX bulls decide to
keep $28.74 as a support level there is a high chance for them to
regain $32.12 and above. Aside from technical factors like price,
investors and traders should also monitor Avalanche’s next moves in
the coming months. Last week, the Avalanche X account reiterated
its upcoming Avalanche Summit LATAM, an exclusive event where
developers and interested individuals in crypto come
together. If the event is successful, investors and traders
can expect more projects and partnerships to come. Featured image
from Flickr, chart from TradingView
Avalanche (COIN:AVAXUSD)
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