One of the fastest smart contracts platforms, Avalanche’s first desktop wallet recently launched version 2.0. The new features are said to be pretty compatible with all the DApp on Avalanche blockchain. Hence, the AVAX price could skyrocket to the moon in the coming days.
The asset went parabolic since the price experienced a huge crash during mid-may. After undergoing notable ups and downs, the asset managed to surge beyond $60. However, with the recent dip and correction, the price formed a ‘w-shaped’ pattern and broke above the levels.
The AVAX platform experienced a huge influx of volume since the mid of august 2021 which gave an immense boost to the price. After the recent retracement from $60 to around $50 and a rebound to prior levels, the asset formed a ‘w-shape’. Moreover, with the recent surge, the asset broke the neckline and is currently on the verge to test the strong resistance levels at $71.
Also, the price is trending within an ascending channel with a notable rebound from support levels and rejection from resistance levels. If the price maintains the same trend, then the levels at 1.4 FIB levels at $126 could be an achievable target. Hence the Avalance (AVAX) price may regain their lost positions soon.
AVAX Price Analysis: The Coin Price Has Discounted 35% In This Correction Phase; Is This a Fair Value For AVAX?
The AVAX token is trying to stabilize its price from the remarkable rally it initiated in august with a correction phase. Currently, the price is plunged to the crucial support of the $0.5 Fibonacci retracement level, which has the potential to continue the bulls rally.
Key technical points:
- The dynamic support 20-day EMA is flipped to the possible resistance level
- The intraday trading volume in the AVAX token is $1.37 Billion, indicating a 14.15%.
The last time when we covered an article on AVAX/USD, The token price rally gave $146 as its New All-Time High on the technical chart. After a robust rejection from this new resistance, the token initiated a retracement phase, where he has lost 25% over the last two weeks. The token is currently sunk to 0.5 Fibonacci retracement level and indicates a high demand pressure through numerous lower price candles.
The crucial EMA levels(20, 50, 100, and 200) sustain a bullish mood for this token since its price is trading higher than the trend defining 100 AND 200 Ema. However, the dynamic support of the November rally 20 EMA is flipped to resistance.
The Relative Strength Index(44) shows a constant downward trend in the chart that is approaching the oversold zone.
AVAX/USD 4-hour Time Frame Chart
The AVAX coin price showed an impressive V-shaped recovery after bouncing from the $80 support. However, the crypto traders should wait for the price to break out from this nearest resistance of $100 to get a better confirmation for the price to continue this rally.
According to the Fibonacci pivot levels, the crypto traders can expect the nearest resistance at $97, followed by $116. As for the opposite end, the support levels are $77 and $65.
Avalanche (AVAX) Continues to Get Vertically More Scalable by The Day
Kevinsekniqi expressed: Honest talk: The reality of the situation is that Eth2 in production will look very closely to Avalanche (c-chain, specifically), although Avalanche will probably remain more robust (simpler, and thus less likely to go down) and faster. Look at the facts.
Avalanche continues to get vertically more scalable by the day. Record gas past few days and zero instability. – Subnets will scale horizontally. All Ethereum L2s will also become Avalanche L2s (eg Starkware). – Developer and usage numbers are exponentially up to the right.
Avalanche just works. Today. And it’ll keep getting exponentially better. I’m not pulling these adoption dreams out of my ass. It’s just already happening right now. Record devs are deploying. TikTok’s with hundreds of thousands of likes out there for native projects.
Literally the only thing you can say right now about Avalanche not overtaking Ethereum in usage and adoption is entrenched interest. Which is a fair point. Never doubt bag holders.
To be clear: while I strongly believe Avalanche will compete extremely strongly against other smart contract chains in adoption, I still want others to very much keep innovating and succeeding.
Community reaction: I imagine the real hurdle, now that the future is ZKRs, is which L1 manages to reach the greatest levels of security and decentralization, as well as dev mindshare (when truly novel stuff is being built on a non-ETH L1s first, not just forks).
Because as you say, if ZKRs are broadly adopted, speed and pricing should level out mostly or be negligible between L1s own ZKR implementations.
Otherwise for those who are new, Avalanche is a community growth platform building an inclusive environment for all aspects of Avalanche. Earn AVAX today.
Major Milestones: – Avalanche-Ethereum Bridge (AEB) launched; – Pangolin, largest DEX on Avalanche, launched; – $0 to ~$400M Total Value Locked (TVL) across the Avalanche platform; – $1B trade volume across all DEX’s; – $10B+ of AVAX staked to secure Avalanche.
The list of ecosystem projects are: Global Exchange Listings (Phase 1); Reef Finance; bZx; e-Money; YIELD; Union; Aleph.im; Frontier; Okcoin; DSLA Protocol; Velox; Copper; Pangolin.
Bitpanda; Axelar; Router; Injective Protocol; Coin98; Proof of Learning (PoL); Cartesi; Congress of the Mexican State of Quintana Roo; TUSD (Trust Token); SIMBA Chain; MyCointainer; OIN Finance; FRAX.
Simplex; Blocknet; JUL Wallet (wallet); TrustSwap (wallet); Immunefi; SushiSwap; Covalent; Orion; Nash; Prosper; HackenProof; AVAXSTARS.
So, for each quarter the numbers of ecosystem projects are increasing, it is worth checking them out to understand the richness of the ecosystem.
Avalanche (AVAX) or Solana (SOL) – Which is Better “Ethereum Killer”?
As many layer 1 platforms emerge, Ethereum’s pie at of the market share is being diluted. While many digital assets aim to be the “Ethereum Killer”, some of them have caught up and fared well, as the rest did not catch up the race.
Nicholas Merten, a well-known crypto expert, is comparing two layer-1 digital assets to the Ethereum (ETH) trading pair.
The host of DataDash tells his 486,000 YouTube viewers where he thinks smart contract platforms Avalanche (AVAX) and Solana (SOL) are headed in a new strategy session.
According to Merten, comparing both coins to ETH rather than the US dollar or Bitcoin (BTC) is a stronger barometer than Bitcoin because of Ethereum’s greater growth in recent years.
After the altcoin’s huge run in the last few months, Merten believes a local peak may be in the works for the AVAX vs ETH.
He says that Avalanche has outperformed Ethereum by a wide margin. When compared to Ethereum, it has increased by 422 percent since August. Even after the [recent] downturn, this is a fantastic rally, he opines.
The trader appreciates seeing an asset that performs well versus Ethereum, but it’s been dragged down every time it’s been up to this range [0.034 ETH or $139.21] historically.
He believes that the token will witness a repeat or at the very least a return to the prior support area [0.014 ETH or $57.32], which means it will most likely fall by 35 to 40% against Ethereum.
After printing enormous increases in the last 18 months, Solana’s price movement against Ethereum is displaying a bearish pattern, according to Merten.
He points out that Solana has had several rallies in the past. It experienced a 336 percent price increase here [from July to August of 2020]. Then come back here [December 2020] if you want to take a 1,000 percent move from the lows, enormous price multiples.
From the latest rise here [August 2021] through September, a little over 350% to 400%, which is extremely comparable to the history, he added.
However, the token has been stuck in a rut since September. The fad is starting to fade in this area. There is no same traction, so it’ll be interesting to see if it can hold its own against Ethereum, he says.
If Ethereum breaks below this region [0.046 ETH or $188], He believes it is extremely likely that it will begin to outperform Solana and other large layer-1 assets.