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- AVAX TVL value has seen a gain of 271 Million AVAX within the past few weeks. Meanwhile, coinbase has added AVAX based altcoin.
- Technical indicators of Avalanche suggest a consolidated trend. AVAX/BTC pair has seen a jump of 1.51% in the past 24 hours
Crypto currency market has been severely affected in the recent weeks.Despite this downtrends the Total TVL of the Avalanche has observed a growth of 3% .With the increase of Binance funding rate AVAX futures market is attaining a positive trend. Meanwhile, coinbase is ready to add Avalanche based BENQI for trading. The asset price may see a higher return in the future.
AVAX is currently ranked 20th in the CMC and has a market cap of $8,564,421,578. The volume of the asset price has seen a gain of 17% in the past of 24 hours. Volume to market cap ratio of the AVAX suggests a consolidated trend for the future.
Technical Indicators Are Not Favoring Bulls
The weekly technical chart of the AVAX suggests a downside momentum. On coming to the daily chart the asset price is currently trading near the value of $11 with a loss of more than 0.39%. There is a strong downside trend formed in the AVAX which can push the asset price down. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which can push the price down. Resistance of the AVAX can be seen near $15. Meanwhile, the support of the asset price can be seen near $10.
Conclusion
Avax has seen an increase in TVL in the past few weeks. The asset price has observed a downtrend but can see a consolidation in the future.
Technical Levels
Major Resistance: $15
Major Support: $106
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
