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- Avalanche has recently partnered with Alibaba cloud to offer Node as a service.
- Technical indicators are favoring the downside trend. Meanwhile, AVAX/BTC pair has seen a fall of 0.18% in the intraday session
Avalanche is a layer one blockchain network which functions as a platform for dapps and custom networks. AVAX is one of the biggest ethereum rival. Recently they have partnered with Alibaba cloud to offer Node as a service. One of the other implication of their partnership is that the developers can launch validator nodes without other setup requirement.Meanwhile, as per Defi lama Avalanche has seen a drop in Total value locked. It has seen a decrease from $9 Billion to $850 million. It has seen a drop of over 85% from its all time high and has an ROI of 2600%
AVAX is currently ranked 18th in the crypto verse and has a market cap of $4.1 Billion. Volume of the asset price has seen a drop of over 25% in the intraday session. Volume to market cap ratio of the asset suggests a consolidated trend.
Are Bulls Looking To Push The AVAX Price?
The weekly technical chart of the Avalanche suggests a weak downside trend. On coming to the daily chart the asset price is trading near the value of $13 with a gain of 3%. The upside trend for the AVAX price can see a halt near $18. Meanwhile a bounceback in price can be seen near $10. The asset price is currently trading below the value of 50 and 100 Daily Moving Average. There can be a negative crossover which can push the price down in the future.
RSI of the asset price is near 48 with a small positive slope. The overall sentiment of the RSI is bullish.
Conclusions
Avax has recently partnered with alibaba cloud to offer node as a service. AVAX coin price is currently seeing a downside trend but can move to a new high in the future.
Technical Levels
Major Resistance:$20
Major Support: $10
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
