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- FIDE to partner with Avalanche Blockchain.
- In the Defrost Finance Hack, AVAX holders lose more than $12 million.
- Trading volume flinches by 5%.
The chess’s governing body, The International Chess Federation (FIDE), announced its partnership with Avalanche Blockchain to bring its competitions into Web3. This collaboration would highlight the utility of Avalanche’s blockchain and its native token, AVAX.
This happy news was set aside by the recent hack of Defrost Finance, in which the AVAX holders lost nearly $12 million and set the market in shock. The Decentralized leverage trading protocol is built on the top of the Avalanche blockchain. This incident might hinder the proposed collaboration as it may raise many questions.
The picturesque
AVAX prices have formed a falling wedge pattern and are currently at the end of the wedge. All significant EMAs function above the current trading price of $11.75. A strong bull momentum could be established if the price could sustain well above the 50-EMA. The anticipated surge could send the price to the $27 level. The constant volume and flat OBV do not oppose the price rise prediction. The prices have sustained the shock well, as the prices didn’t seem to fall for the hack news.
The analysis suggests the market is at a halt, which is considered better than falling, regarding the recent news of the hack. The CMF maintained a spot close to the zero line and reflected the market regaining control. The MACD suggests the market to be neutral and witness cyclic turns of buying and selling. The RSI supports the MACD indicator as it oscillates in the lower zone of 30-50.
The peephole
The closer time frame shows AVAX prices are consolidating and moving horizontally. The CMF manages to remain positive in the zone above the baseline. The MACD suggests steady entry by the buyers are the clouds of havoc sheer. The RSI also manages to escalate and set foot near the average mark.
Conclusion
The market has managed the hardship well, and prices have sustained impressively. The $11 support zone can be trusted to accumulate AVAX, as the anticipated price rally can yield heavy benefits.
Technical levels
Support levels: $11.04 and $9.52
Resistance levels: $26.89 and $30.28
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
