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- Avalanche nodes on the protocol X and C chains went down due to bugs in a new software release.
- Technical indicators of AVAX are favoring a consolidated trend in price. It has seen a fall of 2% in the BTC pair.
Avalanche is a decentralized, open-source blockchain platform which give their users faster and more efficient transactions, with a focus on scalability, security, and decentralization.Avalanche features a unique consensus algorithm called Avalanche-X, that allows for high transaction throughput and low latency. Avalanche provides cross-chain compatibility, which enables the users to transfer their assets to different blockchains.The Avalanche platform is designed to be developer-friendly, with an easy-to-use API and development tools that enable developers to build and deploy their own dApps quickly and easily.Avalanche nodes on the various protocols went down due to bugs in a new software release.
Avalanche has a market cap of $5.5 Billion and is ranked 16th in cryptoverse. AVAX volume has went down by 28% in the past 24 hours. Volume to market cap ratio of the AVAX suggests a consolidated trend in price.
Bears Of AVAX Are Pushing Down The Price
The weekly technical chart of the Avalanche suggests a consolidated trend in price. On the daily chart it shows a weak downside trend. AVAX is currently trading near $17 with a drop of 3.14% in the intraday session.Resistance of the AVAX can be seen near the value of $20.Meanwhile the support of the asset price can be seen near $12. It is trading in between the 50 and 100 Daily Moving Average.There can be a negative crossover which can push the asset price to a new low.
RSI of the AVAX can be seen near 49 suggesting its presence in the neutral zone. There is a no slope in the RSI suggesting a consolidated trend in price.
Conclusion
Avalanche is currently observing a consolidated trend in price. Various analysts are expecting a strong upside trend in the future.
Technical Levels
Major Support:$12
Major Resistance:$25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
