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- 1 The AVAX crypto has exhibited a sign of resurgence as the price bounced back and thrust a rally upwards from a critical level.
- 2 This crypto asset is in a strong uptrend and the MACD shows bullish conditions, suggesting that the asset could have more room to grow.
Avalanche is a layer one blockchain that tries to overcome the blockchain trilemma, which states that blockchains cannot be highly decentralized, scalable, and secure at the same time.
It leads to high gas fees, as often seen on Ethereum. To address this issue, Avalanche created three blockchains that can work together.The Exchange Chain (X-Chain) is used to make and trade the native AVAX tokens and other assets.
These tokens follow a common set of rules, similar to the ERC-20 standard on Ethereum. It uses the Avalanche consensus mechanism.The Contract Chain (C-Chain) supports smart contracts and decentralized applications.
It has its own Avalanche Virtual Machine, similar to the Ethereum Virtual Machine, that allows developers to copy EVM-compatible DApps. It uses the Snowman consensus mechanism.
The Platform Chain (P-Chain) manages network validators, monitors active subnets, and allows the creation of new subnets. Subnets are groups of validators, like a validator gang. Each subnet can validate multiple blockchains, but a blockchain can only be validated by one subnet.
It also uses the Snowman consensus mechanism. This separation of computing tasks allows higher speed without sacrificing decentralization. Moreover, the two different consensus mechanisms are tailored to each blockchain’s needs, making them more efficient.
Avalanche In Day Time Frame
The AVAX coin has exhibited a sign of resurgence as the price bounced back and thrusted a rally upwards from a critical level of around $20 on the charts.The AVAX crypto is highlighting a decline of 2.58% in the last 24 hours, trading at $36.18.
It seems like the AVAX crypto is on the verge of continuing this stunning breakout, as it gathers momentum to shatter the hurdles and fly higher and higher from the current level.
The AVAX asset is exhibiting bullish features and can reach higher levels. It has displayed good performance in the previous week, month, and quarter, by 295.24%, 147.59%, and 66.00% signifying a strong upward force.
However, if the demand for the AVAX Token remains at its peak, the crypto price could surge from the current level. The next goal for the AVAX price is to reach $40.
It is demonstrating bullish strength and upward momentum as it keeps above major EMA’s.
This coin is in a strong uptrend and the MACD shows bullish conditions, suggesting that the asset could have more room to grow. However, if the AVAX crypto price fails to stay above the $32 level, it could decline further.
Summary
The AVAX token is exhibiting bullish features and can reach higher levels. It has displayed good performance in the previous week, month, and quarter, by 295.24%, 147.59%, and 66.00% signifying a strong upward force.
It is demonstrating bullish strength and upward momentum as it keeps above major EMA’s. Moreover, the AVAX coin is in a strong uptrend and the MACD shows bullish conditions, suggesting that the asset could have more room to grow.
Technical Levels
Support Levels: $32
Resistance Levels: $40
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
