Avalanche’s native token AVAX just lately made its place among the many high gainers within the Avalanche ecosystem. This was excellent news for the token because it gave traders hope for higher days forward. Curiously, AVAX’s day by day chart mirrored this improvement as the value surged by greater than 2% within the final 24 hours.
High Gainers in @Avalancheavax Ecosystem Final 24H ??$SNX @synthetix_io $TOK @TokenplaceTOK $MKR @MakerDAO $AAVE @AaveAave $GMX @GMX_IO $DEP @PlayMining_SG $UMA @UMAprotocol $YFI @iearnfinance $AVAX @avalancheavax $JOE @traderjoe_xyz #avalanche $AVAX pic.twitter.com/f5LwiB3OPP
— AVAX Every day ? (@AVAXDaily) October 17, 2022
Based on CoinMarketCap, AVAX was buying and selling at $16.06 at press time with a market capitalization of $4,765,778,732. AVAX additionally just lately obtained listed on Gemini, one of many largest exchanges on this planet, rising AVAX’s attain additional to the worldwide viewers and traders.
? $AVAX is now reside on @Gemini
?Gemini is a cryptocurrency trade and custodian that enables clients to purchase, promote, retailer and earn digital belongings.
Tutorial: https://t.co/Y6yZO4Mhqr#Avalanche #AVAX $AVAXhttps://t.co/v7cPDmnTJC pic.twitter.com/X9neg4yo9u
— AVAX Every day ? (@AVAXDaily) October 17, 2022
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Right here’s AMBCrypto’s Worth Prediction for Avalanche [AVAX] for 2023-24
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AVAX traders: Time for a great night time’s sleep
Whereas these developments passed off, just a few metrics supported AVAX, suggesting a value hike within the coming days. For example, after declining during the last week, AVAX’s quantity went up barely in the previous couple of days. This was a constructive sign for the blockchain.
Supply: Santiment
Not solely this, however AVAX’s Binance funding price additionally registered an uptick these days, indicating increased demand from the derivatives market.
Supply: Santiment
Nonetheless, AVAX did come throughout some roadblocks. A couple of metrics urged {that a} value correction was on the way in which. Exemplar AVAX’s improvement exercise took a southbound momentum during the last week.
Moreover, AVAX’s NFT house additionally witnessed a downfall final week as AVAX’s whole NFT commerce rely registered a transfer down south after going up.
Worth could reveal the precise image
A take a look at AVAX’s day by day chart revealed an ambiguous image, as just a few market indicators indicated a value surge, whereas the remaining urged the alternative. For example, AVAX’s Exponential Shifting Common (EMA) displayed that the 20-day EMA was means beneath the 55-day EMA, reflecting a bearish edge available in the market.
The Cash Move Index (MFI) was additionally resting beneath the impartial mark, which was one more bearish sign. Curiously, the Shifting Common Convergence Divergence (MACD) displayed a tussle between the bears and the bulls.
A inexperienced flag for AVAX was that the Chaikin Cash Move (CMF) that registered an uptick. Moreover, the token’s Relative Power Index (RSI), after getting close to the oversold zone, went up, giving hope to traders.
Supply: TradingView
