- AVAX presented increased development activity.
- Avalanche’s market indicators suggest more price declines.
November 9 had Avalanche confirming that the initial AVAX bounty to form Dune Analytics’ analytics was successful. Besides that, the crypto project had some other updates for cryptocurrency enthusiasts. The AVAX Foundation offers $4 million worth of AVAX incentives for GMX, a decentralized trading network.
The incentives emerged from the $10M liquidity incentive program Avalanche Rush. Though such developments remained promising for Avalanche, the previous week wasn’t lucrative for the alternative token’s price action.
AVAX lost more than 16% within the past seven days. While publishing this blog, it traded near $14.97, with a $4,486,370,761 market cap. Meanwhile, did AVAX’s downtrend stem from the ongoing bearish market, or did something else contributes?
Should Enthusiasts Relax?
AVAX’s latest price action could worry investors, but assessing the asset’s on-chain metrics revealed a different tale. Some of the metrics favored the altcoin. Avalanche recently saw an uptick in its development activity, an optimistic signal as it indicated developer efforts toward the blockchain.
Also, the altcoin remained relatively popular within the cryptocurrency community, with its social dominance surging on November 7. Moreover, Avalanche’s NFT sector grew as the non-fungible token trade count soared.
Also, November 8 session saw its NFT trades in USD surging. The AVAX Daily Twitter page highlighted Avalanche’s development with an informative tweet. It revealed AVAX non-fungible token collectibles ranking by sales within the past seven days.
Moreover, Lunar Crush confirmed that AVAX exhibited high volatility. Considering the latest AVAX’s negative performance, the volatility uptick could suggest more plunges.
Here Come the Bears
Avalanche’s 24hr chart indicated increasing bearish tendencies, with most market indicators confirming more price declines in the coming days. For example, the EMA (Exponential Moving Average) Ribbon flashed a bearish cross.
Besides that, the MFI (Money Flow Index) recorded a decline, heading beneath the neutral level – a negative sign. Also, the CMF (Chaikin Money Flow) mimicked such a move, swaying significantly down. The BB showed Avalanche’s price hovered within the high volatility region, heightening the probability of price dips.
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