Avalanche (AVAX) is a decentralized blockchain platform that provides users with faster and more secure transactions. It is a layer 1 blockchain designed by AVA Labs, and it has since seen a rise in its dominance in the market. With three built-in blockchains, X-chain, P-chain, and C-chain, Avalanche is able to offer a variety of services such as transferring funds and running smart contracts. In addition, the Avalanche Foundation has launched an NFT initiative that could potentially increase the market value of the currency.

In terms of network statistics, Avalanche currently has a market cap of $5.6 billion and is ranked 18th in the crypto space. In the last 30 days, its Transaction Value Locked (TVL) has surged to $2.17 billion, while the number of fees generated surpassed the $2.13 million mark.

On the technical side, the weekly chart of AVAX suggests a struggle between buyers and sellers. While the asset price is currently consolidating in the lower range, it is flirting with a higher resistance of $18. To make matters worse, the 50 and 100 daily moving averages are serving as an added resistance to the price movement. This can make it difficult for AVAX to get past this threshold and reach new highs near $25. Additionally, the Relative Strength Index (RSI) indicates a bearish bias with a downside slope dominating the market.

All things considered, Avalanche appears to be headed in the right direction with its fee numbers significantly rising in the past 30 days. That said, the asset price hasn't been able to make any major advancements and is now in a consolidated state with a major support near $16 and a resistance near $18. Although it's impossible to accurately predict the future, it's likely that AVAX will remain in a similar state in the short-term and only make more significant strides once it breaks the aforementioned resistance.



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