Avalanche: Investors may want to watch AVAX after reading this

Avalanche [AVAX] The developers recently turned on Raising the level of His name is [email protected] This version is backward compatible with version 1.8.0, which is optional but recommended by developers.

In addition to the release of this new update, there have been many positive developments in the AVAX community recently. This has an added value to the blockchain. AVAX price also matched this development, posting a 2% increase in the past 24 hours.

At the time of writing, AVAX is trading at $18 with a market capitalization of $5,325,276,801. While the developments look promising, the real question is whether they can help AVAX start the next bullish rally.

Source: CoinMarketCap

Social development

AVAX has entered into a number of partnerships with many other players in the market. This has helped increase the popularity of the blockchain and the services it provides. The most recent is Avalanche’s collaboration with Boba Network, a multi-threaded type 2 scaling solution.

According to the official tweet, this partnership will allow faster transactions at lower costs.

Interestingly, AVAX also recently ranked first in the list of the best avalanche projects with the highest bullish tendencies. This news compliments the recent surge in AVAX and suggests brighter days ahead.

What do you expect next?

There were a few benchmarks on the series in favor of AVAX as they suggested another increase in its price in the coming days. For example, AVAX’s development activity has increased significantly in the past week, which can be seen as a positive sign as it reflects the developers’ efforts to improve the blockchain.

The NFT space also saw some action as the total number of NFT trading accounts increased last week along with social volume. However, social size recorded a decrease after an increase.

Source: feeling

Interestingly, CryptoQuant data revealed that the AVAX Relative Strength Index (RSI) and Stochastic were in neutral positions, indicating that the market could go in either direction. Consider all the positives In network development, we can expect AVAX to perform better in the coming week.

Source: CryptoQuant

The AVAX daily chart also suggested a similar result as most of the market indicators were in favor of it. AVAX’s On Balance Volume (OBV) posted a rise, which is a bullish signal. In addition, Bollinger Bands (BB) indicated that the price of AVAX was in turbulent territory. This raised the possibility of a northward movement soon.

However, Chaikin Money Flow (CMF) was in neutral mode and the exponential moving average (EMA) range pointed to the advantage of sellers in the market, which could cause hurdles in the next upside for AVAX.

Source: TradingView

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