Avalanche updates may make investors happy, but Avax may not

avalanches [AVAX] The Twitter admin responsible for sharing news about the ecosystem posted a tweet on November 6, sharing the subnet’s weekly report. The report shared by AVAX Daily published some notable updates to the blockchain.

According to the tweet, the total for the avalanche subnet was 36, and the validators totaled 1,219. Also, the number of transactions in the past week did not show any significant change in the DFK chain, swimmers network, or C chain. However, although there is no change, it is still The number of transactions can be considered high.


Here AMBCryptos Avalanche Price Prediction [AVAX] for 2023-24


In addition, AVAX Daily also posted a tweet indicating that the Avalanche Network was better than Ethereum. [ETH] In several aspects. For example, Avalanche was 20% cheaper to send and receive tokens than Ethereum. Additionally, transactions on the avalanche network were 70% faster. Also, ETH’s average daily gas fee is 20 times higher than the avalanche at the time of writing.

Thus, all the information seemed promising to AVAX, as it represents the net capacity of the network. However, it was not in favor of AVAX in terms of price action. AVAX prices are down 5% in the past 24 hours. according to CoinMarketCapAt the time of writing, AVAX was trading at $18.42 with a market capitalization of over $5.5 billion.

Trouble around the corner

Data from analytics platform Santiment revealed that things could get worse for AVAX investors as most of the metrics in the chain point to lower prices in the coming days. Despite many partnerships and integrations, nothing seems to be working with AVAX.

AVAX development activity has also seen a significant drop, which is not a positive sign for the blockchain. The development activity represents a minimal effort by the developers to improve the network. faxIt also appears that his popularity has been affected. Her social size and sentiment weight have both registered a decrease in the past week.

Source: feeling

Something to relieve the pain

Although the metrics were against the possibility of higher prices, market indicators from AVAX offered some relief. The exponential moving average (EMA) range showed a bullish cross when the 20-day exponential moving average reversed the 55-day exponential moving average. This increased the chances of another spike.

The Relative Strength Index (RSI), after falling, is pointing up slightly and is moving away from the neutral mark. This can be considered a bullish signal. In addition, however faxChaikin Money Flow (CMF) has settled below the neutral mark, and has posted an upward trend recently. Thus, the probability of a trend reversal increases.

However, the Moving Average Convergence Divergence (MACD) reading indicated that things might turn in favor of the bears. This was due to the possibility of a bearish crossover that seemed plausible in the coming days.

Source: TradingView

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