AVAX Brushes Off Bearish Pressure With 11% Rally – Details

Share This Post

AVAX continues to rush forward to greater heights with the token reaching $28.74 since last week. This has been the biggest push by the bulls, influenced by the growing market confidence fueled by Bitcoin’s rally to $60k. Avalanche’s dev team is also hard at work with multiple on-chain news supporting this most recent price action.

AVAX Gaming Grows With More Projects

Although the gaming side of crypto is still relatively small, platforms like Avalanche provide developers with a stable and secure blockchain to deploy crypto-centered games. Just last Friday, Fableborne announced that their first play-to-airdrop event was a success, with more than 77,000 concurrent players joining the occasion.

 

July 20th also marks the announcement of ChronosWorlds that they partnered with Avalanche, stating that the platform is their “preferred deployment chain.” This just shows that developers trust AVAX as a crypto and gaming platform.

As of writing, AVAX is still gaining ground, following the general upward trend in the market. The coin has tallied an 11% rally in the last week, data from Coingecko shows. This bullishness and the continuous effort toward onboarding more dev teams and improving the platform puts Avalanche in an advantageous position within the market to gain more ground against the bears.

$28.74 Might Not Be Enough For The Bulls

As of now, the bulls are in a slight advantage against the bears which might not last in the coming days. Although the correlation with major currencies like Bitcoin is great for mounting to retake the $32.12 price range, it will take time before bulls will reach those heights once more.

The current position of the bulls leaves them in a precarious situation. Stuck between accumulation, to further pump the price and gain ground, or consolidation, to keep the status quo and hope for better conditions; they should consider consolidating their current position.

Consolidation means slowing the accumulation stage, giving way to stability and a platform to move through to higher price ranges. Right now, if AVAX bulls decide to keep $28.74 as a support level there is a high chance for them to regain $32.12 and above.

Aside from technical factors like price, investors and traders should also monitor Avalanche’s next moves in the coming months. Last week, the Avalanche X account reiterated its upcoming Avalanche Summit LATAM, an exclusive event where developers and interested individuals in crypto come together. If the event is successful, investors and traders can expect more projects and partnerships to come.

Featured image from Flickr, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Price Prediction 2030: Will XRP Hit $5 After the Ripple vs SEC Lawsuit?

The post XRP Price Prediction 2030: Will XRP Hit $5 After the Ripple vs SEC Lawsuit appeared first on Coinpedia Fintech News Story Highlights The XRP Price LIVE: The price could hit a high of $399

Best Crypto To Buy Now For 1000% Gains: Top Crypto Coins that Crypto Whales are Buying Up

The post Best Crypto To Buy Now For 1000% Gains: Top Crypto Coins that Crypto Whales are Buying Up appeared first on Coinpedia Fintech News Looking for the best crypto to buy now In this in depth

Bitcoin Crash Ahead? Peter Schiff Predicts BTC at $20K as Gold Surges

The post Bitcoin Crash Ahead Peter Schiff Predicts BTC at $20K as Gold Surges appeared first on Coinpedia Fintech News Since the start of 2025, the Nasdaq Composite index has slipped by over 821% The

Telegram Co-Founder Released: Check Out $TON and 3 Best Altcoins with Explosive Potential

Telegram co-founder Pavel Durov has finally returned to Dubai after spending months in France about an investigation into illegal activities in the messaging platform French authorities have placed

Bitcoin Bull Run ‘Is Over’: CryptoQuant CEO Sounds The Alarm

CryptoQuant CEO Ki Young Ju announced today that Bitcoin’s bull cycle “is over” and warned investors to brace for “6–12 months of bearish or sideways price action” This development comes

Wages Paid in Bitcoin? Bill Introduced in Brazil Might Make It Possible

The bill seeks to allow wages and other labor-linked payments to be partially settled using virtual assets in Brazil and also calls for educating workers about volatility and transaction security