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Avalanche Outmatches Top Cryptos As AVAX Posts 11% Rally In Last 7 Days
Avalanche (AVAX) has recently spiked by as much as 11% in the past seven days, surpassing other leading cryptocurrencies.
August shows a whopping 46 million transactions made on the Avalanche network
Avalanche network busy with major developments and integrations
The 4-hour chart for AVAX shows bullish movement
It is presumed that the recent developments on the Avalanche network helped immensely with the gains of AVAX.
August registers roughly 46 million transactions made on the Avalanche network which is a relatively high number, to begin with.
Avalanche Price Looking Optimistic
The daily chart for AVAX looks optimistic. On the other hand, some on-chain metrics also reveal the potential for the altcoin to swerve down.
According to CoinMarketCap, AVAX’s price is up by 0.33% or trading at $20.39 as of this writing.
Over the past couple of days, the Daily Gas Usage of AVAX was able to touch the ATH of 462,891,881,113 which is a great sign that shows an increase in users supporting Avalanche.
More so, the DFK Chain was found to contribute greatly to the increase in gas usage.
Additionally, the Avalanche network is also busy with major developments and partnerships going on as announced at the network’s TVL Weekly Dashboard.
Some of the major integrations include FTX Japan listing AVAX on their website and also Avalanche’s partnership with Bubblemap designed to pave the way toward a faster and optimized Web3 user experience.
AVAX Price, Volume Up After Network Update
With these updates happening, AVAX went north and the pump in price came by default. Apart from the increase in price, AVAX also skyrocketed in terms of volume which hints at a further upswing.
With AVAX price climbing on the charts, developments on the Avalanche network have also subsided which is not a good sign at all.
Apart from developments dwindling down, AVAX social volume has also nosedived which demonstrates the waning interest of the community in Avalanche.
Chart from TradingView.com
Although a couple of metrics suggest a decline, the four-hour chart of AVAX suggests that the token could be off-shooting targets with several metrics going green for AVAX.
Evidently, RSI is showing an uptick which hints at a price increase that could happen in the next couple of days. More so, the 20-day EMA touching the 55-day EMA shows a bullish crossover.
On the other hand, the CMF has plunged which hints at a bearish movement. While the MACD data shows some bullish streaks, this could flip soon to go bearish with the red lines outpacing the blue lines, hindering any chance of a price rally.
AVAX’s total market cap at $5.7 billion on the daily chart | Source: TradingView.com
Featured image from ABC of Snowboarding, Chart from TradingView.com
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