The AVAX bull market has begun
The Layer-One Blockchain Avalanche (AVAX) has currently attracted a lot of attention after the AVAX price has multiplied within a few weeks. Recent developments in AAA gaming, as well as a partnership with CitiBank and impressive on-chain data, have had a strong positive impact on the forecasts for AVAX. In this article, we take a deep dive into the world of Avalanche and examine how these factors will shape the future of Avalanche.
Gaming blockchain coin AVAX price is multiplying
Avalanche is becoming increasingly important in the gaming sector. Renowned game developers such as SHRAPNEL, GunzillaGames and BuildOnBeam rely on the technical advantages of Avalanche for their projects. This growing interest highlights Avalanche’s potential in the gaming industry.
The platform offers a robust blockchain infrastructure with fast, cost-efficient transactions. Avalanche’s subnets, which enable individual adaptation of the blockchain, are particularly attractive for game developers. This reduces development costs and increases the quality of the gaming experience.
Citi Bank tests AVAX blockchain infrastructure
Another significant development in the Avalanche ecosystem is the recent test by Citi, the renowned global bank, which involves the use of Avalanche’s blockchain infrastructure for simulated foreign exchange (FX) trading transactions on Avalanche’s evergreen subnets.
This proof of concept is part of Project Guardian, a collaboration between the Monetary Authority of Singapore (MAS) and the financial industry. Citii’s participation in a project with Avalanche underlines the trust and interest in the advanced blockchain technology that Avalanche offers.
This development is a clear sign of the growing interest in the application of blockchain solutions in traditional financial markets. The fact that a major institution like Citi is considering Avalanche’s technology for highly complex applications such as FX trading speaks to the power and reliability of the Avalanche platform.
Avalanche records impressive on-chain data overall. With over 10 million accounts and more than 233 million transactions, a strong user base and activity is confirmed. The increase in transactions and new users as well as the rise of smart contracts show a growing interest and trust in the platform.
Avalanche’s TVL has not yet fully recovered since its peak in 2021-2022. This remains an important point of observation. The positive work culture at Ava Labs could have a positive impact on the company’s performance and further increase Avalanche’s attractiveness.
Avalanche is increasingly establishing itself as an attractive platform in the gaming sector. The positive on-chain data and developments in the gaming sector could lead to increasing AVAX demand. Despite some challenges, the outlook for Avalanche and AVAX remains promising.
In the past few days, AVAX once again showed strong performance with an increase of over 10 percent within 24 hours. This suggests a breach of the $20 mark. AVAX’s recent integration into perpetual futures trading on Coinbase has also added to the positive market sentiment. We will now take a closer look at the AVAX price in the chart analysis.
How much further can the Avalanche price rise?
The year for Avalanche (AVAX) began with a remarkable upswing, followed by a significant decline in price. But in recent weeks the tide has turned. Amid a generally bullish crypto market, AVAX experienced an impressive recovery that draws attention to its technical analysis.
At the beginning of the year, Avalanche showed an impressive performance, but this was followed by a sharp decline in share price. By the end of October, AVAX was consistently below $10, far from past highs.
A turning point was reached when the price found a bottom at $8.50. From there, Avalanche launched an impressive uptrend that broke all resistance levels and allowed the price to triple. AVAX is currently at $23.50, just below the resistance at $24.
A significant event in AVAX chart analysis is the formation of a golden cross. This occurs when the short-term moving average moves above the long-term one, which is often considered bullish. It suggests a possible continuation of the uptrend, both in the short and medium term.
However, the Bollinger Bands and the Relative Strength Index (RSI) are currently showing overbought levels. The Bollinger Bands, which indicate volatility and possible price ranges, as well as the RSI, a momentum indicator of overbought or oversold conditions, signal caution.
What is the further forecast for AVAX?
Avalanche is at an exciting turning point. The combination of technical advantages, impressive on-chain data and growing adoption in the gaming sector positions AVAX as a promising cryptocurrency.
Accordingly, despite the current overbought market situation, the outlook for Avalanche remains optimistic. The Golden Cross strengthens the bullish trend. In the short term, however, we could see the AVAX price stagnate before further upward movements begin. Moving forward, it is crucial to monitor the market’s reaction to these technical signals from Avalanche.