Evaluating the odds of AVAX’s recovery in the coming week

  • AVAX’s TVL continues to fall
  • Partnerships and integrations elevated over the final week 

Avalanche Daily just lately up to date Avalanche’s [AVAX] C-chain weekly standing, which identified a number of notable stats. For occasion, simply final week, the whole quantity of transactions elevated by over 4%. Moreover, AVAX’s staking rewards registered a virtually 9% enhance in the identical time interval, which was commendable. 

Read Avalanche [AVAX] Price Prediction 2023-24

However, DeFiLlama’s data revealed a distinct story, as its chart confirmed that AVAX‘s whole worth locked (TVL) went down sharply over the previous few days. Regardless, the coin noticed a rise in phrases of integrations and partnerships. 

These are the newest updates 

Avaxholics, a well-liked Twitter deal with that posts updates associated to the Avalanche ecosystem, just lately posted a tweet that talked about all the notable developments that occurred in the previous few days.

These included ThorSwap’s announcement that its AVAX cross chain DEX aggregator was reside. Moreover, SoulSwap additionally revealed that the restrict order (v2) was launched and was obtainable on Avalanche.  

Do these developments have the potential to assist AVAX reverse its downward momentum and paint its chart inexperienced? 

Here is what AVAX buyers can count on 

At press time, AVAX was trading at $14.11, over 23% decrease than the earlier week, with a market capitalization of greater than $4.32 billion.

Interestingly, a take a look at AVAX’s metrics indicated that issues would possibly worsen for buyers, as they recommended an additional downtrend in the coming days.

Furthermore, AVAX failed to realize a lot curiosity from the derivatives market, as its Binance funding fee was significantly decrease. Despite the aforementioned integrations, AVAX’s improvement exercise has registered a downtick these days, which is a damaging sign for a blockchain. 

Source: Santiment

More dangerous information was ready for AVAX holders after its Chaikin Money Flow (CMF) and Money Flow Index (MFI) registered downticks. These indicators had been resting beneath the impartial mark, at press time.

The CMF was headed additional southward, which is a bearish sign. The Bollinger Band’s discovering revealed that AVAX’s worth was nearly to enter a excessive volatility zone.

Considering the metrics and different market indicators, the Bollinger Band’s information will increase the possibilities of a continued worth plummet.

Though the Relative Strength Index (RSI) was fairly low, it rebounded and marked an uptick in the direction of the impartial mark, offering a slight ray of hope for buyers. 

1668146520 385 Evaluating the odds of AVAXs recovery in the coming week

Source: TradingView

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