AVAX’s TVL gained momentum since early April.
The price of AVAX rose significantly, but a few indicators pointed to a trend reversal.
AVAX Daily’s weekly high indicated a huge increase Avalanche [AVAX] most important statistic of the past week. According to the data, AVAX’s daily active addresses have increased by nearly 150%, reflecting increased adoption and usage of the blockchain.
🔺Avalanche Ecosystem Weekly Highlights🔺
Prize winners$WOO @WOOnetwork$XEN @XEN_Crypto$INJ @Injective_$NXRA @allianceblock
TVL gainers$ANKR @ankr$WXT @nereusfinance$ KINE @KineProtocol
$O3 @O3_Labs#AVAX #Avalanche #DEFI $AVAX pic.twitter.com/52z2lbW4Js— AVAX Daily 🔺 (@AVAXDaily) April 16, 2023
How many Worth 1,10,100 AVAX’s today?
Avalanche: Key stats are on the rise
Thanks to the increase in daily active users, a few other metrics have changed in favor of AVAX as well. For example, Avalanche’s fees and earnings have increased significantly in recent days. In addition, AVX’s TVL has recorded similar growth since early April 2023, as evidenced by DeFiLlama’s facts.
Source: Token Terminal
This could have caused the spike
A possible reason for the sudden increase could be the launch of Avalanche’s Evergreen Subnets on April 6. For the uninitiated, Avalanche Evergreen subnets are a set of institutional blockchain implementations, customizations, and tooling designed to meet company-specific financial services requirements.
Introducing Avalanche Evergreen Subnets 🌲
Institutions want to leverage the power of public blockchain development, interoperability, and composability while enabling features that have historically only been possible with enterprise blockchains.
Evergreen gives them the best of both worlds👇 pic.twitter.com/EbziGmGrYY
— Avax 🔺 (@Avax) April 6, 2023
It was also interesting to watch AVAXSince the announcement, development activity has increased along with positive sentiment.
Source: Sentiment
A trend reversal around the corner?
Avalanche‘s native token also reacted to these updates, as its price has increased by more than 16% in the past seven days. According to CoinMarketCap, AVAX was up more than 3% in the past 24 hours alone, and at the time of going to press, was trading at $21.30. However, the good days may end soon.
From CryptoQuant, AVAX’s Relative Strength Index (RSI) was in an overbought position. This was concerning as it could increase selling pressure and in turn halt AVAX’s bull rally. AVAX’s Money Flow Index (MFI) also entered the overbought zone.
In addition, the Chaikin Money Flow (CMF) registered a decline, further increasing the likelihood of an early trend reversal.
Source: TradingView
Read Avalanche [AVAX] Price prediction 2023-24
Still, some indicators continued to favor buyers. The Exponential Moving Average (EMA) ribbon revealed that the bulls are still leading the market as the 20-day EMA moved above the 55-day EMA.
The MACD’s finding complemented that of the EMA ribbon as it showed a bullish edge. AVAXBinance’s funding rate remained high, due to demand in the derivatives market.
Source: Sentiment
This post Avalanche [AVAX]: Key stats rise, but impending trend reversal predicts…
was published first on https://ambcrypto.com/avalanche-avax-key-metrics-surge-but-impending-trend-reversal-foretells/
