Avalanche recently came into the limelight after several interesting developments took place in the ecosystem, all of which looked promising. For example, the network recently partnered with Chainlink to participate in the SCALE program. The same enables blockchain partners to access new Oracle services and/or Oracle configurations specific to the ecosystem needs of their dApp.

However, despite these positive developments, AVAX failed to register them on the chart as it fell more than 4% in the past seven days. As of going to press, AVAX was trading at $17.12 with a market cap of $5.056 billion.

Interestingly, several on-chain stats were also not in favor of AVAX and pointed to a further downward trend.

Let’s take a look at the AVAX ecosystem and see what’s in store for AVAX in the coming days.

Don’t star in favor of AVAX

Not just the SCALE program, AVAX developers recently introduced the Banff elastic subnet, which is another positive development. By using their own token on their own subnet, Banff enables subnet makers to initiate proof-of-stake validation and uptime-based incentives. Unfortunately, despite this update, AVAX’s stats all pointed south.

For example, AVAX development activity has slowed down lately, which is generally a negative signal for a blockchain.

In addition, AVAX’s volume followed the same route and fell sharply in the past week. Interestingly, LunarCrush’s data revealed that the coin’s social mentions and engagement have also declined in recent days.

However, despite all the negatives, AVAX’s NFT space registered some traction as the number of NFT trades spiked over the past week – a positive sign.

Source: Santiment

What to expect now?

AVAX‘s price has found support been around $16.5 for quite some time. It was trading at about the same level at the time of writing. Therefore, if all goes well, AVAX may see a price increase soon.

The MACD data showed that there was a battle going on between the bears and the bulls. However, the Exponential Moving Average (EMA) ribbon revealed that the bears had the upper hand in the market as the 20-day EMA was well below the 55-day EMA.

In addition, AVAX’s Chaikin Money Flow also registered a decline, further reducing the likelihood of a rise.

Source: AVAX/USD, TradingView





This post Here’s the full scope of Avalanche’s updates on AVAX’s price action

was published first on https://ambcrypto.com/heres-the-full-scope-of-avalanches-updates-on-avaxs-price-action/

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