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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Avalanche Outmatches Top Cryptos As AVAX Posts 11% Rally In Last 7 Days

Christian Encila
Christian Encila
2 years ago
3 mins read
Avalanche

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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
  •         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.

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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 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 of users supporting Avalanche.

More so, the DFK Chain was found out 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 way towards 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 a further upswing.

With AVAX price climbing on the charts, developments on the Avalanche network has 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 offshooting targets with several metrics going green for AVAX.

Evidently, RSI is showing an uptick which hints 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 a bearish movements. 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.

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AVAX 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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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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