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Avalanche has seen a surge in fees in the past 30 days by 216%. Meanwhile, the TVL is around $2 Billion. - 2
Technical indicators of AVAX are favoring a consolidated trend in price.It is down by 0.35% in the intraday session.
Avalanche is a decentralized blockchain platform that aims to provide a faster and more secure platform to build the dapps. It is a layer 1 blockchain and is one of the biggest competitors of Ethereum. It has a very high transaction output without compromising the scalability of the network.
Avalanche primarily has three built-in blockchains: X-chain, P-chain, and C-chain. Each network chain has different tasks, from sending and receiving funds to smart contracts. AVA Labs founded the network, and it has grown to new highs ever since.
Meanwhile, Avalanche Foundation has launched an NFT initiative that can push the dominance of AVAX. The ecosystem has a gas fee of less than $0.01. Avalanche has generated fees of over $2.13 Million which is an increase of 216% in the last 30 days. Its TVL is around $2.17 Billion, which has declined in the past few months.
Avalanche has a market cap of $5.6 Billion and is ranked 18th in the crypto-verse. The volume of the asset price has seen a decline of 26% in the intraday session. The V\M ratio of AVAX suggests a consolidated trend.
Will AVAX Hit The High Of $22?
Source – TradingView
The weekly technical chart of Avalanche hints towards a struggle between the bulls and bears. The asset price is currently consolidating in the daily chart with a small bullish move. It is trading near the value of $17.02, with a small drop in the intraday session.
The support of the asset price can be seen near $16.Meanwhile, the asset price resistance can be near $18. It is trading below the 50 and 100 Daily Moving Averages, which can act as a resistance. If the price jumps the DMA, then a strong move to $25 can be seen in the future.
The RSI of AVAX is at 45, suggesting its presence in the neutral zone. There is a downside slope in RSI hinting towards a bearish trend in price.
Summary
Avalanche has observed a huge increase in fees in the past 30 days. AVAX is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$16
Major Resistance:$18
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/05/avalanche-price-prediction-is-avax-ready-to-hit-the-18/