- Avalanche network showed continued growth through the fourth quarter of 2022.
- Intain launched an Avalanche subnet.
- Prices went up by nearly 25% in the past 7 days.
Per the announcement made by Avalanche (AVAX), it will broadcast Intain as the first institutional subnet for the issuance and trade of asset-backed securities on-chain. Intain is a structured finance and administration platform that mainly deals with debt capital markets. Institutional adoption is an important development for Avalanche as it marks a significant milestone for the network in terms of institutional demand.
The Avalanche team also launched two subnets, Dexalot and XanaChain and two subnet upgrades, Elastic Validation and Avalanche Waro Messaging (AWM), in the final quarter of 2022. The upgrades were made on the Avalanche Mainnet, which allowed anyone to become a subnet validator by staking the subnet token.
The first institutional Subnet is here!
.@IntainFT, a structured finance platform that facilitates administration of $5.5B in assets, is launching IntainMARKETS, an on-chain marketplace for tokenized asset-backed securities.
Let's take a look at why Intain #ChoseAvalanche /
— Avalanche
The Picturesque
The AVAX prices formed a rising regression channel with a rise of about 25% in the past 7 days and 13% in intraday. The volume showed a blend of buyers and sellers taking advantage of the price surge. The OBV shoots up displaying the present pressure to be positive. The EMA ribbon lies below the price action white forming a possible bullish crossover (green circle). The price rally may face seller’s resistance near $23.26.
The CMF moves horizontally to the zero-mark to depict a neutral market. The MACD descending buyer bars as the lines move closer to convergence. The RSI oscillates about the 70-range to show remaining buyer pull. The market shows prices to witness a staggered rise as the sellers participate at various levels to book profits.
The Peephole
The 4 hour time frame shows AVAX prices interacting with the sellers who are reacting to the price rally. The CMF rises above from the baseline to indicate approaching bulls. The MACD diverges with it recording tall buyer bars in the region above the zero-histogram mark. The RSI shoots to the ceiling ranges to show improving buyer interest.
Conclusion
The AVAX prices showed a rising trend due to institution adoption and enhanced performance in the fourth quarter. The platform matured with the rollout of substantial upgrades to subnets, comprehensive partnership with strategic partners. The price may witness resistance near $23.26, respecting the previous swings.
Technical levels
Support levels: $16.03 and $10.74
Resistance levels: $23.26 and $26.05
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and 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/2023/02/02/avax-triumphs-in-q4-new-institutional-hosting-to-uplift-prices/