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

Avalanche’s (AVAX), has seen a spike of up to 11% over the last seven days. This is more than any other top 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

The recent Avalanche network developments are believed to have greatly contributed to the AVAX gains.

August records 46 million transactions on the Avalanche network, which is quite a high figure to start with.

Avalanche Price Looking Optimistic

AVAX’s daily chart looks positive. Some on-chain metrics, however, also show that the altcoin has the potential to decline.

Based on CoinMarketCapAVAX is trading at $20.39, up 0.33% from the previous writing.

The Daily Gas Usage of AVAX has reached the ATH of 462,891,881,113 in the last few days. This is an excellent sign of support for Avalanche.

Additionally, it was discovered that the DFK Chain greatly contributed to increased 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

These updates saw AVAX go north, and the price pump came as a result. AVAX’s volume also rose, which indicates a continued upswing.

AVAX prices climbing up on charts has caused developments in the Avalanche system to slow down, which is not good news.

AVAX has seen its social volume plummet, indicating that Avalanche is losing interest in development.

TradingView.com Chart

Although some metrics indicate a decrease, AVAX’s four-hour chart suggests that AVAX could have offshooting targets. AVAX has several metrics which are green.

Evidently, RSI shows an uptick that suggests a potential price hike in the near future. A bullish crossover can be seen when the 20 day EMA crosses the 55-day EMA.

The CMF, on the other side, has plummeted which suggests a bearish movement. Although there are some bullish signs in the MACD data, they could quickly turn to bearish as the red lines move faster than the blue, limiting any potential price rallies.

 Source: TradingView.com| Source: TradingView.com

Featured image taken from ABC of Snowboarding. Chart from TradingView.com

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