AVAX Brushes Off Bearish Pressure With 11% Rally – Details

Avalanche （AVAX） has rallied by 11% amid growing market confidence and on-chain developments, positioning it well against bearish pressures.

Points

• AVAX has surged 11% to $28.74 amid growing market confidence.
• Avalanche’s gaming sector is expanding with new projects and partnerships.
• The bulls face a challenge in maintaining upward momentum but have solid support.

Avalanche （AVAX） continues to surge forward to greater heights, with the token reaching $28.74 since last week. This has been the biggest push by the bulls, influenced by the growing market confidence fueled by Bitcoin’s rally to $60k. Avalanche’s dev team is also hard at work with multiple on-chain news supporting this most recent price action.

Although the gaming side of crypto is still relatively small, platforms like Avalanche provide developers with a stable and secure blockchain to deploy crypto-centered games. Just last Friday, Fableborne announced that their first play-to-airdrop event was a success, with more than 77,000 concurrent players joining the occasion.

Avalanche Gaming 🔺@GamingOnAvax

@fableborne wrapped up its first Play to Airdrop campaign with an impressive player turnout.https://t.co/MxPRTt0zzW

Jul 19, 2024

On July 20th, ChronosWorlds also announced a partnership with Avalanche, stating that the platform is their “preferred deployment chain.” This partnership highlights the growing trust developers have in Avalanche as a robust and reliable platform for deploying crypto and gaming projects.

ChronosWorlds@ChronosWorlds

Avalanche is the chain for gaming.

Our team recently partnered up with @avax as our preferred deployment chain.

We’re so excited to partner up with this amazing team and are excited about our future plans. pic.twitter.com/myz3BN6ra7

Jul 19, 2024

As of writing, AVAX is still gaining ground, following the general upward trend in the market. The coin has tallied an 11% rally in the last week, according to data from Coingecko. This bullishness and the continuous effort towards onboarding more dev teams and improving the platform put Avalanche in an advantageous position within the market to gain more ground against the bears.

$28.74 Might Not Be Enough For The Bulls

As of now, the bulls are in a slight advantage against the bears, which might not last in the coming days. Although the correlation with major currencies like Bitcoin is great for mounting to retake the $32.12 price range, it will take time before bulls will reach those heights once more.

The current position of the bulls leaves them in a precarious situation. Stuck between accumulation, to further pump the price and gain ground, or consolidation, to keep the status quo and hope for better conditions; they should consider consolidating their current position.

Consolidation means slowing the accumulation stage, giving way to stability and a platform to move through to higher price ranges. Right now, if AVAX bulls decide to keep $28.74 as a support level, there is a high chance for them to regain $32.12 and above.

Aside from technical factors like price, investors and traders should also monitor Avalanche’s next moves in the coming months. Last week, the Avalanche X account reiterated its upcoming Avalanche Summit LATAM, an exclusive event where developers and interested individuals in crypto come together. If the event is successful, investors and traders can expect more projects and partnerships to come.

Featured image from Flickr, chart from TradingView

解説

• Market Confidence: The recent 11% rally in AVAX reflects growing confidence in the market, driven by positive developments and partnerships within the Avalanche ecosystem.
• Gaming Expansion: Avalanche’s foray into the gaming sector with successful events like Fableborne’s play-to-airdrop campaign and partnerships with projects like ChronosWorlds highlights its potential for growth and adoption in the gaming industry.
• Price Dynamics: While the current rally is promising, maintaining momentum will require strategic consolidation. Bulls must secure support levels and monitor upcoming developments and events to sustain upward movement.