AVAX Brushes Off Bearish Pressure With 11% Rally
AVAX continues to rush 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.
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AVAX Gaming Grows With More Projects
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.
@fableborne wrapped up its first Play to Airdrop campaign with an impressive player turnout.https://t.co/MxPRTt0zzW
— Avalanche Gaming 🔺 (@GamingOnAvax) July 19, 2024
July 20th also marks the announcement of ChronosWorlds that they partnered with Avalanche, stating that the platform is their “preferred deployment chain.” This just shows that developers trust AVAX as a crypto and gaming platform.
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
— ChronosWorlds (@ChronosWorlds) July 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, data from Coingecko shows. This bullishness and the continuous effort toward onboarding more dev teams and improving the platform puts 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.
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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
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