As a seasoned analyst with extensive experience in the crypto market, I have witnessed the rollercoaster ride that is the cryptocurrency world. The recent surge of AVAX to $28.74 has caught my attention due to its impressive momentum, fueled by Bitcoin’s rally and growing market confidence.
Avalanche’s token has surged ahead, hitting a new high of $28.74 in the past week. This significant gain is primarily driven by the bullish sentiment in the market, strengthened by Bitcoin‘s impressive rise to $60k. Meanwhile, Avalanche’s development team is busy making progress, with several positive on-chain developments underpinning this latest price surge.
AVAX Gaming Grows With More Projects
Despite the fact that the gaming sector of crypto is currently quite modest, platforms such as Avalanche offer developers a dependable and secure blockchain environment to establish crypto games. Last Friday, Fableborne reported a triumphant first “play-to-earn” airdrop event, which attracted over 77,000 simultaneous players.
@fableborne wrapped up its first Play to Airdrop campaign with an impressive player turnout.
— Avalanche Gaming (@GamingOnAvax) July 19, 2024
On July 20th, ChronosWorlds revealed their partnership with Avalanche, designating it as their “primary blockchain solution.” This declaration underscores the faith developers have placed in Avalanche as a reliable cryptocurrency 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.
— ChronosWorlds (@ChronosWorlds) July 19, 2024
At present, Avalanche (AVAX) is experiencing steady growth, aligning with the overall market uptick. The cryptocurrency has recorded a noteworthy 11% surge over the past week according to recent Coingecko statistics. This positive momentum and unrelenting focus on welcoming new development teams as well as enhancing the platform position Avalanche favorably within the market, enabling it to potentially outperform during bearish conditions.
$28.74 Might Not Be Enough For The Bulls
Currently, the bulls hold a slight edge over the bears, but this advantage may not persist in the imminent future. Despite the strong correlation between major cryptocurrencies such as Bitcoin and this asset class, regaining the $32.12 price range will be a time-consuming process for the bulls.
The present situation of the bulls is quite delicate. They are caught in a dilemma: either to pile up more purchases to boost the price and make gains, or to hold steady and wait for improved circumstances. It would be prudent for them to take the second option and solidify their existing position.
Slowing down the process of adding new elements or resources is referred to as consolidation. This phase paves the way for stability and provides a solid foundation for further progress towards higher price ranges. At present, if AVAX supporters manage to maintain $28.74 as a support level, there’s a strong likelihood they will recapture $32.12 and potentially even surpass it.
Investors and traders should keep an eye on Avalanche’s developments beyond just technical factors in the upcoming months. Last week, the Avalanche X account announced its Avalanche Summit LATAM, an exclusive gathering for crypto developers and enthusiasts. The success of this event could lead to a surge in new projects and partnerships for Avalanche.
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2024-07-21 13:34