Assess AVAX’s chances of recovery in the coming week

  • AVAX’s TVL continues to fall
  • Partnerships and integrations have increased over the past week

Newly updated Avalanche Daily Avalanche [AVAX] Channel C’s Weekly Status, which highlighted some notable stats. For example, in the last week alone, the total number of transactions increased by more than 4%. Additionally, AVAX’s staking rewards saw an increase of nearly 9% over the same period, which is commendable.

Lily avalanche [AVAX] Price prediction 2023-24

However, DeFiLlama Data revealed a different story, as his graph showed that AVAXit is the Total Locked Value (TVL) has fallen sharply in recent days. Either way, the coin has seen a surge in terms of integrations and partnerships.

These are the latest updates

Avaxholics, a popular Twitter handle that posts updates related to the Avalanche ecosystem, recently posted a tweet mentioning all the notable developments over the past few days.

These included ThorSwap’s announcement that its AVAX The cross-chain aggregator DEX was online. Additionally, SoulSwap also revealed that the Limited Order (v2) has been released and is available on Avalanche.

Do these developments have the potential to help AVAX reverse its downward trend and paint its chart green?

Here’s what AVAX investors can expect

At press time, AVAX has been trade at $14.11, more than 23% lower than the previous week, with a market capitalization of more than $4.32 billion.

Interestingly, a review of AVAX’s metrics indicated that things could get worse for investors as they suggested a new downtrend in the coming days.

Moreover, AVAX did not receive much interest from the derivatives market, as its Binance funding rate was considerably lower. Despite the aforementioned integrations, AVAX development activity has seen a decline lately, which is a negative signal for a blockchain.

Source: Santiment

More bad news awaited AVAX holders after its Chaikin Money Flow (CMF) and Money Flow Index (MFI) recorded declines. These indicators were under the neutral brand, at press time.

The CMF was heading further south, which is a bearish signal. The discovery of the Bollinger band revealed that AVAXwas about to enter a zone of high volatility.

Considering metrics and other market indicators, Bollinger Band data increases the odds of a continued price drop.

Although the Relative Strength Index (RSI) was quite low, it rebounded and marked a slight rise towards the neutral mark, offering a small glimmer of hope for investors.

Source: Trading View

Comments are closed.