Avalanche (AVAX) traded largely stable early Thursday despite positive sentiment in the broader crypto sector, posting a small daily gain of over 2% but has the potential for more upside, driven by strong fundamentals. At the time of writing, AVAX / USD is trading at around $ 66.42.
One of the biggest developments that can trigger further upward movements in the eleventh largest cryptocurrency by market capitalization is the listing of their token on Coinbase’s platform for professional traders. On Wednesday, the leading crypto exchange announced that starting today, Coinbase Pro users will be able to transfer their C-Chain AVAX tokens to their accounts and trade with them. This development will greatly increase investor interest in the cryptocurrency and help it rise higher in the upcoming sessions.
Another promising groundbreaking development that can drive blockchain adoption and adoption is HLTH.network’s announcement that it will leverage Avalanche’s ecosystem to bring its global health data base layer protocol to market. Avalanche’s technology will provide the HLTH.network speed and efficiency needed to support its rapid growth and achieve its goal of becoming the global solution for health data sharing.
In terms of adoption, the Avalanche ecosystem is likely to enjoy a boost from a recent strategic partnership with leading NFT aggregator MOVE Network. This development will bring with it the provision of NFT, DeFi, GameFi and Metaverse functions in the blockchain network, so that the users of MOVE Network can access NFTs from different industries on the blockchain.
In the past few weeks, driven by the explosive growth of the DeFi market, blockchain networks like Avalanche and Solana have made significant strides in adoption and use, and have successfully stolen the limelight from current market leader Ethereum in this area as well. As the Ethereum network suffers from congestion problems and high gas fees, more and more projects are looking for alternatives. This can be seen in how the TVL on the Avalanche network rose over 16% over the past week, while Ethereum’s TVL actually saw a 0.06% decrease for the corresponding period.
Important levels to watch
On the H4 price chart of AVAX / USD, the smaller and larger MAs as well as the technical leading indicators MACD and Momentum show a bullish tendency. However, the MAs in the mid-timeframe – the 20 EMA, 30 EMA and 50 EMA – also suggest some interest in selling.
The price of Avalanche holds just above the pivot point at $ 66.20 and requires more buying pressure to move higher to test the initial resistance at $ 80.34. However, if more sellers join now, we could see the price drop below the pivot point, in which case we should look for support at $ 52.69.
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