The Avalanche price slumped 3% in the last 24 hours to trade at $26.36 as of 04:03 a.m. EST, with trading volume dropping 22% to $291 million.
This comes as the California Department of Motor Vehicles (DMV) digitized 42 million car titles on the Avalanche (AVAX) network as part of steps taken to modernize the state’s title transfer process with software development.
The development, spearheaded by Oxhead Alpha, will allow users to transfer vehicle titles in minutes without needing to go to an office or the weeks one had to wait in the traditional system.
DMV’s implementation is just an example of how blockchain can bring benefits and manage large databases in the public service sector.
Avalanche Price Could Surge Over The $28.08 Resistance
The Avalanche price tumbled on July 23 from the $32 resistance to the $26.26 support level, according to data from GeckoTerminal. AVAX has since been fluctuating in highs and lows, forming a falling wedge pattern.
The price decline has resulted in the price dropping below both the 50-day and 200-day Simple Moving Averages (SMAs), which now work as the immediate resistance zones at $27.48 and $28.07.
Additionally, the Relative Strength Index (RSI) trades down towards the 30-oversold level, currently at 34 and tumbling, which shows that sellers have taken control of the price. The RSI also shows that the asset is undervalued, which may open up buying positions for investors.
Avalanche Price Chart Analysis Source: GeckoTerminal.com
If the selling continues, the price of Avalanche may drop further, as the $24.84 zone acts as the immediate support level and a cushion against downward pressure.
However, if the bulls capitalize on the falling wedge pattern to stage a trend reversal, the token may soar past the $28.08 resistance (50-day SMA) and reach the current target at $30.67, a 16% increase from the current price.
The 50-day SMA crosses above the 200-day SMA, forming a golden cross at $26.75, which may increase the bullish prospects of the asset.
Moreover, with the RSI showing that the token is undervalued, investors may start capitalizing on this to buy the asset, pushing the token up.
As the AVAX price bulls search for buying signals to push the token up, other investors are rushing to buy the new Olympic Games-themed meme token The Meme Games (MGMES), which has already amassed over $302K in its new presale.
The Meme Games ICO Raises Over $302K
The Meme Games is an innovative and gamified meme token project that brings popular crypto meme characters Dogecoin ($DOGE), Pepe ($PEPE), DogWifHat ($WIF), Brett ($BRETT) and Turbo ($TURBO) into competition on the blockchain.
Such a unique concept rewards presale buyers with token bonuses for winning events, which adds an exciting competitive element for investors in the project.
CRYPTO BREAKING NEWS
The Meme Games raises over $100K on opening day of presale. The Meme Games presale raises over $100K in its first 24 hours, capturing attention in the booming memecoin sector. #partnercontent check us out @ https://t.co/8dh137buUp pic.twitter.com/YwzyP2glE4
— InnovatekMobile (@Neome_com) July 17, 2024
Buyers of the token are allocated one of the five meme titans to race after joining the project, and are given a 20% chance to win a 25% bonus on the original investment.
Selecting a meme athlete takes place randomly and is verified by blockchain technology, which ensures fairness.
Token holders can also earn passively from the project’s staking mechanism by buying and staking $MGMES for an impressive percentage yield (APY) of 760%.
According to 99Bitcoins, a prominent YouTube channel with over 706K subscribers, $MGMES could soar 100X after its launch.
You can buy $MGMES tokens for $0.0091 each. But buy soon to lock in the best deal as a price hike will come in less than a day.
To join the presale, buy $MGMES from the official website here using ETH, BNB, USDT, or a bank card.
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