Avalanche, a well-known altcoin, has recently experienced a significant downturn, plummeting by nearly 20% in the past few days. On a weekly basis, its market value has dropped by 10%. Although the daily chart shows a slight upward trend with a 1.6% increase, the technical outlook for Avalanche remains pessimistic.

Buyers are cautious about the price movement, while sellers are dominating the market, leading to a reduction in both demand and accumulation on the daily chart. In order for Avalanche's price to recover, it must surpass the $18 mark. However, the $17 price level has acted as a supply zone for the altcoin, and if bulls cannot defend the current price level, the bears may gain full control over the asset's price.

Like other major altcoins, significant market players have been struggling to break their crucial resistance levels, and the decrease in AVAX's market capitalization indicates a decline in buying pressure.

Avalanche Price Analysis: One-Day Chart

Avalanche was priced at $17.17 on the one-day chart | Source: AVAXUSD on TradingView

At the time of writing, AVAX was trading at $17.17, and the immediate resistance was at $18, which could lead to a push towards $19, strengthening the bulls if breached. However, if Avalanche continues to trade sideways, it is expected to fall below the $17 level, and the next support level for the asset is $15.

The altcoin's recovery relies on buyers stepping in and pushing its price above the $18 mark. The recent amount of AVAX traded is red, which suggests an increase in selling pressure in the market.

Technical Analysis

Avalanche noted a fall in demand on the one-day chart | Source: AVAXUSD on TradingView

Over the past week, there has been a significant drop in demand for the altcoin, leading to a decline in its value. Although bullish investors are attempting to regain buying strength, it is necessary to surpass immediate resistance to make progress. The Relative Strength Index shows that sellers outnumber buyers, with the index below the 50-mark. Despite a minor upswing, the bearish influence continues to dominate.

Avalanche noted sell signals on the one-day chart | Source: AVAXUSD on TradingView

Furthermore, the AVAX price remains below the 20-Simple Moving Average, indicating that sellers are gaining momentum and steering the market's price action. Additionally, further technical indicators suggest that bearish momentum is prevailing, as red histograms have formed on the Moving Average Convergence Divergence indicator, indicating sell signals on the one-day chart.

The Directional Movement Index determines the price direction, and currently, the -DI line (orange) is above the +DI line (blue), resulting in a negative DMI reading. The Average Directional Index (red) is above the 20-mark, indicating that the price momentum is gaining strength.

#avalanche #avax #marketupdate #analysis #dyor

Source: newsbtc

image Source: Photo by Kanchanara on Unsplash

If you enjoy our content and want to show your support, please like, share, and follow us for more high-quality updates.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Alibaba Cloud, the division of e-commerce giant Alibaba Group specializing in digital technology and intelligence, has entered into a new cooperation with the layer-1 blockchain Avalanche. The cooperation between Alibaba and Avalanche will make it easier for Alibaba's customers to create metaverses on the blockchain. Dec.

The Chinese e-commerce company Alibaba continues its cooperation to promote the integration of new technologies. It was announced that Alibaba's cloud service provider Alibaba Cloud has partnered with the blockchain Avalanche.

Called Cloudverse, launchpad is designed to provide an end-to-end platform for companies to customize, simplify maintenance and maintain metaverse domains.

There is a third partner in the cooperation

According to John Wu, General Manager of Ava Labs, there is also a third partner named MUA DAO, who functions as the service layer responsible for conducting the integration and customization processes for metaverse.

Wu expressed that Alibaba Cloud's partners are interested in joining web3, saying, “We will allocate resources to facilitate the development of software development kits (SDKs) customized by external parties, taking advantage of our existing SDK infrastructure." said.

Avalanche has subnets, also known as ”subnets", consisting of a group of nodes or validators that can be built on top of the blockchain. Subnets refer to customized blockchains that are designed to address specific applications and can be built on top of an existing blockchain infrastructure. Cloudverse will facilitate the development of custom blockchain solutions through the implementation of this infrastructure.

"The metaverse is being made ‘too easy'”

Emin Gün Sirer, founder and CEO of Ava Labs, said in a statement, “It is possible for us to create a metaverse with you right now. the chain will be ready in 15 minutes. It takes several hours for the wallet and turnkey to become operational." said. Sirer also added that the technology has been made “very easy” and that all the tools are open source.

According to the companies, Cloudverse founders will be provided with assistance with visual tools, metaeconom October, interactive features, events, continuous operations and additional services. It was also underlined that each metaverse domain can be ready for operation within about a month after the first access.

There have also been other collaborations between the two organizations before.Dec. Alibaba Cloud started providing infrastructure and tools in December to make it easier for users located in Asia to run verifiers on the Avalanche network. #avalanche #BTC #Binance #crypto2023 #avax

Delhi Police's Special Cell is investigating a case of cryptocurrency theft where a west Delhi businessman had approximately Rs 4 crore stolen from his wallet. The investigation took a breakthrough when Israel's intelligence agency, Mossad, shared information about suspect wallets operated by terrorist groups. The stolen assets were traced to wallets operated by the cyber terrorism wing of Hamas. Intelligence agencies are on high alert for renewed hacking efforts by Hamas.Delhi Police's Special Cell is currently investigating a case of cryptocurrency theft. As per a TOI report by Raj Shekhar, approximately Rs 4 crore was stolen from a west Delhi#ftx #avalanche #galxe $USDC $XRP $BNB