Avalanche Creates a Negative Trendline; Will AVAX Breakout?

Avalanche Creates a Negative Trendline; Will AVAX Breakout?
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When it comes to potential replacements for Ethereum, in case the network supposedly goes dark, the names would include Avalanche. Its strong growth, higher transaction speeds, and lesser gas fees make it unique among the smart contract and dApps supporting blockchain. Having created different chains for different sorts of transactions, especially the X-Chain, which uses the latest iteration of a DAG. P-Chain of Avalanche is used to facilitate validators and connect their rewards. Finally, the last chain, or the C-Chain, corresponds to the contract chain, which considers all the transaction tokens used in De-Fi and dApps.

AVAX currently ranks 14th in terms of market cap and continues to develop its blockchain, enrolling new enterprise connections. Future scalability and growth could aid in the growth of the AVAX token, the sole medium of paying for gas fees at just 0.001 AVAX. Owning 1 AVAX of $23 would allow a user to undertake 1000 transactions. 

Avalanche’s token has found itself in a tricky situation, which has entrapped a large majority of cryptocurrencies in August 2022. The consolidation zone, where neither buyers nor sellers can fully control the movement direction. The outlook remains similar to last week. Check out Avalanche price prediction and know about the long-term expected performance of the token.

The price action hasn’t been able to deliver any distinct direction to the token values as consolidation has forced buyers and sellers to wait for a breakout. The decreasing transaction volumes confirm lower action in recent days. As such, opportunistic movement can happen as soon as a breakout is registered, but the sentiment for the short term is inclined towards a negative direction. 

While RSI maintained its strength, the MACD indicator has created a bearish crossover pattern that will push the token value even lower. Resistance for buyers is strong at $26.26 and $30.65. On the other hand, support is available at $20.13 and $13.35, respectively.AVAX token hit its low during the first week of June 2022 with increased selling volumes. Since June, the price action entered into consolidation and then towards slightly upside movement was witnessed as buying started. Despite the volumes not meeting even half of the negative trend, the action is good enough to induce buying for AVAX.

The trend since the last three weeks is signaling more constraint and focus before entering into the AVAX token, as the week ending on July 24 witnessed selling at peak values. The week ending on July 31 saw support from the bottom and strong rejection from the top, creating larger wicks and a very small body. The indicator for a prolonged consolidation is confirmed here. The next three days of price action will be critical to create an engulfing candle and establish a price action for the AVAX token.

Crypto Daily - Crypto And Financial News 11/08/2022 Ripple Buying Celsius?
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In Todays Headline TV CryptoDaily News: BitPay partners Cardlytics for cash back rewards. BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, added a reward program to its BitPay Prepaid Card. Cardlytics, a cash-back rewards platform, is managing the rewards where the BitPay cardholder automatically receives cash back on purchases. Hackers have stolen $1.4 billion this year using crypto bridges. Crypto bridges, which link blockchain networks together, have become major targets for cybercriminals. A total of around $1.4 billion has been lost to breaches on cross-chain bridges this year, according to figures from blockchain analytics firm Chainalysis. Ripple Labs 'interested' in bankrupt crypto lender Celsius' assets. San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. BTC/USD exploded 2.9% in the last session. The Bitcoin-Dollar pair exploded 2.9% in the last session. The Stochastic indicator is giving a negative signal. Support is at 22289.6667 and resistance at 24337.6667. The Stochastic indicator is giving a negative signal. ETH/USD skyrocketed 7.5% in the last session. The Ethereum-Dollar pair skyrocketed 7.5% in the last session. According to the CCI, we are in an overbought market. Support is at 1599.2733 and resistance at 1841.3733. The CCI points to an overbought market. XRP/USD skyrocketed 2.6% in the last session. The Ripple-Dollar pair skyrocketed 2.6% in the last session. The MACD is giving a negative signal. Support is at 0.3499 and resistance at 0.3887. The MACD is currently in negative territory. LTC/USD skyrocketed 4.3% in the last session. The Litecoin-Dollar pair gained 4.3% in the last session after rising as much as 5.2% during the session. The Stochastic-RSI is giving a negative signal. Support is at 55.5833 and resistance at 64.6433. The Stochastic-RSI is currently in negative territory. Daily Economic Calendar: IE Consumer Price Index The Consumer Price Index is a measure of price movements made by comparing the retail prices of a representative shopping basket of goods and services. The Irish Consumer Price Index will be released at 10:00 GMT, Japan's Foreign Investment in Japan Stocks at 23:50 GMT, the US Continuing Jobless Claims at 12:30 GMT. JP Foreign Investment in Japanese Stocks Securities investment referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. US Continuing Jobless Claims The Counting Jobless Claims measure the number of individuals who are unemployed and are currently receiving unemployment benefits. JP Foreign Bond Investment The Foreign Bond Investment refers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. Japan's Foreign Bond Investment will be released at 23:50 GMT, the US Initial Jobless Claims at 12:30 GMT, the Irish HICP at 10:00 GMT. US Initial Jobless Claims The Initial Jobless Claims is a measure of the number of people filing first-time claims for state unemployment insurance. IE HICP The HICP is a measure of price movements or inflation harmonized across EU Member States. It is similar to the national Consumer Price Indices (CPI). Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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