The video discusses Avalanche (AVAX), a decentralized platform for applications and blockchain networks. It has been audited by Hacken and has gained support from Amazon for its scalable blockchain solutions. AVAX currently has over 4.6 million unique addresses and has seen price gains in the past three months. The video also showcases a technical analysis tool, the Pivot Point Super Trend Indicator, which gives buy and sell signals, and notes that the daily timeframe works best for this indicator. The video suggests potential buy levels around $13-$14 and resistance levels around $18-$19.
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Introduction
Cryptocurrency enthusiasts have requested to know more about Avalanche (AVAX), and in this episode of Watch This Before You Buy, we will be discussing some fundamental and technical analysis of the digital asset.
General Cryptocurrency Market Cap
The market cap of the cryptocurrency industry is close to a trillion dollars, and it previously crossed the one trillion-dollar milestone. However, recent news caused the market to take a two percent hit. Bitcoin fell from 21.5k to just below 21k, and Ethereum fell to 1.5k. Today, the biggest gainer is Cava, while the biggest loser is Gala.
What Is Avalanche?
Avalanche is a layer one platform that functions as a platform for decentralized applications and custom blockchain networks. It is often compared to Ethereum and is one of its rivals. Avalanche has gone down 7.4 percent recently, but in the last seven days, it has had no significant movements. In the last three months, however, it has escalated from 10.75 towards the 20 marks, which is almost a 10x increase.
Auditing and Adoption
Hacken has audited Avalanche, which gives the coin additional credibility. Recently, Amazon chose to support Avalanche, which is a massive boost to the asset’s potential. Avalanche holders have increased to over 4.681 million unique addresses, indicating greater adoption.
Technical Analysis
The Pivot Point Super Trend indicator is an efficient tool for traders, helping them to make informed buy and sell decisions on AVAX. The daily timeframe seems to work best for this indicator, as it had provided some great buying signals in the past. Additionally, there is a vast difference between the bearish and bullish volume in the daily chart. If AVAX were to bounce around the 14-13 marker, it would be an excellent opportunity to buy and trade at lower risk. Fibonacci level is another way to identify levels of resistance and support to initiate buying and selling.
Conclusion
AVAX is an excellent coin with great potential if traders take advantage of the current market dip. The technology supporting the coin’s ecosystem is robust, offering a high level of security and flexibility for its users. The recent adoption by Amazon is a clear indication that AVAX is on the right track.
