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Avalanche (AVAX) Price Exploded by 10% to $32,68 With New Partnership

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By on Crypto News
  • AVAX surged 10% in 24 hours, with daily trading volume reaching $886 million.
  • The rise followed the launch of Ash Wallet, a shared infrastructure for managing smart accounts on Avalanche.

AVAX surged by over 10% in the last 24 hours, marking the highest gain among the top 100 cryptocurrencies by market capitalization. The token is currently trading at around $32.3  with the daily trading volume tripling to approximately $886 million and a market capitalization of $12. 7 billion.

The Asset is still 77% below its all-time high of $146. 2, recorded in November 2021. 

 

This price rise comes after an announcement on July 19 that Ash Wallet, a new shared infrastructure that seeks to incorporate Safe (formerly Gnosis Safe) into the Avalanche L1s ecosystem, has been launched on the mainnet. This innovative solution is operated by the Ash team and sponsored by the Avalanche Foundation for managing smart accounts and multisig wallets on Avalanche L1s. 

Ash Wallet gives the Avalanche L1 developers essential features like account abstraction and multisig wallets without them having to develop them on their own. The Safe{Core} is a secure, portable, and composable smart accounts’ infrastructure, while Safe{Wallet} is a web application that implements Self-Custodial Smart Wallets. 

Whale Investors Shift Trading Strategies for AVAX

Large investors known as ‘whales’ have played a major role in AVAX’s price swings. These investors started bearish trade on AVAX after it touched nearly $26, which shows that there is a shift in trading strategy. This price movement in AVAX is consistent with the overall cryptocurrency market, including a 7% rise in Bitcoin in the past week and a marginal overall market gain of 0. 5%, which has taken the total market capitalization to $2. 44 trillion. 

The Total Value Locked (TVL) in Avalanche has also been on the rise and has risen from $689. 5 million to $951. 7 million, a 38% jump. This growth indicates that investor confidence is improving, as well as the activity within the Avalanche ecosystem.

Concurrently, Futures Open Interest in the Avalanche network rose significantly, climbing from $173.6 million to $254.1 million, an increase of 46%. This indicates heightened trader engagement and a positive outlook for Avalanche’s futures market.

Crypto Expert Provides Bullish Technical Analysis for AVAX

Crypto expert Jonathan Carter presented an optimistic outlook on Avalanche (AVAX). He highlighted several technical indicators that showed the potential for an increase. AVAX is in the process of breaking the descending resistance line and is trading close to the 50-day moving average. Often, this alignment indicates a possible change in the market direction; therefore, AVAX is strengthening. 

Carter noted that if the price were to move past the first major resistance level of $29. 30, then a powerful bullish trend might be expected. If AVAX is to break this crucial level, price predictions may be as high as $41. 60 and $60. 40. 

Changelly’s recent outlook is in line with Carter’s view. The platform predicts a 13. 86% increase, anticipating that AVAX will increase to $32. 28 by July 19, 2024. This prediction is in line with the present positive sentiment concerning Avalanche. Changelly metrics reveal a 61% neutral yet bullish sentiment, meaning that there is a possibility of the price going up.

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