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Avalanche price has risen 15% in the last 24 hours to trade at $41.01 at 2:00 am EST as trading volume increased 35%.
It comes as investors show strong interest in the Avalanche network with capital inflows into AVAX-based crypto investment funds of $2 million last week, according to CoinShares.
Among the big players that have taken an interest in the AVAX network is JPMorgan, which revealed the use of the Avalanche blockchain for wallet tokenization in November.
➤ Milestone in blockchain technology: RWA
Associations with @jpmorgan, @citi, @republicnote have allowed a wider audience to discover Avalanche.
This has the potential to attract more and more people not only to $AVAX but to cryptocurrencies in total. pic.twitter.com/6CmSwWPaG5
– AlΞx Wacy (@wacy_time1) December 10, 2023
The CoinShares report also details that investors pumped $20 million into bitcoin investment products last week, to bring year-to-date inflows to $1.7 billion. The interest comes ahead of spot exchange-traded fund (ETF) approvals expected between January 5-10.
BREAKING: According to Bloomberg ETF analyst James Seyffart.
The window to potential bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Spot ETF approval is January 5-10, 2024.
The ETF will most likely be accepted on any of these days:
– Monday, January 8
– Tuesday, January 9
– Wednesday, January 10– crypto Rover (@rovercrc) December 1, 2023
With this, btc derivative BTCMTX is wowing investors with its innovative mining staking approach. The token powers a cloud mining platform where even ordinary people can mine bitcoin in a decentralized way.
Exploring the world of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Mining with #BTCMTX offers a user-friendly experience, ensuring hassle-free entry even for those new to the concept.
The simplicity of the platform eliminates the need for complex technical knowledge, providing a welcoming environment for beginners. pic.twitter.com/Ba4c7AcD7R
—Bitcoinminetrix (@bitcoinminetrix) December 11, 2023
Avalanche price outlook as AVAX restores balance to the market
Since the market turned bullish on October 18, Avalanche price has surged 375%, a bold move that saw the price of the decentralized open-source proof-of-stake blockchain token turn a supply zone into a bullish switch which ranges between $26.56 and $29.34. It all happened after the altcoin updated the falling wedge pattern with a bullish reversal.
Attracted by the “magnetic pull” of the fair value gap (FVG) extending from $38.12 to $41.07, Avalanche price has filled inefficiency in the market, meaning the market value AVAX could need a correction unless the price registers a candle close above. the subsequent invasion (middle line) of the FVG order block at $39.74 in the three-day period.
Such a move could set the tone for Avalanche price to target the next psychological level of $50.00. Such a move would mean a 20% increase above current levels. In very ambitious cases, the price could extend beyond the $55.00 level to reach the $60.00 threshold.
The Relative Strength Index (RSI) remains in a northerly direction, suggesting that momentum continues to increase, accentuating the bullish thesis. Furthermore, the Awesome Oscillator (AO) remains in positive territory with green histogram bars in positive territory to show that the bulls have established a strong presence in the AVAX market.
However, investors should be aware that after covering the inefficiency, AVAX is massively overbought with the RSI at 93. This often precedes a correction or pullback.
Reverse case
On the other hand, a rejection of the ensuing FVG invasion could cause Avalanche price to retreat, potentially losing the $32.08 support level.
Further south, the drop could send AVAX price back into the supply zone fold between $26.56 and $29.34. A three-day candle close below the average threshold (middle line) of this order block at $28.03 would confirm the continuation of the downtrend.
Such a move could cause Avalanche price to fall below the psychological level of $20.00 or, in the most serious case, extend a leg down below the support of $15.84. Such a move would invalidate the bullish outlook.
On-Chain Metrics to Support Bullish Avalanche Price Outlook
The Global IN/Out of the Money (GIOM) metric from on-chain aggregator IntoTheBlock shows that while Avalanche price is between two congestion levels of somewhat equal size, there is a support level that will prevent Avalanche price from succumbing to sales pressure.
According to this on-chain metric, this major area of interest spans between $18.89 and $30.68 and is occupied by a large number of investors who had previously purchased AVAX tokens at an average price of $22.26. Here, approximately 822,002 addresses contain almost 19.62 million AVAX tokens.
Any effort to send Avalanche price south would be countered by these directions.
As AVAX faces the critical hurdle presented by the ensuing invasion, buy BTCMTX not only for your portfolio diversification strategy but also for easy entry into the btc market.
The project represents an innovative cloud mining solution, where bitcoin mining is decentralized, so there are no risks associated with fraudulent intermediaries and, at the same time, you enjoy autonomy over your mining activities.
#BitcoinMinetrix represents a cutting-edge cloud mining solution, enabling participation in decentralized $btc mining.
With its focus on eradicating the risks associated with fraudulent third-party cloud mining, it gives users complete autonomy over their mining activities. pic.twitter.com/VTlrHmmXNN
—Bitcoinminetrix (@bitcoinminetrix) December 11, 2023
Promising alternative to avalanche
BTCMTX is the token that powers the bitcoin Minetrix ecosystem and its token sells for just $0.0121. The price will increase in less than five days, so anyone looking to join the BTCMTX community should do so quickly to get discounts for early participants.
Only 1 day left #BitcoinMinetrix Stage 12!
What sustainable practices do you think could revolutionize bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining while upgrading #blockchain security? pic.twitter.com/shzWok0MDt
—Bitcoinminetrix (@bitcoinminetrix) December 11, 2023
So far, pre-sale sales have reached $5.22 million, out of a target of $5.828 million. Visit bitcoin Minetrix to pre-sell BTCMTX here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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