Avalanche’s AVAX token shows potential rise, buoyed by new social media app By Investing.com
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The blockchain’s token, AVAX, currently trading near $10, is showing signs of potential ascent, following the introduction of StarsArena, a new social media application on its platform. The app, boasting over 10,000 users, has led to an increase in transaction volume, surpassing other decentralized applications (dapps) in terms of Unique Active Wallets, according to data from DappRadar. This surge has propelled AVAX’s on-chain volume beyond its 30-day average.
This development comes after AVAX experienced a significant 46% crash between July and September. However, the recent upswing in user activity and transaction volume indicates a possible recovery. A pullback into the $9.23-$9.84 accumulation zone could trigger a bounce to $11.38 with profit booking at $12.29.
In more bullish scenarios, profit levels could reach as high as $13.17 and $13.80. Yet, investors should be cautious as a daily close below $10 or $9.23 could invalidate the bullish thesis.
As of Thursday, the token’s bullish outlook remains contingent on maintaining a daily candlestick close above $10. If the token dips below $9.23, this would invalidate the current bullish thesis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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The blockchain’s token, AVAX, currently trading near $10, is showing signs of potential ascent, following the introduction of StarsArena, a new social media application on its platform. The app, boasting over 10,000 users, has led to an increase in transaction volume, surpassing other decentralized applications (dapps) in terms of Unique Active Wallets, according to data from DappRadar. This surge has propelled AVAX’s on-chain volume beyond its 30-day average.
This development comes after AVAX experienced a significant 46% crash between July and September. However, the recent upswing in user activity and transaction volume indicates a possible recovery. A pullback into the $9.23-$9.84 accumulation zone could trigger a bounce to $11.38 with profit booking at $12.29.
In more bullish scenarios, profit levels could reach as high as $13.17 and $13.80. Yet, investors should be cautious as a daily close below $10 or $9.23 could invalidate the bullish thesis.
As of Thursday, the token’s bullish outlook remains contingent on maintaining a daily candlestick close above $10. If the token dips below $9.23, this would invalidate the current bullish thesis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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