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Avalanche (AVAX)

Multichain Bitcoin․com Wallet Now Supports Avalanche (AVAX)

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Multichain Bitcoin․com Wallet Now Supports Avalanche (AVAX)

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Bitcoin.com has added support for the smart contract platform Avalanche to its self-custodial web3 wallet. The addition of Avalanche to the multichain Bitcoin.com Wallet means the wallet’s millions of users are now able to buy, sell, send, receive, and manage $AVAX. Users will also be able to trade tokens on the Avalanche network, as well as interact directly with the hundreds of Decentralized Apps (DApps) hosted on the high-throughput Ethereum Virtual Machine (EVM)-compatible network, enabling use cases like borrowing and lending, prediction markets, and synthetic assets.

“The potential of decentralized finance to create economic freedom is vast, but to realize that potential, we need to democratize access. And for that, it’s essential that we provide a low-fee environment,” said Bitcoin.com CEO Dennis Jarvis. “The Avalanche network is fast and cheap while also offering a high level of decentralization, which is critical for security and censorship resistance. Importantly, Avalanche has also attracted a huge range of high-quality DApps, which increases its utility for our millions of users.”

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Bitcoin.com’s support for Avalanche is also motivated by the development of its ecosystem token $VERSE, which will require a low-fee smart contract platform to enable the small, frequent transactions associated with the token’s utility and rewards functions. Verse will launch on Ethereum but also be bridged to Avalanche.

Strategic investors purchased $33.6 million in a private sale of $VERSE tokens in May. Registrations for the public sale are now underway at getverse.com.

About Avalanche

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try Avalanche today.

Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

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Avalanche (AVAX)

Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

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Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

  • AVAX price ranges below 50 and 200 EMA on the daily timeframe. 
  • Price continues to maintain a downtrend as it aims to break out to the $20 range.
  • AVAX price closes attempting to break out of its downtrend on low timeframe. 

Avalanche (AVAX) price has failed to sustain its head high above the blood bath of the bear market against tether (USDT). With what proved to be a major run for the price of Avalanche (AVAX) from a low of $10 to a high of $145, many predicted the AVAX project causing a major upset for many crypto projects. The statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have affected the market negatively, with AVAX prices not exempted. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart 

The price of AVAX has continued to decline as there seems to be no hope of a major bounce after losing its weekly support of $25 as the price looks to reclaim its $10 support on the weekly chart.

The price of AVAX continues to hold above a key support area of $10; the price of AVAX needs to break its downtrend that has been maintained for weeks. A break would see the price retesting $20-$25. 

For the price of AVAX to restore its relief, the price needs to break and hold above the $20 resistance preventing the price of AVAX from trending higher. If the price of AVAX keeps rejecting $20, we could see the price going lower. 

Weekly resistance for the price of AVAX – $25.

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Weekly support for the price of AVAX – $15-$10.

Price Analysis Of AVAX On The Four-hourly (4H) Chart

Four-Hourly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

In the 4H timeframe, the price of AVAX continues to range in a downtrend line as the price attempts to break out. This could signal a relief bounce on a low timeframe.

The price of AVAX trades at $17.4 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for AVAX price. The price of $17.7 and $20 corresponds to the resistance at 50 and 200 EMA for the price of AVAX. The price of AVAX needs to reclaim 200 EMA for a chance to trend to $25-$30. 

Four-Hourly resistance for the AVAX price – $20-$25.

Four-Hourly support for the AVAX price – $17-$15.

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Onchain Analysis Of AVAX

AVAX On-chain Analysis | Source: AVAXUSD On Messari.io

Although many investors and projects are building on the Avalanche network, it has experienced a difficult time in terms of price during the bear season. The price of AVAX, based on the on-chain data, is beginning to see a little relief over the last 24 hours compared to previous weeks.

Featured Image From Daily Hodl, Charts From Tradingview and Messari

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Avalanche (AVAX)

Avalanche Price Slips At $30 As AVAX Eyes Key Support

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Avalanche Price Slips At $30 As AVAX Eyes Key Support

The price of Avalanche (AVAX) slips at $30 against Tether (USDT) as Avalanche (AVAX) eyes key support to hold the price from selling off. AVAX showed great strength rallying to a high of $30 but was rejected as Bitcoin’s (BTC) price continued to go lower, affecting the price of AVAX from trending higher. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart 

Weekly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

According to the chart, the price of AVAX had a strong bullish bias at $30, but the price was rejected from that region, causing the price of AVAX to move downward.

After hitting a weekly low of $14.5, AVAX rallied to a high of $30, with hopes of retesting $50. The price was rejected at $30 and has since remained bullish.

The price of AVAX closed with a weekly bearish candle, and the price volume suggests that the new week will be even more bearish.

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If AVAX maintains its current structure, we could see a retest of the support at $14.5 or lower, depending on sell volume.

Weekly resistance for the price of AVAX – $30.

Weekly support for the price of AVAX – $14.5.

Price Analysis Of AVAX On The Daily (1D) Chart

Daily AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

AVAX’s price reached a daily low of $16, forming good support for the price to bounce off. AVAX’s price rose to $30, but it couldn’t break through the resistance because the price was sharply rejected.

AVAX is currently trading at $19.3 below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance to the price of AVAX breaking higher.

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The 50 and 200 EMA correspond to prices of $24 and $40, respectively; for AVAX to trend higher, it must break through this region, which acts as resistance for AVAX prices.

A break and close above the 50-day moving average would indicate a short-term relief bounce, while a close above the 200-day moving average would indicate a downtrend reversal to the upside of the current bearish trend.

If the price of AVAX fails to break the resistance at $24, we could see the price of AVAX going to the lower region for price accumulation at $16.

Daily (1D) resistance for AVAX price – $24.

Daily (1D) support for AVAX price – $16.

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Price Analysis Of AVAX On The Four-Hourly (4H) Chart

Four-Hourly AVAX Price Chart | Source: AVAXUSDT On Tradingview.com

The price of AVAX on the 4H chart has continued to look weak, trying to hold above the support area at $18; more buy orders in this region could see the price of AVAX going higher. 

AVAX has formed a bullish divergence on the 4H chart as the price is oversold; we could see a bounce from this region for AVAX price, as $24 could act as minor resistance. 

The Relative Strength Index (RSI) for AVAX on the 4H chart is below 30, indicating AVAX is oversold.

Four-Hourly (4H) resistance for AVAX price – $24.

Four-Hourly (4H) support for AVAX price – $18.

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Featured Image From Fintechs, Charts From TradingView.com

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180 employees

Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions And AVAX Sliding In Value

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Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions And AVAX Sliding In Value

The price of Avalanche has slid significantly since the crypto asset’s all-time high as the token has dropped 83% in value since then. In a recent interview published on May 31, Avalanche co-founder, Emin Gün Sirer, discussed how bear market conditions have impacted cryptocurrencies like avalanche (AVAX). The Avalanche co-founder mentioned “macro conditions” and that “all asset prices—not just crypto but also equities—have gone down” in value.

Emin Gün Sirer: ‘Price Is Not Something That I’m Supremely Interested in — I’m Building’

Presently, the crypto economy has been facing a downturn after numerous digital assets have lost 40% to more than 80% in value against the U.S. dollar. For instance, bitcoin (BTC) is down 56.9% from its $69K all-time high seven months ago. The crypto asset avalanche (AVAX) has shed roughly 83.9% in value against the USD since the ATH it recorded on November 21, 2021. Just recently, Avalanche co-founder Emin Gün Sirer discussed the AVAX downturn in an interview with Forbes author Steven Ehrlich.

Avalanche co-founder Emin Gün Sirer.

Despite the crypto economy’s bear market, Gün Sirer is very optimistic about the future of AVAX and he wholeheartedly believes it is the best form of blockchain technology out there today. “Avalanche is, simply put, the most innovative blockchain platform device to date,” the Avalanche co-founder explained to Ehrlich. “It represents the best technology that we know from a scientific perspective for building blockchains that scale and are customizable.” Following Gün Sirer’s statement about Avalanche, Forbes reporter Ehrlich asked about AVAX’s decline in value.

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Gün Sirer noted that Ava Labs is a private company and one that is “thriving.” The co-founder shared that there’s roughly 180 people employed by the firm and by the end of the year he expects the staff to grow to 250. “We have multiple revenue sources, and we’re well-capitalized for the next I don’t know how many years,” the Avalanche co-founder explained. “So we’re in a very good situation as a company, growing fast,” he added.

Moreover, Gün Sirer was asked about AVAX sliding in value and the interviewer asked him if he would share his thoughts on the situation. “In this space, there are a whole bunch of things happening,” Gün Sirer responded. “So the macro conditions are what they are, right? We printed a lot of money across the globe, and now everybody wants to contract the money supply. All asset prices—not just crypto but also equities—have gone down. That’s sort of where we are.”

The Avalanche co-founder also discussed the Federal Reserve’s policies and said there’s a chance central banks could “back off of the aggressive policies” if certain macro conditions fueled a deeper recession. However, Gün Sirer stressed that anything can happen with the economy and the fiat values of crypto is something he’s not “supremely interested in.” “I’m building, and everybody I know is building,” Gün Sirer further remarked. AVAX, however, has taken a deep hit ever since the Terra LUNA and UST fallout as faith in decentralized finance (defi) has been rattled.

During the last month, the total value locked (TVL) in defi hosted on the Avalanche blockchain has dropped 59.82%. Avalanche has the fourth-largest defi TVL today with $3.73 billion in value locked. When Gün Sirer did his interview with Ehrlich, AVAX was down 76% but today the token is down more than 83% in value since its all-time price high. 65.3% was shed in the last month and 19.8% was lost during the past two weeks. Archives from the Wayback Machine show AVAX has slipped in positions among the 13,400 crypto asset market caps. On January 27, AVAX was the 12th largest market valuation but today AVAX is the 15th largest market cap.

Tags in this story

180 employees, AVA Labs, Avalanche, Avalanche (AVAX), Avalanche Blockchain, Avalanche Token, AVAX, decentralized finance, DeFi, Emin Gün Sirer, macro conditions, Recession, Steven Ehrlich, Terra LUNA and UST fallout

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What do you think about the Avalanche co-founder’s statements? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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