- AVAX’s price action showed signs of a potential pivot into a bullish phase after months of decline
Healthy address growth and expanding DeFi ecosystem could spur Avalanche’s potential
As a seasoned analyst with over a decade of experience in the crypto market, I have seen my fair share of bull and bear runs. The recent performance of AVAX has caught my attention, as it seems to be paving its way towards a potential bullish phase after months of decline.
One way to rephrase the given text in a natural and easy-to-read manner is: “AVAX, one of the leading alternative coins, saw significant gains this week due to increased attention on altcoins. This bullish momentum has sparked optimism for potential recovery from the bearish trend that has been ongoing since March.”
Currently, AVAX has been showing positive trends for five consecutive days, marking its initial notable bullish push in the past four weeks. At the moment, its value stands at approximately $23.59, which is a 19% increase over its lowest point this week.
Last time AVAX was believed to have reached its bottom was in June, and then there was a 50% surge. Now, AVAX is trying to rebound from a lower price, making it potentially more attractive. Additionally, its Relative Strength Index (RSI) has crossed above the 50% mark, indicating that the long-term trend may be shifting in favor of the bulls once more.
Buying Avalanche (AVAX) at its current price of $22.95 offers a 42% discount compared to its year-to-date high, potentially allowing investors to make substantial profits if the trend continues. Notably, approximately 3.87 million AVAX holders, which equates to 44.09% of all addresses, are currently in profit following the latest surge.
Instead, approximately 4.76 million addresses (or around 54.15%) ended up with a deficit, while about 154,800 addresses (representing 1.78%) were break-even.
As a researcher, I’ve recently uncovered some intriguing findings. While the data shows that most individuals are indeed grappling with challenges, it also indicates that a substantial group of asset holders have managed to stay profitable, even during these recent market lows.
This can be interpreted as a sign of heathy demand, even at its recent levels.
Avalanche addresses hit historic highs
Despite experiencing a significant price drop this year, Avalanche’s native blockchain has been making strides in various aspects.
Notably, the growth in the number of cryptocurrency wallets (or “addresses”) has been consistently positive over time. As of now, approximately 8.75 million of these addresses have a non-zero balance. Moreover, it’s important to note that the maximum number of addresses with zero balances reached an astounding 16.7 million.
To put it another way, the number of Avalanche addresses holding a balance increased by approximately 2.22 million since the start of the year. In contrast, the number of Avalanche addresses without a balance rose by around 750,000 during the same period.
Avalanche is poised to continue its upward trend, as evidenced by advancements such as the launch of Agora’s AUSD stablecoin on their network. This move underscores the increasing growth and diversity within the Avalanche Decentralized Finance (DeFi) sector.
Furthermore, Avalanche has made history by being the initial blockchain platform to host a video game creation – The game is now available on Xbox and PlayStation 5.
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2024-08-22 11:04