Is Avalanche the New Darling of Crypto or Just a Frosty Mirage? ❄️💸

by

Oh, darling, it seems our dear Avalanche has decided to don its party hat, rising for two delightful days as investors swooped in to snatch up the recent dip. How positively thrilling! 💃

The Avalanche (AVAX) token has pranced up to a charming $20.65 on this fine Saturday, June 7, a delightful 12% leap from its rather dismal low earlier this week. Bravo! 👏

According to our ever-so-reliable third-party data, Avalanche is strutting its stuff as the fastest-growing network in the industry this week. Nansen reports that it has gallantly handled over 5.2 million transactions in the last seven days, a staggering 112% increase from the week prior. Who knew it had such stamina? 🏃‍♂️💨

But wait, there’s more! The number of active addresses has jumped by a sprightly 23% to 283,163, while Avalanche’s fees have skyrocketed by 193% to nearly $200,000. Quite the financial gymnastics, wouldn’t you say? 🤸‍♀️

In the last 30 days, the transaction count has soared by a jaw-dropping 326%, and active addresses have leapt by 312% to a whopping 2.05 million. It’s a veritable avalanche of activity! ❄️📈

And here’s a juicy tidbit: Avalanche’s stablecoin network is making a comeback, boasting over $2.1 billion in market cap—the highest since February 19. Up from a paltry $1.46 billion on January 20. Talk about a glow-up! 💅

Decentralized exchange protocols on Avalanche are also enjoying a bit of a renaissance, handling over $131 million in volume in the last 24 hours. It’s the third day of gains, and I must say, it’s positively delightful! 🎉

Avalanche scores with FIFA NFT deal, technicals show…

Now, hold onto your hats! Avalanche has gained quite the traction after the Fédération Internationale de Football Association, or FIFA for those not in the know, announced it would use its network for NFT sales. How very avant-garde! ⚽️

This is a rather significant development for Avalanche, especially considering FIFA’s grand scale and the rather dismal plunge in its chain’s NFT sales over the past few years, which stood at a mere $103,000 in the last week. Oh, the irony! 😂

Now, let’s not get too carried away. The three-day chart reveals that the AVAX price formed a rather ominous double-top pattern at $55.20 before taking a nosedive. A double-top, my dear, is one of the most bearish patterns in technical analysis. How terribly tragic! 😱

It’s currently hovering above the neckline at $17.5, its lowest point since August last year. AVAX has also formed a bearish flag pattern, which is as delightful as it sounds—consisting of a vertical line and a rising channel. How poetic! 📉

Alas, Avalanche price remains below the 50-week and 200-week Weighted Moving Averages. The most likely scenario, my dear friends, is a bearish breakdown despite its strong ecosystem metrics. If that happens, the next target price will be a disheartening $15, down by 27% from the current level. Oh, the drama! 🎭

Read More

2025-06-07 17:23