The AVAX worth has crashed to a vital help stage after falling by 72% from its highest level in November as merchants look forward to the upcoming Avalanche Granite improve.
Abstract
- Avalanche worth has tumbled to a vital help stage this month.
- The community will activate the Granite improve this week.
- Technical evaluation means that it has extra draw back if it loses this help.
Avalanche to activate Granite improve
Avalanche (AVAX) token was buying and selling at $15.67, a key help it has failed to maneuver under a number of occasions since March this yr. Its plunge from its highest level in November has introduced its market capitalization from $13 billion to $6.7 billion.
Avalanche worth will likely be within the highlight this week because the community upgrades the Granite mainnet, which has been within the Fuji testnet prior to now few months.
Granite is likely one of the most necessary upgrades in its historical past because it introduces key options. It can enhance cross-chain messaging, introduce biometric authentication help, and allow dynamic block occasions for quicker transactions.
The Granite improve, which comes on November 19, comes at a time when the Avalanche community is rising. Information compiled by Nansen reveals that the variety of transactions has soared by 102% within the final 30 days to 63 million. Its customers additionally jumped by about 7% to over 719,340.
Nonetheless, like different networks, Avalanche can be dealing with some main headwinds because the crypto market crash continues. Information reveals that the stablecoin provide within the final seven days dropped by 2.52% within the final 7 days to $2.15 billion.
Extra knowledge reveals that the DEX quantity within the community has dropped to $108 million, down from this month’s excessive of $407 million. Additionally, the overall worth locked in Avalanche has dropped to $2.05 billion, down from the year-to-date excessive of $3.51 billion. AVAX’s funding charge and weighted open curiosity have additionally pulled again prior to now few months.
AVAX worth technical evaluation
The day by day timeframe chart reveals that the AVAX worth has crashed from a excessive of $36 in October to the present $15.25. It has settled at a vital help the place it has failed to maneuver under since March 10.
The present worth is alongside the weak, cease & reverse level of the Murrey Math Traces. It additionally shaped a dying cross sample because the 50-day and 200-day Exponential Shifting Averages have flipped one another.
Due to this fact, a transfer under the help at $15.26 will level to extra draw back, probably to the last word help at $12.50. Then again, a rebound may see it retest the Main S/R pivot level at $25.
