AVAX continues to make bigger gains as it reached $28.74 since last week. This was the biggest push by bulls, fueled by the growing market confidence fueled by Bitcoin’s rally to $60,000. The Avalanche development team is also working hard with a lot of news related to the chain that supports this recent price action.
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AVAX Gaming Grows with More Projects
Although the gaming side of cryptocurrencies is still relatively small, platforms like Avalanche Providing developers with a stable and secure blockchain to publish crypto-focused games. Fableborne announced last Friday that its first play-to-airdrop event was a success, with over 77,000 concurrent players joining the event.
@fableborn Its first Play to Airdrop campaign has concluded with impressive player engagement.https://t.co/MxPRTt0zzW
— Avalanche Gaming 🔺 (@GamingOnAvax) July 19, 2024
July 20 also marks the announcement of ChronosWorlds’ partnership with Avalanche, stating that the platform is its “preferred publishing chain.” This shows that developers trust AVAX as a platform for cryptocurrencies and games.
Avalanche is a game series.
Our team has recently partnered with @Avax As our favorite publishing series.
We are very excited to partner with this great team and excited about our future plans. pic.twitter.com/myz3BN6ra7
— ChronosWorlds (@ChronosWorlds) July 19, 2024
As of the time of writing, AVAX is still gaining ground, following the overall bullish trend in the market. The coin has recorded Up 11% in the past weekAs data from Coingecko shows, this optimism and continued efforts towards onboarding more development teams and improving the platform puts Avalanche in a prime position within the market to gain more ground against the bears.
$28.74 may not be enough for the bulls.
So far, the bulls have a slight advantage over the bears which may not last in the coming days. While the correlation with major currencies like Bitcoin is great for a rally to reclaim the $32.12 price range, it will take some time before the bulls reach those highs again.
The current bulls’ position is in a precarious position. They are stuck between accumulation, to pump prices further and gain ground, or consolidation, to maintain the status quo and hope for better conditions; they should consider consolidating their current position.
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Consolidation means slowing down the accumulation phase, giving way to stability and a platform to move towards higher price ranges. At the moment, if AVAX bulls decide to hold the $28.74 support level, there is a great chance of reclaiming the $32.12 level and above.
Aside from technical factors like price, investors and traders should also keep an eye on Avalanche’s next moves in the coming months. Last week, the Avalanche X account reiterated the upcoming Avalanche Summit LATAM, an exclusive event where developers and individuals interested in cryptocurrencies come together. If the event is successful, investors and traders can expect more projects and partnerships to come.
Featured image from Flickr, chart from TradingView