AVAX continues to rush forward to greater heights with the token reaching $28.74 since last week. This has been the most important push by the bulls, influenced by the growing market confidence fueled by Bitcoin’s rally to $60k. Avalanche’s dev team can be hard at work with multiple on-chain news supporting this most up-to-date price motion.
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AVAX Gaming Grows With More Projects
Although the gaming side of crypto continues to be relatively small, platforms like Avalanche provide developers with a stable and secure blockchain to deploy crypto-centered games. Just last Friday, Fableborne announced that their first play-to-airdrop event was successful, with greater than 77,000 concurrent players joining the occasion.
@fableborne wrapped up its first Play to Airdrop campaign with a powerful player turnout.https://t.co/MxPRTt0zzW
— Avalanche Gaming 🔺 (@GamingOnAvax) July 19, 2024
July twentieth also marks the announcement of ChronosWorlds that they partnered with Avalanche, stating that the platform is their “preferred deployment chain.” This just shows that developers trust AVAX as a crypto and gaming platform.
Avalanche is the chain for gaming.
Our team recently partnered up with @avax as our preferred deployment chain.
We’re so excited to partner up with this amazing team and are enthusiastic about our future plans. pic.twitter.com/myz3BN6ra7
— ChronosWorlds (@ChronosWorlds) July 19, 2024
As of writing, AVAX continues to be gaining ground, following the final upward trend out there. The coin has tallied an 11% rally within the last week, data from Coingecko shows. This bullishness and the continual effort toward onboarding more dev teams and improving the platform puts Avalanche in an advantageous position inside the market to realize more ground against the bears.
AVAX market cap currently at $11.4 billion. Chart: TradingView
$28.74 Might Not Be Enough For The Bulls
As of now, the bulls are in a slight advantage against the bears which may not last in the approaching days. Although the correlation with major currencies like Bitcoin is great for mounting to retake the $32.12 price range, it can take time before bulls will reach those heights over again.
The present position of the bulls leaves them in a precarious situation. Stuck between accumulation, to further pump the value and gain ground, or consolidation, to maintain the establishment and hope for higher conditions; they need to consider consolidating their current position.
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Consolidation means slowing the buildup stage, giving solution to stability and a platform to maneuver through to higher price ranges. Immediately, if AVAX bulls determine to maintain $28.74 as a support level there’s a high probability for them to regain $32.12 and above.
Other than technical aspects like price, investors and traders also needs to monitor Avalanche’s next moves in the approaching months. Last week, the Avalanche X account reiterated its upcoming Avalanche Summit LATAM, an exclusive event where developers and interested individuals in crypto come together. If the event is successful, investors and traders can expect more projects and partnerships to come back.
Featured image from Flickr, chart from TradingView