Some cryptocurrencies, including Avalanche (AVAX), saw modest gains even as the overall market suffered from a prolonged downturn.<\/p>\n
To date, AVAX TVL<\/a> has gone up from 120.11 million to 123.7 million, an increase of approximately 3% as of press time. AVAX Daily, a Twitter account that monitors the Avalanche protocol, also posted this.<\/p>\n An increase of 270,611,568 AVAX was reported in the latest update for TVL. The same was also supported by a chart created by DeFiLlama (chart below).<\/p>\n It\u2019s good that AVAX is making progress, but is it safe from external market factors that could set it back even further?<\/p>\n Since Binance\u2019s funding rates increased, the AVAX futures market<\/a> has been seeing a positive trend. The relative strength index (RSI) and the stochastic relative strength index (Stoch RSI) values that CryptoQuant has been using indicate that AVAX is currently oversold.<\/p>\n Investors and traders want to see these kinds of signs since they\u2019re positive. However, there is always a dark side to every day, and no matter how bright the day may have begun, it will inevitably end in darkness.<\/p>\n\n The Relative Strength Index (RSI) and the Stochastic Relative Strength Index (Stoch RSI) may be misleading investors and traders into buying AVAX too soon in hopes of a quick profit.<\/p>\n The Bollinger band is currently exhibiting significant volatility. The current position of AVAX\u2019s price on the lower half of the BB indicator may portend future price declines.<\/p>\n At -0.17, Chaikin\u2019s money flow indicator likewise demonstrates significant bearishness. This demonstrates that bears have total market control. At -87.56, the commodities channel index demonstrates strong bearishness.<\/p>\n Strong correlations exist with the struggling crypto market leaders. At 0.99 for Bitcoin and 0.98 for Ethereum, additional price declines in both cryptocurrencies could have disastrous effects on AVAX.<\/p>\n Avalanche Subnet Weekly Stats<\/p>\n Total Subnets: 29 Overview#AVAX<\/a> #Avalanche<\/a> $AVAX<\/a> pic.twitter.com\/QlkILEhLCt<\/a><\/p>\n \u2014 AVAX Daily (@AVAXDaily) November 18, 2022<\/a><\/p>\n AVAX investors and traders can anticipate further weakness in the AVAX market in light of the aforementioned factors and the market\u2019s already robust downward trend.<\/p>\n The price movement of BTC and ETH may also influence the price movement of AVAX, thus investors and traders should keep a close eye on them.<\/p>\n Assuming Bitcoin and Ethereum will continue to decline, a short position against the bear market is tempting at the current market price.<\/p>\n But if the RSI trend reversal materializes, the $14 level will be an immediate target for bulls. Anything higher than that could result in a crunch zone in the Bollinger band, which could push the price down.<\/p>\n\n AVAX total market cap at $3.6 billion on the weekend chart | Featured image from The Daily Hodl, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Some cryptocurrencies, including Avalanche (AVAX), saw modest gains even as the overall market suffered from a prolonged downturn.<\/p>\n To date, AVAX TVL<\/a> has gone up from 120.11 million to 123.7 million, an increase of approximately 3% as of press time. AVAX Daily, a Twitter account that monitors the Avalanche protocol, also posted this.<\/p>\n An increase of 270,611,568 AVAX was reported in the latest update for TVL. The same was also supported by a chart created by DeFiLlama (chart below).<\/p>\n It\u2019s good that AVAX is making progress, but is it safe from external market factors that could set it back even further?<\/p>\n Since Binance\u2019s funding rates increased, the AVAX futures market<\/a> has been seeing a positive trend. The relative strength index (RSI) and the stochastic relative strength index (Stoch RSI) values that CryptoQuant has been using indicate that AVAX is currently oversold.<\/p>\n Investors and traders want to see these kinds of signs since they\u2019re positive. However, there is always a dark side to every day, and no matter how bright the day may have begun, it will inevitably end in darkness.<\/p>\n The Relative Strength Index (RSI) and the Stochastic Relative Strength Index (Stoch RSI) may be misleading investors and traders into buying AVAX too soon in hopes of a quick profit.<\/p>\n The Bollinger band is currently exhibiting significant volatility. The current position of AVAX\u2019s price on the lower half of the BB indicator may portend future price declines.<\/p>\n At -0.17, Chaikin\u2019s money flow indicator likewise demonstrates significant bearishness. This demonstrates that bears have total market control. At -87.56, the commodities channel index demonstrates strong bearishness.<\/p>\n Strong correlations exist with the struggling crypto market leaders. At 0.99 for Bitcoin and 0.98 for Ethereum, additional price declines in both cryptocurrencies could have disastrous effects on AVAX.<\/p>\n Avalanche Subnet Weekly Stats<\/p>\n Total Subnets: 29 Overview#AVAX<\/a> #Avalanche<\/a> $AVAX<\/a> pic.twitter.com\/QlkILEhLCt<\/a><\/p>\nGood News And Not So Good News<\/strong><\/h2>\n
\nTotal Blockchains: 21
\nTotal Validators: 1305
\nTotal Stake Amount: 270,611,568 AVAX<\/p>\nKeeping Track Of Price Movements<\/strong><\/h2>\n
Good News And Not So Good News<\/strong><\/h2>\n
\nTotal Blockchains: 21
\nTotal Validators: 1305
\nTotal Stake Amount: 270,611,568 AVAX<\/p>\n