Avalanche Price up by 2.94% – Time to Buy AVAX?
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- Avalanche Foundation Launches $290 Million ‘Multiverse’ Incentives Program, urging investors to buy AVAX
- Institutional investors purchased $25 million worth of Avalanche
- Avalanche Investors can now purchase Polygon or BSC assets in a single transaction.
Avalanche Foundation unveils $290 million incentive program
The Avalanche Foundation unveiled hundreds of millions of dollars in incentives to encourage new forms of development on its layer-1 protocol.
The Avalanche Multiverse program, which is funded by four million AVAX tokens ($290 million), aims to stimulate the expansion of subnets on the network.
This Foundation prioritises blockchain-enabled games, Non-fungible Tokens (NFTs), and decentralized finance (DeFi) use cases. Defi Kingdoms, a blockchain-based game with its currency will be the first to tap into this innovation.
Defi Kingdoms will be moving its operations and a new coin called Crystal to its subnet known as appchain. The project will get up to $15 million in AVAX incentives.
Institutional Investors Purchase $25 Million Worth Of AVAX Tokens
Avalanche was productive and recently emerged as the second-best performer, with inflows reaching $25 million.
The digital asset which bills itself as the quickest smart contracts platform in the blockchain industry has emerged as one of Ethereum’s key challengers among the quickly rising Layer 1 networks.
Launched by Ava Labs in 2020, AVAX gained popularity in DeFi and is now home to 170 protocols. The digital asset is ranked as the fourth chain based on the total value locked (TVL) statistic.
According to DeFi Llama data, Avalanche has $10.5 billion in TVL.
Avalanche Investors Can Now Buy Polygon or BSC Assets in a Single Transaction
System for cross-chain messaging Router Protocol has integrated the C-Chain of the Avalanche network to allow communication between Avalanche and other compatible blockchains such as Polygon and Binance Smart Chain (BSC).
Users can now purchase digital assets on Polygon or BSC in a single transaction without leaving the Avalanche network. With Cross-chain services, users can transfer data between blockchains without communicating with one another.
Short for Contract Chain, C-Chain is one of Avalanche’s three chains. Exchange Chain (X-Chain) and Platform Chain are the others (P-Chain). A single primary network validates and secures them all.
Users can benefit from Avalanche’s AVAX and Polygon’s MATIC low-fee native asset transfers without relying on third parties. Most transactions are expected to be completed in less than one minute.
AVAX’s Technical Analysis
The current price of Avalanche is $75.61, with a 24-hour trading volume of roughly $1.3 billion. Avalanche has increased by 2.94% in the last 24 hours and now ranks at number 10, with a live market cap of roughly $20.2 billion.
It has a total circulation supply of 270 Million AVAX coins and a circulating supply of 378 Million AVAX coins. With the price going up, this is an opportunity for investors to buy AVAX but before doing so, let’s look at the technical analysis.
The technical indicators of AVAX show a general bearish trend. The crypto asset is now trading at the 50% Fibonacci retracement threshold of $75.05, which means there’s a dip after going up 2.94% at $76.11 in the past 24 hrs.
The Relative Strength Index of 42.68 suggests that AVAX is trading at the underbought region, indicating a time to buy more assets. Furthermore, the AVAX asset is below the trendline, with the Simple Moving Average (SMA) value of $75.29, indicating that it is bearish.
The 50-hour exponential moving average (EMA) is below the trending line. This encourages investors to buy AVAX at its current price of $76.61.
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