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Avalanche Price Prediction - Is AVAX Preparing For A Bull Run?

 


What is avalanche? 

Avalanche is a blockchain that takes care of issues like scalability, security and decentralization. It was introduced in September 2020. Their speed, adaptability, cost-effectiveness, and accessibility have solved three major problems in the cryptocurrency industry. By using Avalanche, any smart contract-based decentralized application (DApp) can outperform its competitors. Avalanche works similar to Ethereum in terms of functionality. It uses a Proof of Stake (PoS) consensus algorithm, similar to what Ethereum is now migrating to. 


When the price broke the $21 support in June, it fell to around $13.50 while simultaneously forming a support line. This trendline is now leading back to the $21 resistance so there will be a breakout sooner or later. The trend line is approaching a horizontal resistance. However, since the price is in a downtrend, the price action could be invalid and likely has no real impact on overall price action. A breakout will come sooner or later as the market ultimately has to decide on a direction.

It looks like AVAX is preparing for a bull run as the Avalanche (AVAX) team is working on some new products that could provide bullish performance in the coming months. Avalanche's daily GAS consumption has clearly reached an all-time high (ATH). The amount of GAS consumed by the Avalanche network can be attributed to the increased price activity. Also, the spike in gas fees indicates a surge in adoption and interest in using the network.


The growing number of users is the result of the new developments of Avalanche. According to the official announcement, after casting Fireheadz, the Avalanche team is releasing nine new NFT collections on the network this week. Recently, Avalanche posted an all-time high in terms of daily number of transactions. On August 9th, more than 1.5 million AVAX transactions were executed.  


Avalanche remains focused on GameFi expansion on the network. Q2 saw a sudden drop in network usage as GameFi applications moved to subnets. According to a new report, GameFi has achieved high social volume on Google Trends. As speed increases, this could potentially lead to even more activity on the Avalanche platform.


In addition, Avalanche has launched two new games on the network: Adventure Games and Strategy. These new announcements could be responsible for a new AVAX bull run. So far, the impact on the price development of the coin is not yet visible.

Before reaching $30 level, AVAX must first break the $23 resistance. As AVAX price just touched a minor trendline, we now hope that it will test the $23 resistance next. If AVAX breaks the resistance, a drop in price could occur. This could last until the trendline is retested. After retesting the trendline, things get even more interesting as Avalanche could then be ready to break out.

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