Avalanche 11% Rally in the last 7 days according to AVAX posts top crypto meets

Avalanche (AVAX) has risen as much as 11% in the past seven days, outperforming other leading cryptocurrencies.

  • August shows a whopping 46 million transactions on the Avalanche network
  • The Avalanche network is busy with major developments and mergers
  • The 4-hour chart shows bullish activity for AVAX

Recent changes to the Avalanche network are believed to have contributed significantly to AVAX’s findings.

August records nearly 46 million transactions on the Avalanche network, which is a relatively high number to begin with.

Avalanche’s price seems optimistic

The daily chart of AVAX looks optimistic. On the other hand, some on-chain metrics also show the altcoin’s downside potential.

according to CoinMarketCapAVAX increased by 0.33% or traded at $20.39.

In the last two days, daily gas usage AVAX has managed to touch 462,891,881,113 ATH which is a big sign of the increase of users supporting Avalanche.

Furthermore, the DFK chain was found to be a major contributor to increased gas utilization.

Additionally, the Avalanche network has been busy with major developments and partnerships, as revealed in the network’s TVL Weekly Dashboard.

Among the major integrations is FTX Japan listing AVAX on their website, as well as Avalanche’s partnership with Bubblemap, which is set to roll out a faster and improved Web3 user experience.

AVAX value, volume increases after network update

Because of these updates, AVAX went north and the pump in price came by default. In addition to the price hike, AVAX has also skyrocketed in volume, indicating more upside.

With AVAX rising on the charts, advances on the Avalanche network have slowed down, which is never a good sign.

In addition to declining developments, AVAX’s social size has nosedived, indicating that the community’s interest in Avalanche is waning.

Chart from TradingView.com

Although a couple of indicators suggest a bearish trend, the four-hour chart of AVAX indicates that the token is likely to miss targets and several indicators are green for AVAX.

Clearly, the RSI is showing uptrends that suggest a possible price increase in the next couple of days. More specifically, the 20-day EMA shows a bright cross that touches the 55-day EMA.

On the other hand, CMF has fallen which indicates bearish moves. While the MACD data shows some bullish streaks, this could soon be reversed as the red lines are above the blue lines, denying any possibility of a price rally.

AVAX total market cap at $5.7 billion on the daily chart | Source: TradingView.com

Featured image from ABC of Snowboarding, Chart from TradingView.com

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