spot_imgspot_imgspot_img

Avalanche Popularity is Increasing: What is the Current Status of AVAX Price?

  • The social metric reflecting Avalanche’s popularity increased by over 100% last week. In addition, the price movement of the blockchain’s own token was not very volatile.
  • According to the data, the social mention count of AVAX increased by over 150% last week, reaching 1.44 thousand. Furthermore, social interaction increased by over 200%.
  • It was announced that Uniswap has become active on Avalanche. With the new launch, users can now exchange Avalanche tokens through Uniswap.

Avalanche’s social media metrics showed a positive increase last week, but the AVAX price is not performing as expected by investors.

Avalanche’s Social Media Popularity is Increasing

avalanche-avax

The social metric reflecting Avalanche’s popularity increased by over 100% last week. This was a notable reflection on the blockchain ecosystem, where no significant event that could potentially trigger this rise occurred.

In addition, the price movement of the blockchain’s own token was not very volatile. However, AVAX recently made an announcement that could encourage further growth in popularity. Data highlighting the performance of Avalanche blockchain’s social measures was published in recent days.

According to the data, the social mention count of AVAX increased by over 150% last week, reaching 1.44 thousand. Furthermore, social interaction increased by over 200% and reached 60.4 million, which was a significant increase.

avax-performance

In addition, social dominance and contributors increased by 157% and 28% respectively. The surprising thing was that no significant event that could cause this increase had occurred in the ecosystem. On the contrary, the fundamental features of the network had declined.

According to Artemis data, AVAX’s daily active users and daily transaction volume decreased, indicating that the blockchain was being used less.

avax-daily-active-addresses

However, there was a recent development that attracted attention. It was announced that Uniswap has become active on Avalanche. With the new launch, users can now exchange Avalanche tokens through Uniswap.

Will Avalanche’s popularity affect the AVAX price?

Last week was not a good week for AVAX investors, as the token price only moved slightly. According to the data, AVAX’s price dropped by over 3% in the last 24 hours. At the time of writing, its price is $12.70 and its market value is over $4.3 billion.

Its popularity may have had an impact on the Binance funding rate, which reflects its demand in the derivatives market. Interestingly, AVAX’s open positions had also decreased, which could change the declining price trend in the coming days.

avax-binance-funding-rate

On the other hand, despite the positive metrics mentioned above, AVAX’s daily chart indicated a different situation. The 20-day Exponential Moving Average (EMA) was below the 55-day EMA, indicating a bearish signal. Avalanche’s Relative Strength Index (RSI) followed a horizontal path below the neutral level. However, AVAX’s Chaikin Money Flow (CMF) recorded an increase and provided hope for price growth in the coming days.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?

Uniswap Introduces “uni.eth” Subdomains with ENS Integration: Here are the Details!

Decentralized exchange platform Uniswap has introduced uni.eth subdomains with Ethereum Name Service integration.

Ripple Initiates Collaboration with Zoniqx to Empower Asset Tokenization

Ripple, a leading enterprise blockchain and crypto solutions provider, joins forces with Zoniqx: Here are the details!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?