Categories: Market

Avalanche (AVAX) reaches new ATH after working with Deloitte, but …

Avalanche (AVAX) hit a new all-time high (ATH) on November 18, rising 20% ​​weekly after its developer Ava Labs partnered with accounting firm Big Four Deloitte.

AVAX price hit an all-time high of over $ 110 with a circulating market cap of $ 23.76 billion, nearly 0.93% of total crypto market cap.

In contrast, top cryptocurrencies like Bitcoin (BTC) and Ether (ETH) saw declines of 13% and 12.5% ​​WTD, respectively.

Top 15 cryptocurrencies and their performance over the past seven days | Source: TradingView

FOMO effect AVAX

AVAX received an optimistic signal from Deloitte’s decision to use the Avalanche blockchain to build a disaster relief platform.

According to Avalanche founder Emin Gün Sirer, the deal will “make it easier for state and local governments to prove that they are eligible for federal emergency aid”. Avalanche blog post Note added that their blockchain solutions will help Deloitte “reduce fraud, waste and abuse” which is common with existing disaster management solutions.

Specifically, AVAX functions as an internal payment method for Avalanche, ie as the basic unit of account between several subnets that were created on the Avalanche platform. Users also use AVAX to generate passive income by wagering their coins on the network.

AVAX’s potential use case in Deloitte’s upcoming disaster management system has spurred traders to bold bullish predictions. Newsquake has successfully identified bullish sentiment as a potential market event moving in real time before AVAX price explodes.

Technical outlook from AVAX

Market analyst “Seq” has tweets a rocket symbol suggesting a long-term upward trend in AVAX price based on Deloitte’s use.

“Probably nothing, just Deloitte, the world’s largest accounting firm, which provides services to nearly 90% of the Fortune 500 (the top 500 US companies), chooses Avalanche as its disaster recovery platform. Federally approved to help state and local governments deal with emergencies to support.” Financing!”.

Another analyst, Nico, Note that the recent AVAX rally was accompanied by an increase in trading volume, which shows that the current bull run has strong momentum.

However, AVAX’s escalation this week also makes it an overbought asset based on relative strength index (RSI) signals. This makes AVAX too hot.

AVAX price fell more than 10% on November 18 after hitting an ATH of $ 110. Additionally, selling pressure increased when testing the upward sloping resistance trendline (dashed line) which formed a rising wedge that was combined with lower rising trendline support below (black line).

Three-day framework AVAX price chart | Source: TradingView

Ideally, AVAX price could continue to rise until / before it hits a high (the point where its two trend lines converge). There is then a risk that it will fall the maximum height between the two trend lines. That will likely set AVAX back to $ 90.

The sharp bearish divergence between the bullish AVAX price and its falling RSI also shows that the bullish momentum is weakening.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Mr. Teacher

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

CoinX

Recent Posts

Why Shop Anywhere Else? Web3Bay Offers Ultimate Data Control & Payment Flexibility!

Assess Web3Bay’s decentralized e-commerce platform that gives users complete control over their data & offers…

40 minutes ago

Qubetics Hits 376 Million Token Sales, Tron Surpasses 9 Billion Transactions, and Toncoin Reveals Promising Recovery. Explore Top Investment Opportunities Today

Top Coins for Significant Returns in 2024 and Beyond: Qubetics’ Wallet Expansion, Tron’s 9 Billion…

1 hour ago

Best New Meme Coins to Join Today: BTFD Presale Drops Prices by 50% as Bonk’s Token Burn Fires Up and Shiba Inu Expands Ecosystem

Dive into the Best New Meme Coins to Join Today! Discover why BTFD Coin's presale,…

2 hours ago

Pump Science Tokenomics Design Is Now Completed

The Pump Science tokenomics design has been completed, with 5% of future tokens allocated to…

3 hours ago

Sonic Gateway Is Now Live to Support Cross-chain Transfer

Sonic Labs launched Sonic Gateway, a decentralized cross-chain bridge for secure transfers of USDC, EURC,…

5 hours ago

6 Bitcoin Mutual Funds to Launch in Israel

Israel will launch six Bitcoin mutual funds on December 31, approved by the Israel Securities…

6 hours ago

This website uses cookies.