AVAX continues to race toward greater heights, with the token hitting $28.74 since last week. That was the biggest boost from bulls, buoyed by rising market confidence fueled by Bitcoin’s rally to $60k. The Avalanche development team has been demanding at work with a wealth of blockchain information to support the recent price action.
AVAX Gaming grows with more projects
While the cryptocurrency gaming market is still relatively diminutive, platforms such as Avalanche provide game developers with a stable and secure blockchain that enables the creation of cryptocurrency-based games. Just last Friday, Fableborne studio announced that its first play-to-airdrop event was a success, with over 77,000 players participating at once.
@fableborne completed its first Play to Airdrop campaign with impressive player turnout.https://t.co/MxPRTt0zzW
— Avalanche Gaming 🔺 (@GamingOnAvax) July 19, 2024
On July 20, ChronosWorlds also announced that they had partnered with Avalanche, stating that the platform was their “preferred deployment chain.” This only goes to show that developers trust AVAX as a crypto and gaming platform.
Avalanche is a gaming network.
Our team has recently started cooperation with @avax as our preferred implementation chain.
We are excited to be working with this great team and for our future plans. photo: twitter.com/myz3BN6ra7
— ChronosWorlds (@ChronosWorlds) July 19, 2024
At the time of writing, AVAX continues to gain popularity, following the overall upward trend in the market. The coin has recorded 11% raise in the last weekdata from Coingecko shows. This bullish stance and continued efforts to onboard more development teams and improve the platform put Avalanche in a favorable position in the market to gain more ground in the face of bearish sentiment.
$28.74 may not be enough for bulls
For now, the bulls have a slight advantage over the bears, which may not last in the coming days. While the correlation with major currencies like Bitcoin is great for retaking the $32.12 price range, it will take some time for the bulls to reach those highs again.
The current position of the bulls leaves them in a precarious position. They are stuck between accumulating to further pump the price and gain ground or consolidating to maintain the status quo and hope for better conditions; they should consider consolidating their current position.
Consolidation means a slowdown in the accumulation phase, which gives room for stability and a platform to move into higher price ranges. Currently, if AVAX bulls decide to hold $28.74 as a support level, there is a high probability that they will reclaim $32.12 and beyond.
In addition to technical factors such as price, investors and traders should also keep an eye on Avalanche’s next moves in the coming months. Last week, the Avalanche X account reiterated the upcoming Avalanche Summit LATAM, an exclusive event where developers and cryptocurrency enthusiasts meet. If the event proves to be a success, investors and traders can expect more projects and partnerships.
Featured image from Flickr, chart from TradingView
