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- AVAX is up over 100% in the last 30 days.
- RSI was overbought and some indicators were also weak.
Avalanche (AVAX) We have seen steady growth recently in the DeFi space as major indices continue to rise. But will the growth of blockchains in the DeFi ecosystem be enough to remain strong, or are other factors also supporting AVAX?
In this regard, avalanches are increasing.
AMBCrypto inspected Artemis. data Find out how Avalanche is doing in the DeFi space.
Our analysis shows that TVL on the blockchain has continued to grow steadily for several consecutive months. This was a positive development because the higher the TVL of a blockchain, the more secure and valuable it is perceived to be.
Source: Artemis
CryptoDep recently posted a tweet revealing Avalanche’s project and dapp that helped the blockchain achieve this growth in TVL.
The tweet mentioned all the top DApps on AVAX in terms of volume over the past 30 days.
Trader Joe’s took first place, with trading volume exceeding $1 billion. In addition to Trader Joe’s, WooFi, Paraswap, GMX, and Uniswap also ranked in the top five on the same list.
⚡️Top 10 dApps @Avax By volume (30 days)
We introduce you to the best dApps. #avalanche Based on trading volume over the last 30 days, according to data from @DappRadar.trillion $WOO $PSP $GMX $UNI $ghost $STG $PNG $QI $AVAX #AVAX pic.twitter.com/ktgX3B3btO
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 25, 2023
Apart from this, I also checked AMBCrypto. AvexThis is your network activity. Analysis shows that daily active addresses and daily transactions on the blockchain also gained upward momentum while TVL rose.
This clearly indicates increased adoption and usage. Additionally, the recent surge in fees and revenues has increased the value captured by blockchain.
Source: Artemis
AVAX is going off the charts
Although the blockchain’s network health was adequate, price action was bullish.
Actually in the last 30 days Avex It rose by more than 100%. At the time of this writing, AVAX transaction Its market capitalization is $48.35, which is over $16.8 billion.
Avalanche continued to see demand in the derivatives market during the surge in prices, which was evident in the green Binance funding rate and high open interest.
Social metrics such as social volume and weighted sentiment also remained relatively high throughout last week.
Source: Santiment
But the good days may soon end. CryptoQuantBoth AVAX’s Relative Strength Index (RSI) and Stochastic were in overbought territory.
read Avalanche (AVAX) Price Prediction 2023-24
Therefore, AMBCrypto checked Avalanche’s daily chart to see if a price correction is imminent.
AvexThe MACD showed the possibility of a bearish crossover. Moreover, with Chaikin Money Flow (CMF) moving sideways, the possibility of an imminent price adjustment has increased.
Source: TradingView