AVAX, the native cryptocurrency of the Avalanche network, a layer one blockchain focused on developing decentralized applications, has dipped to six-monthly lows, attracting the attention of investors, who have witnessed significant losses on their holdings since March.
According to the data from CoinMarketCap, AVAX price has witnessed a 5% decline in the past 24 hours and is currently priced at $24.51. Further, the altcoin has shown a huge decline in its price action in the past few months, dropping 15% in the past seven days, followed by a 34.4% decline in the last 30 days. However, the digital asset is up 86.11% since June 2023, displaying decent gains.
The market capitalization of AVAX currently stands at $9.69 billion, making it the 13th largest cryptocurrency in the market. Moreover, the trading volume of AVAX is up 69.77% in the past 24 hours, which currently stands at $449 million, and it seems that the sellers have taken charge of the price action.
The data from DefiLlama confirms that the total value locked (TVL) in the Avalanche blockchain has dipped by 3.9% in 24 hours and currently stands at $675.12 million. This is significantly lower than the all-time high TVL witnessed in December 2021 at $11.4 billion. The price of the AVAX token has tanked 83.3% from the ATH of $146.22 seen in late 2021.
As per the chart provided by TradingView, the AVAX token hasn’t traded below the $25 price level since December 2023, and the cryptocurrency’s current price suggests that it is retesting six-monthly lows. Further, the volume of the altcoin has also declined significantly since January, suggesting decreased interest among investors.
The relative strength index (RSI) for the AVAX/USDT pair on Binance reads a value below 25.69. The value going below 30 confirms that AVAX is under the significant influence of bears and is being oversold in the spot market. Generally, this is a strong buy signal for traders, allowing them to purchase good-performing assets at low valuations.
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Photo: TradingView
Milestones Achieved by Avalanche (AVAX)
The Avalanche network achieved significant milestones as the year started. The blockchain invested around $100 million from its Culture Catalyst fund to develop meme coin projects like GFOX. Additionally, the network also saw over 100 million ASC-20 inscriptions minted since their introduction in January, displaying significant adoption from investors.
Further, a Japanese game developer and publisher with over 50 years of experience in the industry, Konami, announced its partnership with Ava Labs, the non-profit organization responsible for the development of Avalanche (AVAX). The two will work together towards the creation of “Resella”, a cutting-edge NFT solution that “eliminates the necessity for users to possess a Web3 wallet or engage in complex cryptocurrency transactions, thereby lowering barriers to entry.”
Resella is not focused only on gaming but seeks to boost the adoption of Web3 technology, lowering costs and making it easy to design, issue, and trade digital collectibles.
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