With its Relative Strength Index (RSI) and Stochastic indicators currently showing oversold, AVAX is the next digital asset to feature on ProBit Global’s Exclusive. ProBit Global will thereafter list AVAX to mark the beginning of more Avalanche-based tokens being listed on the exchange.
AVAX, the medium of exchange within the Avalanche ecosystem, suffered a sharp decline in its Total Value Locked (TVL) over the past few weeks. Its market cap also shrunk to about $3.8 billion as of this writing. However, CryptoQuant’s analytics show AVAX’s RSI and Stochastic indicators as suggesting that a trend reversal can occur.
Following 75% of price movement being down in the last two weeks, the analytics suggest that the momentum indicators which compare how the token’s price action has moved and relative to the highest-lowest range over a certain period of time points to AVAX being oversold. With this indication of short-term lower trading price movements comes the expectation of a possible correction.
AVAX’s base network getting bigger
The AVAX utility token is open to seeing more actions over time as the total transactions on the Avalanche open-source platform exceeded 450 million this month. Aimed at providing the same capabilities as Ethereum, the network on which most DeFi applications run currently, it means Avalanche has recorded a 1,507% increase in processed transactions—nearly 28 million in November 2021—over a 12-month period.
Avalanche has been described as a strong contender in the race to become the dominant blockchain technology. DeFi protocols continuing to grapple with slow and expensive transactions on Ethereum gives Avalanche—through its subnets’ approach to the scaling problem of the Blockchain Trilemma—the needed boost to attract more high-quality projects.
Its simple copy-paste code particularly for DeFi protocols and blockchain gaming projects, coupled with the guarantee of rapid verification speeds and high growth potential, makes Avalanche an easy choice for devs seeking to move from Ethereum.
About AVAX’s promising outlook
Recently listed among the top blockchains by revenue, more projects on the Avalanche network whose smart contracts are designed to be infinitely flexible with subnets would benefit AVAX as the native token used to power transactions within the ecosystem.
With more altcoins being touted for a breakout as the crypto market recovers from the FTX exchange’s collapse, along with its attendant impacts on the market, ProBit Global picking AVAX as its next token of choice for a 50% price cut-off seems to be a great opportunity for its users to own some of it.
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