Avalanche’s AVAX token drops on Sunday to $113 after a drop of 1.76% while the rest of the broader market is up 0.
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02%. So let’s find out more in today’s altcoin latest news.
Over the past five days, Avalanche earned a neutral rating sentiment score which measures the performance of Avalanche over the past five days by price movement and volume. The Sentiment score provides a short-term look at the crypto performance which can be useful for both short-term investors that are looking to ride a rally and the long-term investors who are trying to buy the dip. Avalanche is now trading near its midpoint and the coin is still 10.61% off its five-day high and it is 12.71% higher than its five-day low of $101.
Avalanche’s AVAX token is trading near the support zone around $113 and it has a lot of space before hitting resistnace. Avalanche traded on low volume as of late which means that today’s volume is below the average volume over the past week.
Avalanche is also enjoying the second half of the year as its native AVAX coin set between $10 and $11 a few months ago, is now worth $110, and all that is thanks to a 31% rise over the week and 11% rise over the past day. This way, the cryptocurrency became the ninth biggest cryptocurrency by market cap.
Avalanche’s AVAX got to the top 10 at the end of November when it moved over Dogecoin. The market correction then brought the price back down from its all-time high and there were other reasons for the price increases. The most recent one was the announcement by the Circle financial services company that its USDC stablecoin will be available on Avalanche and will give a shot of liquidity to the network for all users that are looking o use applications on the blockchain network. In the past few months, Avalanche creator Ava Labs guided the protocol through a few new developments, and even we saw the mainnet go live, giving the coin utility. What’s more to it, the mainnet came loaded with smart contract functionality so that the developers could build other decentralized applications.
The AVAX Ava labs were chosen for the accelerator program and it is best known for building the Avalanche blockchain and ETH competitor which facilitates decentralized application and creation of custom blockchains on the ecosystem.
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