On Wednesday, the Avalanche (AVAX/USD) price rose, despite the fact that other cryptocurrency prices remained under pressure. The AVAX token is currently trading at $62.79, up around 20% from its lowest point this week.
The AVAX price has been in a positive trend for the previous few weeks, according to the four-hour chart. It fell drastically this week, as did all cryptocurrencies, as the Evergrande crisis worsened. It’s still around 16% lower than it was earlier this year.
The coin is slightly above the exponential moving averages of 25 and 50 days (EMA). It’s also above the crucial $58.83 support level. As a result, it appears that there is a strong upward trend that will push the price significantly higher.
Avalanche – The growth so far & what’s next?
The Avalanche ecosystem has expanded in recent months to include games, non-fungible tokens, and even Decentralized Finance (DeFi) platforms.
The price of AVAX has risen dramatically as a result of this growth. It has increased by over 400% since the beginning of August, making it one of the most successful networks.
Simultaneously, its position among cryptocurrencies has improved. It has risen from the 50s to the 13th position. Solana, Dogecoin, and Binance Coin are among the other tokens whose meteoric run has sent them to the top.
The price of Avalanche has risen due to the ecosystem’s overall expansion. According to data provided by DeFi Llama, there are currently 34 DeFi systems in its ecosystem. After Ethereum, Binance smart chain, and Polygon, it is now the fourth platform. Its Defi network is worth more than $2.7 billion in total value locked (TVL). Benqi and Trader Joe are two of the most popular DeFi apps on Avalanche.
Analysts predict that the platform will continue to expand. Avalanche Labs, for example, secured $230 million last week from a group of investors led by Dragonfly and CMS Holdings. The money will be used to give platform developers incentives to build on the platform.