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Avalanche built-in the Layer-2 resolution Boba Network on Wednesday.
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AVAX trades the $17 support zone
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Future recoveries rely on market sentiment
Avalanche AVAX/USD trades at $17.34, a stage it has held since September 18. The worth stage has been the bottom since early July. At the underside stage, patrons are displaying curiosity after days of consolidation. At press time, the token was up 2.07% within the final 24 hours. The positive factors had been, nonetheless, not sufficient to erase 7.94% losses up to now week.
Avalanche welcomes Boba Network
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Multi-chain Layer-2 chain Boba Network introduced entry into Avalanche on September 21. The integration will see Boba assist Avalanche meet the scalability calls for. Boba lauded Avalanche for its quick and low-cost transactions and eco-friendly options. Following the mixing, Biba will grow to be Avalanche’s first L2.
Avalanche worth and prediction
The integration of the Boba community provides a optimistic sentiment to AVAX when the sentiment is weak. That helped the token get better barely amid an rate of interest hike by the Federal Reserve. However, we discover AVAX between a rock and a laborious place as momentum is weak on the support.
Source – TradingView
A technical outlook exhibits that AVAX’s in a downtrend. The worth has been transferring in a sample of decrease highs and decrease lows. A latest MACD bearish crossover speaks of the weakening momentum. The transferring averages above provide resistance.
Concluding ideas
Despite the Boba Network integration, AVAX is in a bear market and is not a advisable purchase. Buyers might preserve optimism of restoration on the $17 support. However, with the weak sentiment, a lower cost is attainable.
If AVAX holds the support intact, a wave of consolidation might observe. That will allow the token to collect ample momentum to go larger. The cryptocurrency has a minor resistance at $22.
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