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Surging development activity has made Avalanche ready for the next bull run. Luigi, the director of Defi at Ava Labs, recently posted a tweet. He noted that the number of Avalanche’s developers has not altered for some time. Currently, Avalanche coin is outperforming other altcoins.
Interesting to see @avax as one of the most resilient ecosystems for Active Developers through the bear market.
While most ecosystems were down, Avalanche has seen a slight rise over the last few months.
Source: @TheTieIO pic.twitter.com/SfAlpY7lLD
— Luigi D'Onorio DeMeo🔺 (@luigidemeo) September 9, 2023
Check out X to see what Crypto experts have to say about AVAX.
Along with the growth in Avalanche developers, blockchain development activity is also accelerating. From here, an upward reversal is probable because it is closely related to the Chaikin Money Flow (CMF). The details provided by Coinglass also show that the Avalanche’s open interest has significantly decreased, which typically signals a trend reversal.
Watch this to discover more. Continue below to learn more about the Avalanche market
Avalanche Key Levels to Watch: September 12
Resistance Levels: $16.00, $22.00, $30.90
Support Levels: $10.60, $6.00, $0.60
The bearish trend that began at the $22.00 resistance level seems to end as the price undergoes its last impulse swing. Moreover, the RSI (Relative Strength Index) indicator shows that the market is oversold.
The downward trend began on February 2, 2023, after an inverted hammer formed at the $22.00 resistance level. Following the descent in fractals, AVAXUSD crashed into the $10.60 demand zone. Due to the buying pressure in the demand zone, a bullish expansion is probable.
AVAX/USD Key Levels
Resistance Levels: $16.00, $22.00, $30.90
Support Levels: $10.60, $6.00, $0.60
Total Market Capitalization: $1.01T
Avalanche Market Capitalization: $3.29B
Avalanche Volume: $0.10B
Market Rank: #21
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