AVAX’s outlook based on sentimental analysis remains positive despite the ongoing bearish trend. This is because of the increasing activities on the network due to its usefulness. Since the beginning of this month, the network has experienced impressive growth in the number of daily active addresses.
From a total of 45000 daily active addresses, the network experienced a sudden expansion beyond 80000 daily active addresses. According to Avalanche’s recent reports, the cause of this massive growth can be attributed to the continuous subnet deployment. Moreover, Web3 game developers have been specifically interested in the Avalanche subnets.
Key Avalanche Levels To Watch – April 19
The bears exited the market just as the year 2022 came to an end. According to the Moving Average, AVAXUSD flipped bullish following the bounce off the $10.577730 price level. This uptrend continued until the $22.796300 resistance was hit.
After the $22.796300 resistance was hit, a shift in the market structure occurred to the downside. The downward trend continued until the daily FVG was reached. Following the double top formed below the $22.796300 resistance, AVAXUSD is likely to keep declining until the bullish order block is reached.
Avalanche Key Levels
Resistance Levels: $18.661110, $22.796300, $30.867700
Support Levels: $14.609400, $12.946240, $10.577300
Total Market Capitalization: $1.23T
Avalanche Market Capitalization: $6.34B
Avalanche Volume: $0.34B
Market Rank: #15
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