Assess the state of avalanches [AVAX] indicators before December 2022

  • Avalanche’s TVL Records Rise, But Metrics Favor Bears
  • RSI and Bollinger bands give bearish signals while MFI and MACD suggest otherwise

Avalanche Daily, a popular Twitter handle that posts updates on the avalanche [AVAX] ecosystem, released the network’s weekly stats on Nov. 27.

According to the data, the total stake amount reached 260,644,512 AVAX, which seemed optimistic for the blockchain. Nevertheless, the total volume of the Avalanche ecosystem was little changed from last week, with its number rising to more than 13 million, which translated into two million transactions per day.

However, Avalanche’s total active address volume showed signs of decreasing to an average of 30,000 per day. Apart from these, several integrations occurred in the Avalanche ecosystem that had the potential to trigger a price pump. COMB Financial, for example, recently announced that Utopia was going live on Avalanche.

Interesting way, AVAXThe performance of on the chart has also been slow lately. The alt has seen a drop of more than 5% in its price in the last 24 hours and has been trade at $12.30, at press time.

Along the same lines, let’s take a look at other notable developments and metrics to understand what investors should expect from AVAX in the final weeks of this year.

Lily Avalanche [AVAX] Price prediction 2023-24

Sounds ominous for Avalanche

AVAX’s on-chain metrics revealed that the sellers were leading the market as several metrics suggested further price declines over the coming days. For example, Binance funding rate of AVAX saw a sharp decline, which is a bearish signal as it indicates that the token has not received interest from the derivatives market. AVAXThe popularity of also seems to be decreasing, as its social volume has dropped over the past week.

Additionally, AVAX development activity has shifted south and decreased significantly, which is a negative signal for a blockchain as it represents a decrease in developer efforts to improve the network.

However, DeFiLlama Data provided some relief as it revealed a positive update. According to the charts, AVAX’s Total Value Locked (TVL) rose over the past few days, which was bullish news for investors.

Source: Santiment

Do bulls stand a chance?

However avalancheThe daily chart also favored the bears, a few of the indicators suggested that the bulls might be brewing. The Bollinger Band indicated that the price of AVAX was about to enter a compressed zone. Thus, reducing the chances of a northerly escape soon. The Relative Strength Index (RSI) was trading below the neutral bar, which was yet another bearish signal.

However, AVAX’s Money Flow Index (MFI) recorded a slight rise, which gave hope to investors. The MACD also showed a bullish crossover, which could help AVAX to increase its price in the coming days.

Source: Trading View

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