Avalanche (AVAX) is marginally higher in the last 7 days at $19.98. On the Layer-1 smart contract blockchain, Avalanche has announced in a recent tweet that Loco, India’s largest esports streaming platform, will onboard its over 50 million users to Avalanche with the launch of LegendsByLoco, an NFT marketplace for esports fans worldwide. By launching a subnet and joining the Avalanche multiverse incentive program, the Indian streaming industry pioneer will increase Avalanche’s rapidly expanding presence in Asia. As part of the partnership, Loco will develop a set of Web3 products that will deliver cutting-edge fan experiences using a customized Avalanche subnet. In fantasy sports games, players form and trade their teams to compete against one another. Almost $22.7 billion is being made annually by the global fantasy sports market.
key Levels
Resistance Levels: $40.00, $30.00, $23.00
Support Levels: $18.50, $15.50, $12.50
AVAX/USD Daily ChartAVAX’s upside advance has been stopped beneath $23.00 in recent days, as seen on the daily chart. If investors can push the price above $22.80, the AVAX/USD pair might surge to $30.00 and eventually to the $40 region. For the time being, despite the retracement, the bulls appear to be in control, as evidenced by a positive RSI number above 50.
On the other hand, the bears will endeavor to defend the crucial resistance level of $22.80. If bears can halt the current uptrend below $23.00, the pair could settle between $17.50 and $15.50 for a few days. If the price falls below the $15.00 breakthrough mark, the bears will seize complete control.
AVAX/USD 4-Hour ChartOn the 4-hour chart, AVAX encountered substantial resistance when it approached $22.00, slowing the bulls. Following the bearish selloff, AVAX trading has remained in the range. To maintain the uptrend toward $22.00, the pair must close above the critical level of $20.00, bringing into focus a bullish view with a high probability of reaching prior highs of $22.79.
On the other side, if AVAX/USD fails to close above $20.00, a reversal is possible. Selling orders are expected to rise, driving Avalanche (AVAX) to seek sanctuary between the 4-hour MA 50 at $19.80 and the MA 200 at $19.50. Although the AVAX/USD pair is only bullish when trading above the $20 line, the main resistance is found below the $23.00 mark.
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