AVAX’s price line has been moving sideways lately despite speculation that ApeCoin might migrate to the Avalanche blockchain. AVAX is trading at $30.78 after the coin had seen some ups and downs. Its market cap is more than $8.9 billion, making Avalanche the 12th largest cryptocurrency in the world.
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Yuga Labs could bring ApeCoin to Avalanche
Avalanche is a leading blockchain platform known for its blazing fast speeds of over 4,000 transactions per second. The network is used by many developers across industries such as DeFi, non-fungible tokens (NFT), and Web3 games.
Now, there are signs that the network could get another major addition to its ecosystem. Sources say that Yuga Labs, the owner of ApeCoin, is considering a move to the AVAX ecosystem.
The decision to switch from Ethereum to Avalanche or Flow was necessitated by the recent major outage in its ecosystem. The outage occurred when Otherside led to a major congestion in the Ethereum network. The outage led to drastically high gas fees and the outage of other popular platforms, including Etherscan.
Avalanche has faced major challenges in recent days following the collapse of the Terra ecosystem. As a result, most investors have dumped their DeFi tokens after realizing that their investments might drop to zero.
Consequently, the total value of the network (Total Value Locked) has dropped by about 5 0% in the last 30 days. It currently stands at $5.1 billion, well below its all-time high of nearly $12 billion. Some of the worst performers have been Platypus Finance, Trader Joe, and Curve.
Avalanche Price Forecast
In the four-hour chart, the AVAX price has been moving in a tight range over the past few days. A closer look shows that the coin has remained below the moving averages of the last 25 and 50 periods.
Most importantly, the cryptocurrency has formed a bearish pennant pattern. In technical analysis and price action analysis, it is usually a bearish sign. The stochastic oscillator has moved to the middle range.
Therefore, the outlook for Avalanche is worse considering that the pattern is approaching its confluence level. It is therefore likely that the coin will experience a bearish breakout, with the next key support level at US$25. A move above resistance at US$37 will invalidate the more bearish outlook.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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