{"id":43704,"date":"2021-12-17T11:53:47","date_gmt":"2021-12-17T10:53:47","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=43704"},"modified":"2023-03-03T13:18:17","modified_gmt":"2023-03-03T13:18:17","slug":"avalanche-avax-leads-rebound-more-upside-incoming","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/avalanche-avax-leads-rebound-more-upside-incoming\/","title":{"rendered":"Avalanche [AVAX] leads rebound; More upside incoming?"},"content":{"rendered":"
Avalanche has enjoyed significant interest from market participants this year. After a major rebound near the $78-area<\/strong>, its native token AVAX was up by more than 20%<\/strong> over the past week and was currently trading at $102.9.<\/strong><\/p>\n <\/p>\n The cryptocurrency market was jittery as it awaited after Fed Chairman Powell\u2019s speech<\/strong> yesterday. Leading the collective recovery was Avalanche [AVAX]<\/strong> that managed to stage a v-shaped comeback<\/strong> as it eyed for the recently formed ATH.<\/p>\n <\/p>\n Interestingly, the ecosystem has witnessed a strong development activity despite a period of high volatility and big swings. According to the latest report<\/a> compiled by Delphi Digital, activity on Avalanche\u2019s C-Chain has grown “meaningfully” in 2021<\/strong>.<\/p>\n There are more than 400 developers and 70,000 unique contracts<\/strong> deployed in Avalanche. Additionally, the growth picked up in late July after the debut of the decentralized blockchain oracle network, Chainlink’s price feeds on Avalanche’s mainnet<\/strong> which offered developers the necessary tools to ramp up application deployments.<\/p>\n For the uninitiated, Avalanche’s C-Chain<\/strong><\/a> happens to be a default smart contract blockchain that allows the construction of any Ethereum-compatible smart contracts. Unique developers on C-Chain have doubled from 200 to 400 in the last month<\/strong>. This can be attributed to the recent launch of AvaLabs’ Subnet-EVM<\/strong> which facilitates the creation of their EVM-compatible blockchain on Avalanche using a single JSON file. The deployment of EVM-compatible blockchains reportedly takes just 90 seconds<\/strong>.<\/p>\n <\/p>\n The above daily chart depicted optimism in the market despite a dip in volatility. The green closing bars of Awesome Oscillator [AO]<\/strong> depicted a bullish momentum in the AVAX price while the Relative Strength Index’s [RSI]<\/strong> tryst above the 50-median line signaled buyers’ dominance. A case of a market downturn is highly unlikely, but an increase in volatility and trading volume may aid the much-anticipated break above $125-level.\u00a0<\/strong><\/p>\nSoaring Development Activity on Avalanche<\/h2>\n
An upswing, when?<\/h2>\n
Bank of America [BOA] sings praise for Avalanche<\/h2>\n