Avalanche (AVAX), the 17th-ranked cryptocurrency in the market, valiantly countered the recent bearish trend in recent days. In just one week, AVAX experienced a decline from $15.28 to a daily low of $14.03 yesterday.
However, hope is on the horizon as the network displays promising signs with a series of recent developments, which could potentially lead to a price surge in the coming days.
Currently, AVAX is trading at $14.17, with a slight increase of about 0.16% in the daily chart and a 2.93% dip in the weekly chart. The trading volume is also down in the last 24 hours.
According to data obtained from PricePredictions, a prominent site known for its accurate cryptocurrency forecasts, technical analysis of AVAX indicates a bullish trend in the long term.
Based on this analysis, experts predict that the price will witness an increase of $0.00389 over the next seven days, reaching an estimated value of $14.23 by the 1st of June 2023.
In the short term, a machine learning algorithm has identified a bullish trend for AVAX. It suggests that investors should anticipate a slight increase in value over the next few hours. It’s a positive signal for those who have invested in Avalanche and are closely monitoring its performance.
However, the battle against the bearish trend by Avalanche brings a glimmer of hope for enthusiasts and stakeholders alike as they await the potential recovery in the days to come.
Avalanche Network Developments
Avalanche made a significant announcement today on Twitter, revealing the introduction of AvaCloud, a Web3 Launchpad, by Avalabs official. The tweet stated that launching your own Subnet has become even more convenient with this new platform.
AvaCloud aims to assist various entities, including large consumer enterprises, AAA games, and Web3 startups, in expediting the process from concept to launch while reducing expenses.
Meanwhile, Global digital financial technology firm Circle has launched Euro Coin on Avalanche, marking the first in a series of multi-chain launches for the euro-backed stablecoin. The move aims to enhance payment efficiency and financial services for developers and users.
By introducing Euro Coin to Avalanche, Circle aims to boost euro liquidity and offer global users the option to transact in euros with Euro Coin and in U.S. dollars with USDC. The integration is seamless for Avalanche developers already supporting USDC, as the two stablecoins share similar smart contract designs.
However, the launch of Avalanche’s platform allows for near-instant and cost-effective financial transactions, expanding possibilities for payments, remittances, and foreign exchange. Circle Account holders can access Euro Coin liquidity on Avalanche for trading, lending, custody, and payments.
As per the announcement, Leading apps and wallets, including Coinbase Wallet, MetaMask, and Trader Joe, will support Euro Coin on Avalanche, while developers can integrate with the Euro Coin smart contract to tap into growing liquidity.
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