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Avalanche: Can Last Week’s Achievements Beat the Odds of a Downtrend? 

The weekly summary of Avalanche [AVAX] on 3 February indicated a general expansion of the network. Notably, Ava Labs introduced a new explorer for Avalanche P-Chain that included a number of interesting features.

In addition, the financial platform Intain announced that it would launch a tokenized marketplace for asset-backed securities based on Avalanche. The agreement between OKXweb3 and Avalanche will allow users to effortlessly purchase Avalanche NFTs on OKX.

AVAX Daily’s tweet on 2 February stated that AVAX’s social mentions and social dominance had increased by over 5%, supplementing the previous weekly roundup.

Despite the token’s continued popularity, its Galaxy Score and AltRank did not live up to expectations. AVAX’s price rebounded last week, achieving double-digit increases. As of press time, AVAX was trading at $21.07 with a market worth of approximately $6.6 billion, as reported by CoinMarketCap.

Intriguingly, AVAX made the list of the top gainers in the Avalanche ecosystem as a result of its weekly price performance.

In the past week, the price of AVAX has increased twice. The price increase was matched by an increase in AVAX’s DyDx financing rate, which indicates a rise in derivatives market demand. AVAX’s funding rate on Binance also increased, establishing its demand in the futures market.

Indicative of the crypto community’s faith in the coin, feelings surrounding AVAX also increased. In addition, LunarCrush’s statistics revealed that Avalanche’s market domination grew by 9 percent in the past week.

The good days appeared to be coming to an end, though, as AVAX’s price dropped 4% in the previous 24 hours. The majority of market indications indicated that bears had joined the market, which might result in a price decrease in the days ahead. In addition, the Relative Strength Index (RSI) was close to the overbought territory.

The Chaikin Money Flow (CMF) for AVAX decreased and was below the neutral line, which was favorable for selling. In addition, the MACD signaled the potential for a bearish crossover, which increased the likelihood of an ongoing slump.

 

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