Avalanche’s Twitter handle for ecosystem news tweeted on November 6 about the project’s weekly subnet statement. The report by AVAX Daily revealed some notable updates that the blockchain experienced.
The tweet confirmed that AVAX’s subnets totaled 36, whereas the total validators stood at 1,219. Moreover, the transaction count over the previous week didn’t see a substantial shift in the C-Chain, Swimmer Network, and DFK Chain. Though not changed, markets can consider the transaction count as high.
Moreover, AVAX Daily tweeted that Avalanche outshined Ethereum in various aspects. For example, Avalanche remained about 20% cheaper to receive and send coins (compared to ETH). Moreover, AVAX’s transactions were 70% quicker. Furthermore, Ethereum’s average gas fee per day was 20 times more than AVAX at this publication.
Thus, everything seems attractive for AVAX as the blockchain revealed its capabilities. Nevertheless, things weren’t lucrative as far as price action is concerned. The previous 24 hours saw AVAX losing 5%. Coinmarketcap data shows AVAX changed hands near $18.43 during this publication, with its market cap above $5.5 billion.
Impending Trouble
Santiment, a data analytics site, suggested that things might worsen for Avalanche as market participants and most on-chain indexes flashed price dip possibilities in the upcoming days. AVAX remains deteriorated despite multiple integrations and partnerships.
Avalanche’s development activity also saw a substantial drop, printing a negative sign for the network as it confirmed lesser efforts by blockchain developers to improve the project. Also, the altcoin recorded downsides in popularity. Its weighted sentiments and social volume recorded declines over the last seven days.
What Could Ease the Pain
Though the metrics remain against price hike chances, Avalanche’s market indicators offered some respite. The EMA (Exponential Moving Average) ribbon flashed a bullish cross, with the 20d EMA flipping the 55d EMA. That heightened the probability of a new bullish run.
The RSI (Relative Strength Index recorded a brief surge following declines, moving further from the neutral level. That could mean a bullish sign for the coin. Also, though the CMF (Chaikin Money Flow) rested well beneath the neutral area, it recorded a surge lately. That increased trend reversal chances.
Nevertheless, MACD (Moving Average Convergence Divergence) showed the tale could shift to favor bearishness as chances of a bearish cross appeared possible in the coming days.
