Avalanche (AVAX) is among the few digital coins trading high on Wednesday. The altcoin has managed to gain more than 11% since yesterday. Such a move comes as most alts struggle to recover their losses. While writing this content, AVAX/USD trades near $52.60.
Now, why is the token rising even when other assets battle dips? Well, the current bullish run follows the Avalanche Foundation announcement that SushiSwap, a leading DeFi platform, plans to switch to their ecosystem. With a total value locked of more than $5 billion, SushiSwap integration to Avalanche Rush, a 180 million decentralized finance incentive program, the asset has gained momentum. Keep in mind that this is after Curve and Aave jumped into the program.
Avalanche is a proof-of-stake blockchain platform by Ava Labs. The network claims a 4,500 TPS. Also, the speedy data transfer and superior security seem to solve the needs of crypto enthusiasts. Though the network mainnet launch happened almost one year ago, it has trended since last week. AVAX, the network’s native asset, surged over 130% since last week.
Besides adding SushiSwap to the DeFi incentive program, the recent bullishness by the token received backing from the announcement by ForceDAO to launch stablecoin strategies and structure products to the network. With the collaboration, ForceDAO will create and deploy multiple DeFi products. The project focuses on investment and analytics strategies and infrastructure tech. That way, the blockchain will attract large-scale and institutional investors.
Watch These Levels
According to AVAX/USD’s 4-Hr chart, the momentum indicator and moving averages depict a massive bullish outlook. However, the MACD shows sellers’ interest at the moment. For now, Avalanche has its price over the pivot level around $37.46. Buyers appear ready to attempt the nearest resistance zone at $56.52. If bulls step up for an upside rally, AVAX will surge to over $60. Sustained uptrends will have the asset testing the resistance area at $69.37.
The recent platform developments provide stability for Avalanche as the token explores higher price levels. With the increased institutional and retail interest, the project might trade high in the coming sessions.
What are your thoughts about AVAX sustained soaring? Comment in the section below.
