Avalanche: Many new features with the latest update will make AVAX positive changes

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A recent announcement by the Avalanche network details the launch of a new set of products. This suite includes several capabilities that, when used on the Avalanche network, are capable of simplifying Web browsing3.

The announcement was made regarding Core Web, also known as the command center.

Avalanche (AVAX) price prediction for 2022-2023

Avalanche Core Web supports web 3 better

Just as Avalanche promised, Core Web will provide users with a unified experience by centralizing the management of all their token holdings in one place.

This will allow you to view your NFT collections in the browser without leaving the app. Users can access a unified view without combining multiple devices or streaming tabs. 

The goal of the Avalanche team with The Core suite of products is to make the suite's command center as user-friendly as possible. Tokens can be added, exchanged, sent, received, and integrated with hundreds of decentralized applications (dApps) and browsers.

The app will also work seamlessly with the Avalanche Subnet, moving seamlessly between them to perform tasks.

Another outstanding upgrade Avalanche

In a related development, the Banff update for the Avalanche network, which includes some useful new capabilities for content creators, recently went live. Avalanche Advanced Subnet will now have its own currency for validators to stake and earn rewards. 

In addition, subnet manufacturers can do more to tailor their ecosystem to their needs. Creators can remove validators from the subnet before validator staking time runs out. However, validators still need to stake AVAX tokens to use cross-subnet communication in the future.

It looks like it's been a pretty busy week for the Avalanche network, but what do the key metrics say?

Avalanche TVL declines

Avalanche's TVL has plummeted in recent months according to data from DefiLlama. As of February, it has about 9 billion locked up, but at the time of writing it is estimated to be worth around $1.3 billion. 

At press time, Avalanche's TVL accounts for about 2.6% of all networks' TVLs.

Source: DefiLlama

According to Santiment's Developer Activity Indicator, there is significant activity on the network. A score 28.76 was shown.

Source: Emotions

AVAX is trading at around $15.3 at press time, down more than 1% from the previous day. On the daily timeframe chart, a downtrend was observed.

The AVAX price movement is shown below the short and long moving averages (MAs), represented by the yellow and blue lines, respectively.

The first support seems to be being tested as the AVAX support area is between $14.8 and $13.5. The immediate resistance area, visible around $18.3, suggests that resistance has also turned down. However, a long-term resistance area can be identified between $21.5 and $23.7.

Source: TradingView

Data from Santiment shows that even though AVAX hasn't had a strong rally yet, there is still strong sentiment around it. Despite the weak price gains, a weighted sentiment gauge score of 0.176 suggests a modestly favorable outlook.

Source: Emotions

Several significant network improvements have been made to the Avalanche network. While this is yet to be reflected in AVAX's price movement, investors should not lose hope as once gains start to appear, beneficial consequences can be seen.


Oct 21, 2022

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