Binance confirms upgraded avalanche support and Its impact on AVAX

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Binance confirms upgraded avalanche support and Its impact on AVAX

Binance, in the early hours of October 14, announced that it will support the Avalanche [AVAX] network upgrade.

According to a statement from the crypto exchange, the event on October 18 will not result in AVAX outages. However, users will not be able to withdraw or deposit tokens.

Following this development, AVAX price has increased by  6.42% to $16.14 in the past 24 hours.

AVAX price prediction

 

 

Avalanche had some testnets before the final update to the mainnet was paid for EDT noon on the date mentioned above. One of them is the October 4 Fuji node update.

According to the AVAX team,  the network update will enable the creation of proof-of-stake (PoS) subnets. Always, the update will affect the AVAX P-chain wallet and hash map.

AVAX also has positive points

At the time of this writing, Santiment indicates that development activity on the AVAX chain has slowed. Available information indicates that development activity has increased since September 30. The implication of this could be that AVAX was actively updating during this time. 

While there was a drop to 17.25 on October 9, it rebounded and rose to 21.55 on October 12. The drop to 13.07 at the time of publication may indicate that the regime AVAX product is intact.

However, the conjecture seems premature if there are four more days until D-Day.

Source: Emotions

This is the opposite of what happened when AVAX had a security update. However, the volume also seems to follow a similar pattern.

Santiment revealed that AVAX volume increased 91.76% to $355.59 million in the last 24 hours. This shows a growing interest in the token.

However, it seems that retail investors are the most active in construction. Instead, the whales played down their interest. According to instructions from Santiment, the percentage of the total whale supply is 41.94%.

Source: Emotions

Should AVAX investors be excited?

Based on the 4-hour chart, AVAX momentum is in solid buy. The Relative Strength Index (RSI) indicates that, at 53.24, AVAX has overcome the previous high selling pressure.

Looking at the moving average convergence divergence (MACD), buyer momentum (blue) holds a strong position (orange). However, there is a risk of a return to a bearish position as neither the buy nor sell edges are above the zero point of the chart.

The exponential moving average (EMA) also agrees with the near-term bearish signs. At the time of writing, the 20 EMA (purple) is below the 50 EMA (yellow).

AVAX will likely succumb to trading in the red at this rate. In the medium term, AVAX shows a bullish rally as the 200 EMA (cyan) holds above both the 20 and 50 day EMAs.

Source: TradingView

 

Oct 15, 2022

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