Decentralized network platform AVAX, popular game project Crypto RoyaleWith the news, it may whet the appetite of the bulls.
AVAX, one of the popular coins of the crypto market, has started to give signals for a trend reversal. The coin, which has been exhibiting price movements in the bear market for a long time, announced its recent Crypto Royale partnership. AVAX, which will host Crypto Royal this month, came to the fore with an announcement of development in the blockchain-based gaming industry.
AVAX Grows Its Ecosystem
Crypto Royale, which attracted great attention by crypto investors, announced that it will use the AVAX network. This announcement means that a blockchain-based game will serve on the AVAX network. These developments on the network side may affect the price stability of the popular coin.
According to AMBCrypto’s analysis, this game project that opts for the AVAX network can make a positive impact. Introducing the use of AVAX for in-game activities and users actively guiding the network could mean a rise. Crypto Royale will distribute its project’s cryptocurrency ROY in-game. The fact that it will support this distribution with AVAX and allow people to stake supports its bullish claims.
AVAX Chart Analysis, Is Uptrend Coming?
The effects of the tiring crypto bear market on AVAX are still not over. The popular coin is moving far away from the bullish bullish chart. The popular coin, which spent October between the $ 17.65 level and $ 16.35 level, wants to gather strength with its contacts to the support levels.
AVAX’s Relative Strength Index (RSI) has shown signs of buying, especially in the last two months. Despite the difficult processes in the crypto market, it has managed to create a healthy bottom zone. The coin, which managed to make the $ 16.10 support stronghold in price, continues to gain strength from there in a possible market decline.
For the past four weeks, the volume of the popular coin has been at low levels. Along with this, the network activities of the cryptocurrency also decreased significantly. According to these data, it has been subject to less selling pressure since September.
Decreasing volumes could be a signal for the bulls. With the bears now releasing the selling pressure, the market may remain in the bulls with the buy-side movements. The popular coin, which has been trying to rise before, could not overcome the selling pressure brought by the resistance levels.
However, the fact that a new potential project will use the AVAX network may enable users to receive intensive transactions. Buy signals that can carry up to resistance levels can create a new bullish wave with the emergence of bulls.
If the buying pressure manages to test the $17.60 level, this resistance point could be broken with the support of the bulls. Considering the future market volume, it could test the next resistance level at $18.80.
With the effect of negative signals from the crypto market, it may want to get strength from the support level again. The popular coin will heavily try the $16 level at this point. Although its return from the support level gives a positive signal in terms of rise, if it breaks, the decline may deepen.
