Is It Too Late to Buy Avalanche? AVAX Price Rockets Up 18% as FriendTech Rival Takes Off and New Bitcoin Project Raises $500,000
As SocialFi takes crypto markets by storm, Avalanche (AVAX) has joined the race - with the launch of FriendTech rival Star Arena, fuelling a dramatic +18% price surge.
The initial launch of Star Arena has been incredibly well-received, with the platform undertaking an impressive +3,600% rise in total-value locked.
The influx of capital racing into the new platform has bolstered AVAX in a much-needed boost to network transactions (which had been declining all summer).
Amid the bullish developments, Avalanche is currently trading at a market price of $10.06 (representing a 24-hour change of -0.40%).
The recent bounce comes following reclamation of 20DMA support on September 28 - a move that ended 67-days of impenetrable moving average resistance.
In the meanwhile, the 200DMA still stands high above ongoing price action at $13.49 - above the upper trendline.
With price intent on pushing up following the bullish shift in AVAX network fundamentals, $10.50 now forms the immediate upside target.
Looking at technical indicators, it can be seen that the RSI has fired-up on the recent bounce, overheating to over-bought bearish divergence at 61.91.
This suggests price has an imminent need for retracement or consolidation - and could limit upside on the short-time frame.
However, the MACD has flipped to bullish divergence at 0.18 - signalling the growing momentum fuelled by the SocialFi move.
Overall then, AVAX appears technically poised here - with strong footing providing the basis for a potential break-out rally - however, this may come following a brief period of consolidation and minor localized retracement.
To the upside, AVAX is targeting a major break above the upper trendline to $12.25 (a possible +20.22%).
While, to the downside price
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