Should I buy Avalanche (AVAX) at the current price?

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on Mar 25, 2022
  • Coinbase Cloud has introduced a public validator on Avalanche
  • Avalanche is a very promising project
  • The first resistance stands at $100

Avalanche AVAX/USD has weakened from $115.13  to $53.16 since the beginning of January 2022, and the current price stands at $83.74.

Coinbase Cloud has introduced a public validator on Avalanche

Avalanche is one of the fastest smart contracts platforms in the blockchain industry that allows you to build decentralized applications. It can process more than 4,000 transactions per second, and it is fully compatible with Ethereum assets, apps, and tooling.

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Avalanche supports Solidity coding language, and to deploy smart contracts on Avalanche, will cost you just a tenth of what they cost on Ethereum. Developers can deploy blockchains that fit their own needs and dictate exactly how the blockchain should operate.

High gas fees and other adverse effects of slow smart contract blockchains are now a thing of the past, and Avalanche’s flexibility is positioning this project as the best option for institutions, enterprises, and governments.

Many projects already collaborate with Avalanche, and the most popular ones include Mastercard, Bitfinex, Celer, Arweave, Aave, BitMart, Chainlink, Cartesi, Celer Network, Coinbase, Curve, Sushiswap, Deloitte, Ankr, Binance, Huobi, and Nexo.

Stani Kulechov, Founder and CEO of Aave, said that Avalanche enables Aave to create an ideal environment for institutions to migrate on-chain and to experience the power of DeFi protocols as users rather than just as investors.

Coinbase Cloud, Web 3 and blockchain infrastructure provider, has announced this week the launch of a suite of blockchain solutions and services for the growing Avalanche ecosystem. Joe Lallouz, head of product at Coinbase Cloud, said:

Coinbase Cloud has introduced a public validator on Avalanche that enables delegators to stake their AVAX tokens. They contribute to the growth and security of the network by verifying transactions, participating in consensus, and adding blocks.

Joe Lallouz also said that Avalanche is contributing to building a more vibrant and accessible Web3 economy, and he is looking forward to future cooperation.

AVAX is a cryptocurrency that powers Avalanche, and it reached record highs above $150 on November 22, 2021. AVAX is currently down more than 40% from its peak; still, Avalanche is a very promising project, and the price of Avax could advance again at levels that we saw in November 2021.

Technical analysis

Data source: tradingview.com

If the price jumps above $100, it would be a strong “buy” signal, and we have the open way to a resistance level that stands at $120.

The current support level for AVAX stands at $70, and if the price falls below it, the next price target could be at $60.

Summary

Avalanche enables its users to build applications, launch assets, and create subnets with complete control, data security, and other rulesets built into the foundation. Avalanche is a very promising project, and the price of Avax could advance again at levels that we saw in November 2021.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.