Avalanche built-in the Layer-2 resolution Boba Network on Wednesday.
AVAX trades the $17 support zone
Future recoveries rely upon market sentiment
Avalanche AVAX/USD trades at $17.34, a degree it has held since September 18. The value degree has been the bottom since early July. At the underside degree, consumers are exhibiting curiosity after days of consolidation. At press time, the token was up 2.07% within the final 24 hours. The positive aspects had been, nevertheless, not sufficient to erase 7.94% losses up to now week.
Avalanche welcomes Boba Network
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Multi-chain Layer-2 chain Boba Network introduced entry into Avalanche on September 21. The integration will see Boba assist Avalanche meet the scalability calls for. Boba lauded Avalanche for its quick and low-cost transactions and eco-friendly options. Following the combination, Biba will turn out to be Avalanche’s first L2.
Avalanche value and prediction
The integration of the Boba community provides a constructive sentiment to AVAX when the sentiment is weak. That helped the token get well barely amid an rate of interest hike by the Federal Reserve. However, we discover AVAX between a rock and a laborious place as momentum is weak on the support.
Source – TradingView
A technical outlook exhibits that AVAX’s in a downtrend. The value has been transferring in a sample of decrease highs and decrease lows. A current MACD bearish crossover speaks of the weakening momentum. The transferring averages above provide resistance.
Concluding ideas
Despite the Boba Network integration, AVAX is in a bear market and is not a advisable purchase. Buyers could hold optimism of restoration on the $17 support. However, with the weak sentiment, a lower cost is doable.
If AVAX holds the support intact, a wave of consolidation could comply with. That will allow the token to collect enough momentum to go greater. The cryptocurrency has a minor resistance at $22.
