Avalanche serves as an open-source to launch decentralized applications (DeFi), financial assets, commerce and other services.
Avalanche aims to be a global asset exchange, allowing anyone to launch and trade any form of asset and control it in a decentralized way using smart contracts and other cutting-edge technologies.
Mainnet Avalanche was launched in September 2020 by three co -founders Emin Gun Sirer, Kevin Sekniqi and Maofan “Ted” Yin.
Interestingly, Avalanche is the first smart contract platform to validate transactions in a matter of seconds, supports the entire development of the Ethereum toolkit and allows millions of independent validators to participate as full block producers. The testnet has more than 1,000 block-producing nodes and breaks world records.
Meanwhile, examine the current movement chart of the AVAX/USDT price.
Since the opening of the market starting January 2021, Avax exhibited excellent gains producing almost 1,900% increase in 2 months thus making the all -time high (ATH) at the price level of $ 59.94 on February 10, 2021.
The increase came after the Avalanche-Ethereum merger that allowed DeFi users to profit with similar assets in both ecosystems last February and has attracted the attention of investors.
From a technical point of view, the price movement is currently witnessing a bearish trend and has broken the support zone around $ 14.
According to crypto analysts' forecasts, the move is very risky if Avax breaks the lows around $ 12, a lower decline is expected to occur and will lead to the all -time low (ATL) ever recorded before.
However, if the price movement returns to show a bullish pattern, the support level around $ 15 needs to be broken first before continuing higher and heading to the SBR (support become resistance) zone around $ 22.50.
At the time of writing, Avax is trading at $ 12 with a market value of over 2.1 billion in the last 24 hours. The coin is currently ranked 47th on the crypto chart.
