InstaForex

August 19, 2021

Avalanche (AVAX) Dominates the DeFi Market, Doesn't Stop Soaring!

 Avalanche, acting as an open-source DeFi, has proven to have a good reputation in the market.


Be mindful after the Avalanche produced over 40% jumps reaching a high of $ 30.88 ending yesterday’s trading session.


Among the factors influencing the surge was after Avalanche announced plans for a $ 180 million liquidity mining incentive program.


Experience the power of #Avalanche. Welcome to #AvalancheRush, the $ 180M liquidity mining incentive program in collaboration with leading DeFi dapps – both on and off Avalanche– starting with @aaveaave and @curvefinance. And, this is just Phase 1! https://t.co/YGrrVB7Uqc


- Avalanche (@avalancheavax) August 18, 2021


The ‘Avalanche Rush’ program will bring DeFi’s top apps to the platform, including Aave and Curve which aims to increase its scale in the DeFi world.


Let's take a look at the current movement chart of the AVAX/USDT price which is stealing the attention of many crypto investors.



When the Avax analysis article was released at the end of last June, Avax was trading at a price of around $ 12.


Consistently, Avax has produced almost 170% jumps so far in today’s trading session.


However, it can be seen that Avax is still witnessing a bullish trend and has just recorded its latest high reaching the price level of $ 32.30 in today's trading session.


According to the forecasts of crypto analysts, if the price movement remains with a bullish trend, the resistance zone around $ 31 will be broken and will make the latest highs in a row.


However, if the price movement returns to show a bearish pattern, the RBS (resistance become support) zone around $ 27- $ 28 will be tested first before making a lower decline.


At the time of writing, Avax is trading at the $ 30 price level jumping over 30% in the last 24 hours. The coin is currently ranked 27th on the crypto chart.