The DeFi ecosystem seems to be showing encouraging development day by day.
The August trading session, the Avalanche has seen a 380% jump to reach its latest high of $ 58.97, which almost broke the previous ATH of $ 60.30.
Recently, SushiSwap has joined the ‘Avalance Rush’ liquidity mining incentive program with a combined allocation of $ 15 million.
#AvalancheRush is welcoming a new member to the lineup!
Hope you’re coming with an appetite because @SushiSwap is now on the menu.
The largest DeFi incentive program ($ 180M) now just got better. #AVAX https://t.co/J5ibiei3s9
- Avalanche (@avalancheavax) August 24, 2021
The Avalanche Foundation will work closely with Sushi and other major projects, including Aave, Curve, Stake DAO, and BENQI.
The $ 180 million ‘Avalanche Rush’ that was just launched a few weeks ago is now getting better and the program has strongly supported Avax’s drastic price spike.
Next, examine the current movement chart of the AVAX/USDT price.
When the Avax analysis article was released a few weeks ago, Avax was trading at the $ 30 price level, consistently Avax saw a drastic jump of almost 100%.
From a technical point of view, the price movement is seen to show a weak movement and is hovering above the level of RBS (resistance become support) $ 42.
According to the forecasts of crypto analysts, if the price movement remains with a downtrend, the RBS $ 42 level will be tested first before continuing the decline to lower levels.
However, if the price movement again shows an uptrend, the $ 52 resistance level will be the next focus to be tested before making a higher jump and recording the latest ATH.
At the time of writing, Avax is trading at the $ 45 price level down over 13% in the last 24 hours. The coin is currently ranked 22nd on the crypto chart.