What awaits the Avalanche network and altcoin AVAX?
We have observed an increase in collaborative efforts in the Blockchain world in the last few months. The latest of these is Google Cloud integration, and Avalanche is among the selected networks. cryptokoin.com As we reported, other altcoin networks include names such as Polygon and Tron.
According to the official announcement, the integration means Avalanche users can use Google Cloud for on-chain data analysis. This includes NFT data and transaction data. It also highlights the increasing connectivity between WEB2 companies and WEB3 protocols.
NEWS: Google Cloud has added support for 11 additional blockchains into its BigQuery analytics service, including #Avalanche, #Arbitrum, #Cronos, #Phantom, #NEAR, #Optimism, #Polkadot, #polygon, #Tron and the test networks #polygon Mumbai and #Ethereum Goerli. pic.twitter.com/kjg46typ8b
— CoinGecko (@coingecko) September 22, 2023
Collaborative efforts in the altcoin world are some of the indicators of long-term focus. Google Cloud is coming to multiple blockchain networks. This is proof of the speed of expansion and progress of the Blockchain industry.
Will this development trigger more confidence for AVAX?
The announcement regarding Avalanche’s integration with Google Cloud is one of the developments that will affect market sentiment. Interestingly, Avalanche’s weighted sentiment metric has seen a significant increase in the last few days, especially in the last 24 hours. This momentum provided some support to the altcoin price.
According to the weighted sentiment metric, the market is trending upwards while there has also been an increase in volume. However, this was short-lived as volume fell to its lowest levels of the week. A sudden rise may indicate that some accumulation may have occurred, which is reflected as an increase in volume. Interestingly, the volume increase occurred when AVAX entered the oversold territory according to the RSI. This follows a sharp decline that has continued since mid-July.
What’s next?
Altcoin AVAX changed hands at $8.89 at the time of writing, after a weak upward attempt in the last 2 days. However, it is worth noting that the altcoin’s previous winners appear to be over now. This shows that the recent upward momentum has eliminated the selling pressure.
AVAX is expected to trend upward following ongoing selling pressure since mid-July. The fact that it was oversold around the same time as the Google Cloud announcement further highlights its bullish potential.
Despite bullish expectations, there are still signs of low liquidity in the altcoin market. This is evident in AVAX’s inability to achieve a larger rally in its attempt to escape the oversold zone. However, the discounted price provides an attractive entry point, especially for investors looking for a long-term opportunity.
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