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AVAX now listed on Japan's OKCoin, gears up for Formula E championship weekend


www.fxstreet.com 14 June 2022 10:08, UTC
Reading time: ~3 m

  • Japan's leading cryptocurrency exchange, OKCoin, lists AVAX as the Ethereum-killer gears up for the Formula E championship.  
  • Crypto.com  announces first flash rewards campaign featuring AVAX, offering 12.5% p.a. in rewards. 
  • Analysts identify bearish signals on the AVAX price chart and predict a decline to $15.40. 

Crypto.com's reward campaign featuring Avalanche (AVAX) goes live today, offering users 12.5% p.a. on their allocations. AVAX price has failed to recover despite updates and bullish events. 

AVAX gears up for upcoming events and new exchange listing

AVAX has been listed on Japan's leading cryptocurrency exchange, OKCoin. The exchange started accepting inbound transfers on June 10, 2022, and the markets for AVAX are expected to go live on or after June 16, 2022, at 8:00 UTC, across AVAX/JPY. 

$AVAX is now listed on the leading exchange in Japan https://t.co/ECmRCDrrHE

— Avalanche (@avalancheavax) June 14, 2022

AVAX's listing on the leading Japanese crypto exchange is considered a driver of bullish outlook among holders in the community. Avalanche holders are now gearing up for the upcoming event scheduled for the Formula E race weekend. Avalanche House is set to be hosted at Hook Studios Dikeman ahead of the New York City ePrix, an annual race of the single-seater, electrically powered Formula E championship held in Brooklyn, New York.

The event has lined up keynotes and panels, networking, live music and more for a Web3-enabled future in AVAX. 

Just saw the latest designs of Avalanche House | FE Brooklyn...Insane.

Didn't think we could top our previous events, but we have.

You'll feel like you're in a new world bringing NYC vibes, Web3, and motorsports all into one.

Tickets on sale soon. https://t.co/BpzzJ3Cs5q

— Jay Kurahashi-Sofue (@jayks) June 9, 2022

Crypto.com's flash rewards campaign featuring 12% p.a. returns on Avalanche is now live. The exchange platform is offering users these returns for 14-day term allocations. The promotional campaign ends on June 27, 2022, when the aggregate cap of 40,000 AVAX tokens is met. 

This campaign is targeted at Crypto Earn, and Crypto.com users who are residents of the United States, United Kingdom, Canada, Japan and Korea are not eligible. 

Analysts reveal bearish outlook on AVAX price

Analysts have evaluated the Avalanche price trend and predicted a further decline in the token. Editah Patrick, a leading crypto analyst, argues bears have taken control of AVAX price on the 1-day chart. 

The Moving Average Convergence Divergence (MACD) indicator is currently in bearish territory. The indicator is among the most reliable predictors of an asset's momentum trend. The Relative Strength Index (RSI) on the AVAX price chart is oversold, and a rebound is likely in the short term. 

AVAX-USD price chart

AVAX-USD price chart

Analysts argue that a drop below the $16 level could push the price to support at $15.40, a key psychological level for the market. 

AVAX competitor Solana could have destroyed its bullish potential 

FXStreet analysts have evaluated the Solana price chart, the competitor of Avalanche, and identified that the recent outage could have destroyed the Ethereum-killer's bullish potential. For more information, watch this video:

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