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- 1 The Avalanche price is trading below the key moving averages, showcasing it’s in the bears’ hands.
- 2 Avax crypto is down by over 20%, demonstrating weakness and lower volumes.
- 3 Avalanche and Salvor formed a partnership to create an NFT lending platform.
Avalanche and Salvor have collaborated to create an NFT lending platform on the Avalanche network. This platform allows users to get a crypto loan in AVAX by depositing their digital assets as collateral.
The partnership supports the Avalanche network, providing users with advanced financial services and enabling them to use NFTs and meme coins as collateral to obtain loans directly in Avalanche (AVAX) crypto.
The latest version of the platform supports over 800 NFT projects, including well-known brands such as Dokyo and MadSkullz. It also includes features such as executing multiple actions and offering lower interest rates for early loan repayments.
Can Avalanche and Salvor Partnership Have an Impact on Avax Price?
The Avalanche crypto price is in the bearish region, taking support at the $30 mark. Moreover, the cryptocurrency is struggling to sustain above the key moving averages of 50-day and 200-day and is heading downward.
The crypto has declined over 23% this month, demonstrating that bears dominate the bulls on the technical chart.
Moreover, the price has been up by almost 4% in the last 2 days, showcasing a mild impact of the partnership on the price. If buyers wish to reach higher levels, AVAX needs a suitable catalyst for its price surge.
Avalanche’s immediate short-term support level at the time of writing was $29.50. At the same time, the $40.00 level is the next resistance level.
A price rise can be expected if AVAX can surpass the upper resistance level. Likewise, a drop below the aforementioned support level can lead to a price pullback to the lower support levels.
When writing, the Avalanche crypto (AVAX) price was trading at $35.59 with an intraday loss of 1.57%, indicating mild bullishness on the charts.
It has a weekly return of 5.86% and a market cap of $13.55 Billion. Analysts’ sentiments are neutral on the crypto as the price is not showing any clear direction.
Decoding Indicators on the AVAX Technical Chart
The Supertrend indicator is a trend-following indicator that is plotted on the price. At press time, the price is below the Supertrend line, which turned red, indicating a bearish trend and signaling that the asset might continue to decline.
The Awesome Oscillator measures market momentum and is calculated by subtracting a 34-period simple moving average from a 5-period simple moving average. At press time, the indicator is red and demonstrates bearishness.
Summary
Avalanche and Salvor have partnered to create an NFT lending platform that supports the Avalanche network and provides users with advanced financial services. The partnership has mildly impacted the price, but a suitable catalyst is required for a price surge.
As of now, analysts’ sentiments are neutral on the crypto as the price is not showing any clear direction.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.