Avalanche is a blockchain-based decentralized finance platform that allows fiat currencies and third-party tokens interoperability. It has powered the decentralized finance environment to replace real-world financial institutions.
However, many banks and other institutions also use decentralized finance applications to renovate their services with faster transactions and better user-friendliness. Avalanche has developed a decentralized finance environment with a permissionless system where developers can customize the application to create both private and public blockchains for consumers.
The headquarters is located in New York City and was founded by experienced developers, programmers, economists, and financial experts. The platform allows decentralized applications for the users with interoperability.
It is the best place for DeFi users who want to trade, swap or store their digital assets and products. Developers can build customized assets or digital representations of the assets with highly scalable smart contracts on this decentralized finance platform.
It also offers a faster, more secure, and scalable peer-to-peer payment system suitable for the DeFi space, where assets can be traded with millions of online validators that offer more than 5000 transactions per second. It is better than Bitcoin and Ethereum, two leading crypto networks in the decentralized payment space. AVAX is a native token of this platform with a limited market supply and occasional burnout facilities to maintain the scarcity.
It is one of the popular platforms in the DeFi industry. If you are interested in investing for the long term, read our AVAX price prediction.
After hitting a low of $15, Avalanche has been in an uptrend, currently trading around $18, suggesting a positive momentum for the short term. Most technical indicators are bullish.
Technically, you should invest for the short term, but it will be a risky investment because $21 could be a resistance for the short term. The price may retrace back from that level. However, it is a good opportunity to buy for the long term.
On the weekly chart, Avalanche candlesticks are forming in the lower BB, but it holds the strong support of $15. It has formed three weekly green candles that suggest positive momentum, but it is a good time to accumulate for the long term so that if AVAX breaks the support, you can accumulate more coins to average the price.