Ava Labs, the force behind the Avalanche blockchain, is intensifying its efforts to carve a niche in the Indian market. In a recent revelation, the company shared that it has successfully onboarded two seasoned professionals from Polygon and OKX, signaling a robust push for expansion in India.
Devika Mittal, the former Lead of Listings at OKX, and Kamakshi Arjun, previously the Head of Partnerships in India at Polygon Labs, have assumed pivotal roles at Ava Labs. Mittal takes on the mantle of Head of India, while Arjun becomes the Business Development Lead for India. Their shared objective is clear: spearhead the adoption of the Avalanche blockchain across India.
Mittal expressed the enormity of the Indian market, stating, “India is a very big market. There are many institutions and developers that we look to work with. We are already in talks with a lot of different large institutions, very prominent institutions, and we have already finalized a deal with a government agency.” However, details regarding the government agency remained undisclosed.
Ava Labs plans to concentrate on diverse sectors within India, including ticketing, certification, and supply chain solutions. Mittal underscored the replication of global partnerships within India, citing the collaboration with SK Planet’s Dreamus and Loco for innovative fan experiences on the Avalanche blockchain.
The introduction of AvaCloud, a no-code platform for launching subnets on the Avalanche network, has been pivotal in driving adoption. Mittal emphasized the significance of Avalanche’s subnets feature, providing developers with a cost-effective and efficient solution for customizable blockchains.
Ava Labs has established a dedicated business development fund to fuel its India-centric initiatives. The fund’s size, however, remains undisclosed. Despite other blockchain developers eyeing India, Ava Labs aims not to compete but to contribute to the overall growth of the blockchain industry in India.
Mittal and Arjun, Ava Labs’ first full-time, India-based employees, joined last month with plans to maintain a lean and efficient local team comprising approximately five members.
Avalanche’s Current Performance
As of the latest data, the Avalanche (AVAX) price stands at $8.93, with a 24-hour trading volume of $218.02 million. The market capitalization of Avalanche is approximately $3.17 billion, and it holds a market dominance of 0.29%. Over the past 24 hours, the AVAX price has experienced a decrease of -2.31%.
According to the current Avalanche price prediction, the price is anticipated to rise by 0.17% and reach $8.97 by October 22, 2023. Technical indicators currently suggest a bearish sentiment, and the Fear & Greed Index is at a neutral level of 52.
Analyzing the past 30 days, Avalanche has recorded 16 out of 30 (53%) green days, and the price has exhibited a volatility of 4.97%.
Based on the technical indicators, it is projected that Avalanche’s 200-day Simple Moving Average (SMA) will decline in the next month, reaching $11.97 by November 16, 2023. Additionally, the short-term 50-day SMA is estimated to reach $9.62 by the same date.
The Relative Strength Index (RSI), a key momentum oscillator, currently stands at 42.55. This value suggests that the AVAX market is neutral, indicating neither oversold nor overbought conditions.
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