Avalanche [AVAX] price has been currently embroiled in a downtrend as it kept hitting lower lows since the beginning of December 2021. AVAX took the lead in registering one of the biggest losses among the altcoin troupe in a span of just 2 weeks. The native token declined by 34% since December 1st, 2021, and has been unable to cross the $100 mark for more than a week.
At the time of writing, the asset is trading at $79.46 with a 24-hour trading volume of $1.08 billion. AVAX is down by 6.45% in the last 24 hours. The 12th ranked asset’s market cap stood at $19.31 billion.
Avalanche [AVAX] technical analysis
In the 1 day chart, the emerging red bars of the Awsome Oscillator [AO] is depicting a bearish momentum in the coin market. Next to that the Chaikin Money Flow [CMF] slow rise under the zero-line is projecting an increase in the capital inflow which is a positive signal for price recovery. With respect to the trading activity, the sellers are currently holding their fort as evident from the RSI indicator hovering below the 50 mark.
Avalanche’s optimistic fundamentals in contrast to its price slump
Despite the overall dull outlook on the price front, its network activity is relatively unfazed. As a matter of fact, the AVAX network is taking the lead on a high-profile initiative with one of its top developer’s ambitious proposals to absorb SushiSwap under their project’s umbrella. Notably, the AVAX coin has seen a nearly 1,000% surge since the beginning of August this year, making it one of the fastest-growing platforms in the decentralized application [dApps] sector.
In addition to that, one of the developers of the network is Daniele Sestagalli who is the brain behind two of Avalanche’s largest dApps, Wonderland and Abracadabra whose combined market capitalization of their respective tokens stood at a staggering $6 billion. Continuing its rapid strides- in the Daily Active Address count, Avalanche charted a new milestone on 14th December, this year.