The cryptocurrency Avalanche (AVAX) has been drawing attention with its impressive performance in the past week, as it has risen by approximately 16.72%. According to the daily chart, there seems to be a bullish trend with a 5% gain.
Currently, the token is being traded at $21.45, indicating that it has shown signs of recovery since the beginning of the week when it opened at $17.93. The token is now approaching its key resistance level at $21.60, leading many to believe that the price will continue to rise.
AVAX has successfully maintained its upward trend line throughout the week, with continuous green candlesticks appearing for the token. Although the price function remained slow at the beginning of the week, it has steadily risen in the last few days.
As a result of heightened volatility, the Bollinger Bands average has climbed to $18.33. The lower limit of the Bollinger Bands, currently sitting at $16.12, is considered the most robust support level, whereas the upper limit, now at $20.54, has transformed into a support level.
Following today’s positive actions, the Relative Strength Index (RSI) score has increased to 73, indicating that the indicator trades in the overbought zone. Overall, it seems that Avalanche (AVAX) has been performing well in the cryptocurrency market, with many expecting the price to continue to rise in the near future.
Avalanche (AVAX) Launches Spruce Testnet
Avalanche, the high-performance blockchain platform, earlier this past week announced the launch of its latest Evergreen Subnet, “Spruce,” with a group of institutional partners that includes Cumberland, T. Rowe Price Associates, Wellington Management, and WisdomTree.
Spruce is designed to allow institutional buy- and sell-side firms to engage with public blockchain infrastructure in a low-risk, low-barrier-to-entry way. Participating institutions will use Spruce as a testnet to test applications and assets and to measure the benefits of on-chain trade execution and settlement.
In addition to foreign exchange and interest rate swaps, future phases of Spruce will include the exploration of tokenized equity and credit issuance, trading, and fund management. The platform will enable financial transactions with enhanced operational efficiencies, reduced risks, and regulatory compliance without creating liquidity islands or reducing interoperability.
John Wu, President of Ava Labs, stated that Spruce is a significant step towards exploring the possibilities of digital finance, and the Evergreen Subnets aim to address many of the issues with permissioned DeFi precluding broader institutional adoption of public blockchain infrastructure.
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