Avalanche Turning Things Around!
AVAX - One of the best performers recently
Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.
This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.
After its mainnet launch in 2020, Avalanche has worked on developing its own ecosystem of DApps and DeFi. Different Ethereum-based projects such as SushiSwap and TrueUSD have integrated with Avalanche. Furthermore, the platform is constantly working on improving interoperability between its own ecosystem and Ethereum, like through the development of bridges. – CMC
AVAX - Price Action
We are no strangers to AVAX and neither should you be. We have mentioned them before in previous articles. If you are looking for a refresher – look here:
During the December 10th, Buy the Dip Article, we mentioned AVAX as well as FTM and SAND. AVAX has been able to reverse the downward trend and push to the first major area of local resistance. This becomes the test area. If AVAX is able to push beyond the $128 area then we immediately look for a retest of the high at $147.
If $147 is breached and a new ATH is created then we continue on the path to $193 and $225 as our original Long-Term targets. So, far, AVAX has been impressive.
LUNA has also been looking incredible
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Development on Terra began in January 2018, and its mainnet officially launched in April 2019. As of September 2021, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund’s Special Drawing Rights basket of currencies — and it intends to roll out additional options.
Terra’s native token, LUNA, is used to stabilize the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token. – CMC
LUNA we have mentioned before as well. We talked about the $52 area on October 6th and the most recent article for LUNA can be found HERE on November 5th, just a day after AVAX. LUNA was able to use the $52 area as a springboard and catapult its price to the $82 target area. In turn, this created another new ATH for LUNA that currently sits at $98.20.
LUNA could be on pace to to breach triple digits and by that we are looking at $113 as another extended target and another new ATH. We are seeing a very strong trend for LUNA at the moment with a clear path that offers no overhead resistance.
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