Avalanche: Can AVAX be a Profitable Long-Term Bet for Traders?

The recent blog post by CryptoLeaks suggested that Avalanche blockchain creator Ava Labs partook in paying lawyers to harm and attack cryptocurrency projects and organizations that could rival Avalanche or Ava Labs in any way.

The allegations triggered controversy. Such developments had Santiment showing that Avalanche topped the chart of top-trending keywords within cryptocurrency platforms.

The blockchain analytic site revealed that the early August 29 trading session had AVAX trading around seven-week lows before surging more than 7.5%.

While writing this content, the alternative token changed hands near $20.16, gaining 13% within the past 24 hours. Nevertheless, how has the alt fared over the previous day?

Day Traders Moving Markets

The 13% increase within the past day saw AVAX posting a double-digit uptick within a marketplace where top assets such as Ethereum and Bitcoin could not record notable gains in the same timeframe. August 29 sessions saw AVAX’s trading volume 67% up.

The $599,668,179 trading volume within the past 24 hours indicated a 30% increase in that timeframe.

The 4hr chart shows AVAX buying momentum shooting up gradually. The token’s CMF (Chaikin Money Flow)’s dynamic line maintained uptrends beyond the center line during this publication, reading 0.07. Also, Avalanche’s RSI (Relative Strength Index) stayed beyond the neutral-50 in uptrends, standing at 52.

Furthermore, Avalanche’s MFI (Money Flow Index) embarked on an uptrend during this publication, hovering at 58. Nevertheless, price actions on the 24hr timeframe revealed a different tale. AVAX saw its buying pressure weakening within the past day.

Consequently, the token’s Chaikin Money Flow (CMF) displayed a negative reading of -0.18. Also, the Money Flow Index and the Relative Strength Index stood at 20 and 39, respectively, indicating colossal token distribution within the past 24 hours.

On-Chain?

As the FUD from the allegation amplified during the August 29 session, Santiment’s data indicated that Avalanche witnessed some traction in social activity.

The token’s social dominance increased by more than 100% on that data. However, the past day’s slowed momentum saw the metric slumping substantially during this publication.

Avalanche’s social volume gained more than 150% on August 29. It also noted a significant plunge within the past day, standing at 134 during this publication.

The overall market stayed optimistic about Avalanche, regardless of the allegations. AVAX’s press time-weighted sentiment hovered at 3.463.

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