Avalanche (AVAX) Token Price Struggles in a Bear Market, But Analyst Captain Faibik Predicts a Strong Bounce Back

In recent developments, Avalanche (AVAX) has come under fire as its token price struggles in a bear market. However, prominent analyst Captain Faibik predicts a strong bounce back in the near future.

Prominent crypto analyst Captain Faibik has predicted a strong bounce back for Avalanche (AVAX) in the near future, despite the token's recent struggles amid a bear market.

In a recent tweet, Faibik shared a three-day chart for AVAX, highlighting that the token’s price is still within a Falling Wedge pattern. This technical structure often indicates a bullish reversal, leading Faibik to anticipate a bounce back from the lower boundary.

$AVAX Still Moving inside the Falling wedge, Bounce Back is Coming soon..?

According to the analyst's analysis, if AVAX manages to break out from the Falling Wedge, it could pave the way for a new higher high for the token, potentially reaching $70.

This prediction stands in stark contrast to AVAX's current performance, with the token trading at around $20.64 at the time of writing, showing a 3.01% decrease over the last 24 hours. The daily trading volume is at $192.13 million, reflecting the current market sentiment towards the token.

Meanwhile, as previously reported by Crypto News Flash, the California Department of Motor Vehicles (DMV) has made significant progress in digitizing over 42 million car titles using the Avalanche blockchain. This blockchain-based solution has reportedly enhanced efficiency by eliminating fraud and reducing the need for in-person visits to the DMV.

This novel integration has transformed the antiquated approach to managing documents and physical appearances into a streamlined and efficient process.

In another recent development, Folks Finance has integrated Avalanche into their cross-chain lending protocol. This integration ensures that Folks Finance users can transact at high speeds and low costs, showcasing the growing utility of the Avalanche network in the decentralized finance (DeFi) space.

As we previously reported, seven DeFi protocols on Avalanche have seen their total value locked (TVL) increase by over 100% in H1 2024. This surge in liquidity has positioned Avalanche among the top blockchains for DeFi applications.

Breaking down further, seven decentralized finance (DeFi) protocols on Avalanche have witnessed their total value locked (TVL) surge by over 100% in the first half (H1) of 2024. This impressive growth has propelled Avalanche to the forefront among blockchains for DeFi applications.

This remarkable achievement can be attributed to the synergy between Avalanche's rapid transaction finality, low fees, and the increasing demand for DeFi services. As a result, several protocols have chosen to integrate with Avalanche to capitalize on its strengths and cater to a broader user base.

Among these protocols, Aave on Avalanche has spearheaded the growth with a 360% increase in its TVL, reaching $1.18 billion. This surge has been fueled by the high demand for Aave's lending and borrowing services, combined with the benefits offered by the Avalanche network.

Moreover, Benqi Liquid Staking has also seen a substantial increase in its TVL, which surged by 260% to reach $463.38 million. This growth is largely due to the rising interest in liquid staking solutions, which enable users to earn rewards on their staked assets without sacrificing liquidity.

Together, these seven DeFi protocols on Avalanche have seen their TVL increase from $2.03 billion at the start of 2024 to $4.68 billion by the end of H1 2024, marking a remarkable 130% growth. This surge in liquidity and user interest bodes well for the future of DeFi on Avalanche.

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