Avalanche [AVAX], on 9 October, confirmed that it will host Crypto Royale in mid-October. A timely announcement considering that AVAX has been struggling to bounce off its short-term support. Is this upcoming development enough to bolster AVAX bulls? The announcement that Avalanche will host Crypto Royale this month could bring some weight to it. Play […]
According to the official announcement, players will get a chance to earn AVAX and the game’s official token, ROY. The curious question on many AVAX enthusiasts’ minds is whether this will be a positive move for the cryptocurrency. The game’s launch on AVAX can potentially boost investor sentiment, but it remains to be seen whether it will be enough for AVAX to blast off from its current support level.As of 9 October, AVAX concluded the second half of last week on a bearish trajectory.
. Such an observation is often followed by a major pivot because it indicates healthy accumulation in the bottom range.AVAX bullish volumes have prevailed in the last four weeks. Nevertheless, the cryptocurrency’s on-chain volumes tanked substantially during this period. In other words, there was less sell pressure than there was at around the same time in September.Low bearish volumes make it easier for the bulls to take over. However, there are other signs that may favor a bullish pivot.
since the start of October. Investors might find this encouraging, potentially leading to a sentiment shift favoring the bulls.However, the weighted sentiment indicated that investors were still siding with the bears. The current sentiment consensus sat at its lowest four-week level, explaining why the bulls may have not come out to play. We observed a bullish attempt last time that the weighted sentiment was in the same level.occur but it failed to deliver as expected.
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