{"id":69576,"date":"2023-10-06T15:50:11","date_gmt":"2023-10-06T19:50:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/avalanche-price-prediction-as-avax-pumps-another-5-5-on-socialfi-hype-and-rising-on-chain-activity\/"},"modified":"2023-10-06T15:50:14","modified_gmt":"2023-10-06T19:50:14","slug":"avalanche-price-prediction-as-avax-pumps-another-5-5-on-socialfi-hype-and-rising-on-chain-activity","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69576","title":{"rendered":"Avalanche Price Prediction as AVAX Pumps Another 5.5% on SocialFi Hype and Rising On-Chain Activity"},"content":{"rendered":"
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AVAX, the native token that powers high throughput layer-1 blockchain protocol Avalanche, has pumped another 5.5% on Friday, takings its gain on the week to close to 10%, as the launch of a new SocialFi (web3 social media platform) called Stars Arena on its blockchain generates hype.<\/p>\n

As per CoinGecko, AVAX is up close to 6% in the last 24 hours and 17% in the last seven days, making it the top-performing cryptocurrency in the top 20 by market capitalization over both time periods.<\/p>\n

AVAX was last changing hands close to $10.70 per token, having broken convincingly to the north of both its 21 and 50-Day Moving Averages this week.<\/p>\n

The cryptocurrency has arguably been in an uptrend since breaking out of a downtrend in late September that had been in play going all the way back to July.<\/p>\n

Bulls are now eyeing a retest of resistance in the low $11s per token, where the late August high and 100DMA reside.<\/p>\n

Avalanche On-chain Activity Jumps as Stars Arena Gains Traction<\/strong><\/h2>\n

Daily transaction on the Avalanche blockchain hit their highest level since May earlier this week at above 550,000, as per snowtrace.io, in a sudden surge in on-chain activity that has been linked to the recent launch of SocialFi platform Stars Arena.<\/p>\n

Stars Arena is an Avalanche-based fork of the Friend.tech, a crypto-powered social media platform designed to streamline the process of monetization of social media influencers and personalities.<\/p>\n

As of the 6th<\/sup> of October, Stars Arena had a trade value locked (TVL) of $2.5 milllion, up from only around $30,000 on the day of the protocol\u2019s launch last Wednesday.<\/p>\n

That makes it the second largest SocialFi platform by TVL, second only to its predecessor Friend.tech.<\/p>\n

Impressive growth continues despite the protocol\u2019s users coming under attack soon after its launch.<\/p>\n

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Price Prediction \u2013 Where Next for Avalanche (AVAX)?<\/strong><\/h2>\n

Assuming Stars Arena continues to attract interest to the Avalanche blockchain and drive up on-chain activity, this should continue to underpin the AVAX price and price predictions should remain bullish.<\/p>\n

If the cryptocurrency is able to break to the north of the aforementioned resistance zone in the low $11s, a quick rally towards the 200DMA at $13.5 is on the cards.<\/p>\n

That could mean quick gains of another 25% from current levels.<\/p>\n

Crypto Investments Worth Considering<\/strong><\/h2>\n

Blue-chip cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) should form the bread and butter of any crypto investor’s portfolio.<\/p>\n

But if investors want exposure to potentially exponential near-term gains, they should consider an alternative high-risk-high-reward investment strategy \u2013 investing in crypto presales.<\/p>\n

This is where investors buy the tokens of up-start crypto projects to help fund their development.<\/p>\n

These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.<\/p>\n

Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application\/platform.<\/p>\n

If an investor can identify such projects, the risk\/reward of their presale investment is very good.<\/p>\n

The team at Cryptonews spends a lot of time combing through presale projects to help investors out.<\/p>\n

Here is a list of 13 of their favorite crypto presales for 2023.<\/p>\n

See the 13 Cryptocurrencies<\/p>\n

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/sup><\/i><\/p>\n<\/p><\/div>\n