- Avalanche price has been in a tight range in the past few weeks.
- Its ecosystem has continued to attract more developers.
- Triangle pattern points to a strong breakout in the near term.
The Avalanche price has been unchanged in the past few days as its ecosystem growth has continued. The AVAX token is trading at $80 ahead of the upcoming non-farm payrolls (NFP) data from the United States. This price is about 50% above the lowest level this week.
Avalanche ecosystem growth
The number of developers building on Avalanche’s ecosystem has been in a bullish trend in the past few months. These builders love its top features like its climate-friendliness, faster throughput, and low transaction costs.
In the past few months, we have seen several well-known developers move to Avalanche’s ecosystem. For example, on Thursday Shrapnel announced plans to build the first AAA game in the network. In a statement, the game’s developer said:
“Shrapnel is being built from the ground up, with community involvement driving gameplay and development at every stage. Choosing Avalanche, with its blazingly fast, low cost, and eco-friendly network, was a no brainer for our team. “
Other companies that have selected Avalanche are Wirex, Ascenders, Hashflow, GMX, and ZenLedger among others. The same trend is happening in the Decentralized Finance (DeFi) where Avalanche has continued to scale the ladder.
Avalanche has become the fourth-biggest player in the DeFi industry. It has a total value locked of over $11 billion and more than 175 apps. This TVL has jumped by more tha 4% in the past seven days and 18% in the past 30 days. The only platforms that are bigger are Ethereum, Terra, and BNB Chain. Its spread with BNB is narrowing, meaning that it will likely become the third biggest platform.
Like Bitcoin and other altcoins, the AVAX price has declined in the past three days partly because of the hawkish statement by the Federal Reserve chair. Later today, it will react to the latest non-farm payrolls data from the US.
Avalanche price forecast
The daily chart shows that the AVAX price has been in a tight range in the past few days even as it scales the DeFi ladder. The coin is trading at the same level as the 25-day and 50-day moving averages while the Average True Range (ATR) has dropped. The ATR is usually a good indication of volatility.
The Avalanche price has also formed a triangle pattern. With this triangle nearing its confluence level, it is a sign that AVAX is ripe for a breakout. If this happens, the next key level to watch will be at $100.
