Published on september 27, 2024, 12:35 am
Image source: Fox News
```json [ "TLDR: AVAX, the native token of the Avalanche ecosystem, has surged by 3.45% to $29.10 due to a $40 million developer incentive and anticipation for the upcoming mainnet upgrade Avalanche9000. The upgrade aims to improve scalability and user experience. AVAX is currently supported above $27 amid bullish market sentiment and increased network activity. Total value locked in Avalanche's ecosystem has grown from $717.4 million to $1 billion, correlating with AVAX's price increase of over 50%. Positive future price trends are expected but readers are advised to conduct their own research before investing in AVAX." ] ```
A $40 million developer incentive and an upcoming mainnet upgrade have resulted in a price boost for AVAX, the native token of the Avalanche ecosystem. Over the last 24 hours, AVAX has shown resilience by rising 3.45%, reaching an intraday high of $29.10 after breaking through the barrier of the 200-day exponential moving average.
The bullish sentiment behind AVAX can be attributed to several factors such as the anticipation surrounding the Avalanche9000 upgrade, increased network activity, and a strengthening market structure. The Avalanche Foundation recently introduced Retro9000, a grant program aimed at encouraging developers to build on the Avalanche network in preparation for this significant upgrade.
The Avalanche9000 upgrade is heralded as the most extensive network update since its mainnet launch in September 2020. Set to enhance scalability, cost-efficiency, and developer experience, this upgrade is expected to make the Avalanche network more appealing to developers and users alike.
From a technical standpoint, AVAX is currently trading above a crucial demand area between $27 and $28.65. This support zone coupled with buyer congestion could potentially drive AVAX’s price towards $41.78, indicating a potential 42% increase from its current levels.
Additional data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reinforces AVAX’s robust support levels while highlighting resistance levels along its recovery path.
Moreover, total value locked (TVL) data indicates substantial growth within Avalanche’s ecosystem – from $717.4 million to $1 billion currently – displaying a direct correlation with AVAX’s price surge of over 50% during this period.
As user interaction with the blockchain continues to grow alongside increasing demand for AVAX tokens due to elevated TVL figures, there appears to be a positive outlook for future price appreciation amidst heightened interest in the project.
It is important to note that this article serves informational purposes only and does not offer investment advice. Readers are advised to conduct their own research before engaging in any investment or trading activities related to cryptocurrencies like AVAX.
Original article posted by Fox News
