Layer-1 blockchain Avalanche has seen native AVAX price tumble -8% in an ongoing retracement following a local rally top, but with price pushing down is Avalanche going to Zero?
The impressive Avalanche rally has seen price climb +180% rapidly over the past month after being triggered by the fleeting popularity of the Friend.Tech SocialFi project, until price action stalled at a local top of $24.78.
Much of recent price accrual has been driven by a significant uptick in inscription activity on the Avalanche blockchain.
Similar in operation and function as Bitcoin’s layer-2 ordinals scaling solution (BRC-20 token standard), inscription minting has seen more than 300k AVAX burned on-chain in the past two days.
AVAX Price Analysis: Is Avalanche Going to Zero Following Sudden -8% Price Tumble?
As Avalanche fights to consolidate after the retracement move, AVAX is currently trading at a market price of $21.52 (representing a 24-hour change of +3.26%).
The sudden -8% price tumble was followed by stalled rally price action around topside resistance below the $24 price level.
In the past 12-hours price action has began to find feet, with an emerging level of local support at $20.75 offering relief for AVAX bulls.
Now attempting consolidation, the strong technical structure of the AVAX price rally remains unbroken, and AVAX seems likely to cement recent gains here.
However, now in the top of the trading channel below a tough layer of localized resistance, attention shifts to the 20DMA – which remains lagging behind the current heights of price action at $16.85.
This critical moving average provided support to much of the early structure of AVAX’s upside move, and remains in a significant supply zone that has emerged between $15.60 and $18(forming lower support).
Meanwhile the 200DMA remains low at $12.30, but finally begins to reflect the reversal in price trajectory, as the longer-term moving average starting to ascend in a bullish shift.
Some cause for concern emerges from the RSI indicator, which has overheated to a significant degree throughout the recent rally – and remains technically overbought at 70.44.
Yet, it remains note worthy that AVAX price recently mounted an impressive +57% move from comparable RSI levels on November 13 – dampening this bearish signal.
While the MACD remains astutely bullish at 0.43 in a mirror of the growing rally momentum.
Overall, AVAX price looks strong here, with the rally retracement finding a consolidation level and strong lower support following the appearance of a golden cross on November 11.
This leaves AVAX price with an upside target at $24.70 (a possible +15.21%).
While downside risk leaves AVAX price vulnerable to a drop down to $19.75 (a potential -7.88%)
AVAX price therefore carries a risk: reward ratio of 1.93 – a solid entry with strong upside potential, and certainly not going to zero anytime soon.
But while AVAX price sits high battling retracement, a new Bitcoin Cloud Mining presale is shaking up Bitcoin derivatives markets with explosive growth.
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#BitcoinMinetrix bringing essential news!
Over $4,200,000 raised! pic.twitter.com/QWHKasvilZ
— Bitcoinminetrix (@bitcoinminetrix) November 21, 2023
Bitcoin Minetrix Smashes $4.2M Raised as Traders Rally Against Bitcoin Mining Centralization
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
#Bitcoin miners hit an annual all-time high, raking in $44M in a day on Nov. 12!
After a challenging period, the mining community bounced back in 2023, with a 670% YoY revenue surge for @MarathonDH.
What’s your take on this resurgence in mining profits?
— Bitcoinminetrix (@bitcoinminetrix) November 13, 2023
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over AVAX Price Retracement:
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Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $4.2m raised towards its $4.4M goal. At a competitive price of just $0.0117 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
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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.
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