The ascent of SocialFi, the social finance wave sweeping the crypto markets, has brought new contenders into the arena, with Avalanche (AVAX) joining the fray. The introduction of Star Arena, a rival to FriendTech, ignited an impressive 18% upturn in the currency and a staggering 3,600% rise in total-value locked at its debut. This capital influx into the new stage has given a much-needed shot in the arm to AVAX’s declining summer network transactions.
Avalanche now trades at $10.06, a slight 24-hour tumble of 0.40%. The recent reversal is a promising response to the resurrection of the 20-day moving average support last September 28th, terminating 67 days worth of resilient moving average hurdle. However, as the currency aims for higher grounds amidst the bullish shift in AVAX’s network architecture, the 200-day moving average still looms above, intimidating current price action at $13.49.
In contrast, the Relative Strength Index (RSI) indicators display an overheated market, firing up to a bearish divergence of 61.91. While the Moving Average Convergence Divergence (MACD) signals an ascending momentum at 0.18, powered by the SocialFi movement, the RSI overheating necessitates a retracement or consolidation, potentially capping progress in the short-term.
Given these factors, AVAX’s risk-reward ratio stands at 1.93 – a strong gateway with an appealing upside. However, this high-stake game is laden with potential pitfalls due to over-expectations from the RSI’s current market overdrive. This uncertainty has led traders to consider Bitcoin Minetrix as an alternative gamble where investors can stake their tokens to earn mining credits. To date, the BTCMTX presale has raised more than $525,000 in its first week.
In a mission to democratize the largely corporate-dominated space of Bitcoin mining, Bitcoin Minetrix revamps the rules of the game with its novel Stake-to-Mine model. This move sidelines energy-consuming machinery and opens the doors to efficient Bitcoin cloud mining suitable for sustainability, security, and accessibility.
The rise of Bitcoin Minetrix not only hinges on its unique mining proposition but also on its dedication to making Bitcoin mining a common venture. The minimum investment is just $10, proving that joining the mining elite does not require millions.
While Bitcoin’s derivatives continue to gain traction, projects like Bitcoin Minetrix offer enticing returns – not only in terms of investments but also in the democratization of Bitcoin mining. The Bitcoin Minetrix presale is a worthwhile avenue for those who seek to ride the wave of this emerging tech in the crypto world. But, Investors are reminded that investment in Cryptocurrency is a high-risk endeavor and should not replace professional financial advice.
Source: Cryptonews
