The number of new smart contracts deployed on Avalanche’s (AVAX) C-Chain have spiked over the past few days. In an X (formerly Twitter) post published earlier today, the X user Emperor Osmo revealed that the number of new contracts on this specific chain has reached a 6-month high.
New Contracts deployed on @avax C-Chain reach a six-month high.
Quite a bit happening on the red chain. pic.twitter.com/JtcJLN9UF5
— Emperor Osmo🧪 (@Flowslikeosmo) October 17, 2023
The positive development was not able to influence AVAX’s price positively. At press time, the cryptocurrency market tracking website CoinMarketCap indicated that the altcoin suffered a 24-hour loss of 1.93%. Furthermore, this latest drop in price had pushed AVAX’s weekly performance down to -4.32%. As a result, AVAX was changing hands at $9.33.
Although AVAX recorded a decrease in price over the past 24 hours, its daily trading volume was able to rise more than 20%. As a result, AVAX’s 24-hour volume stood at $117,632,734.
Daily chart for AVAX/USDT (Source: TradingView)
AVAX’s price was attempting to overcome the $9.95 resistance level at press time. Should it successfully break above this barrier, it may have the foundation needed to rise to the next major resistance level at $12.65 through the course of the following 2 weeks. In an extremely bullish scenario, AVAX’s value may even rise to as high as $15.15 in the short term.
On the other hand, if AVAX is unable to close a daily candle above the $9.95 resistance level within the coming week, then it may be at risk of testing the immediate support level. In this scenario, AVAX’s price could fall to as low as $8.60.
Investors and traders will want to take note of the fact that a significant bullish technical flag was on the verge of being triggered. At press time, the daily MACD line was looking to cross above the daily MACD Signal line. Should these 2 technical indicators cross, it could suggest a continuation of AVAX’s bullish trend. This could lead to AVAX overcoming $9.95 soon.
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