AVAX Price Retraces Amid Bullish Sentiment; Bitcoin Minetrix Raises $4m in Presale
In recent cryptocurrency trends, Avalanche’s AVAX token is witnessing a notable retracement move. Market watchers believe this move could be stimulated by the historical resistance level around $20. Concurrently, newcomer in the crypto mining scene, Bitcoin Minetrix, has successfully raised $4 million via a presale. Bitcoin Minetrix aims to combat the growing centralization in Bitcoin mining through a stake-to-mine system built on the Ethereum blockchain.
Avalanche’s AVAX to Test $20 Mark?
The AVAX price experienced an 18.75% dip recently. Investors are now noting a surge, establishing a robust consolidation level between $15.50 and $18. This recent price action has led to speculation about a potential retest of the overhead resistance level at $20, despite the current bearish divergence exhibited by the Relative Strength Index (RSI). Along with it, the ascendant 20-day moving average (20DMA) is expected to provide support at $13.25, enhancing the AVAX recovery narrative. A retest of the $20 mark would signal a solid bullish run, reminiscent of a Solana-style breakout.
Golden Cross Suggests Bullish Swing for AVAX
A vital development to watch is the golden cross with the 200-day moving average (200DMA) that occurred on November 11th. This technical indicator is often associated with bullish price action, hinting at a positive swing for AVAX prices. The bullish divergence displayed by the Moving Average Convergence Divergence (MACD) further supports this projection, reflecting strong buying pressure. As such, AVAX is targeting a short-term price above $20, with considerable lower support at $15.58. However, investors should be aware of potential consolidation or retracement periods signaled by the RSI.
Bitcoin Minetrix Secures $4m in Presale
On the industrial side, Bitcoin Minetrix, a Bitcoin cloud mining project, has garnered significant attention by securing $4 million in a presale. The project operates on the time-tested Ethereum blockchain. It offers a stake-to-mine system that allows retail investors to earn Bitcoin mining rewards without costly hurdles traditionally associated with the process. With a promising 1224% staking annual percentage yield (APY), Bitcoin Minetrix aims to tackle the ongoing issue of Bitcoin mining centralization, promoting true decentralization.
A Divine Chance for Early Investors?
The Bitcoin Minetrix presale has generated over $3.9 million towards its $4.4 million goal. The project positions early investors to benefit significantly from the forthcoming Bitcoin halving event. Being part of the stake-to-mine revolution will offer early birds the opportunity to accrue substantial Bitcoin rewards, contributing to democratizing mining opportunities. An investment in Bitcoin Minetrix is seen, by many, as playing a role in fostering egalitarianism in the Bitcoin mining landscape.
As the crypto market continues to diversify, and innovative projects like Avalanche and Bitcoin Minetrix gain visibility, investors are constantly provided with new avenues for potential benefits and challenges. Both the uncertainty and the promise encapsulate the dynamism of the cryptocurrency ecosystem.