Compared to Avalanche’s main rival in the smart contract industry, Ethereum recorded an outflow of US $ 15 million.
“Interestingly, the capital injection came despite headwinds to riskier assets, led by the ongoing conflict between Russia and Ukraine, which has injected fear into both traditional and crypto markets,” Cointelegraph explained.
Despite the rise, CoinShares stressed that inflows into Avalanche’s investment vehicles should not be treated as a sign of a “wider altcoin appetite”.
As for technical analysis, AVAX maintained a downward trend since it peaked near u $ s150 in November 2021. Thus, “even a move above the EMA 50 days would make the token Avalanche face downside risks near the upper trendline of the channel, “said Cointelegraph.
Likewise, a sharp pullback below the current support provided by the 200 day EMA could increase the potential for AVAX to drop towards the lower trend line of the channel, roughly below $40, completed the same middle.
Source: Ambito
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