Despite the attempt made by Avalanche to increase its presence in the DeFi space, its TVL continued to decline. According to Artemis’ data, Avalanche’s TVL fell from $770 million to $608 million, over the last few months.
In terms of DEX volumes, however, Avalanche witnessed consistent growth. This suggested that even though there was a decline in TVL for Avalanche, the protocol continued to draw interest through its DeFi-related dApps on the protocol.Along with its performance in the DeFi sector, the Avalanche network also witnessed a downward movement in terms of price.
After showing bullish movement and testing the $15.978 resistance level on the 14 July, AVAX’s prices observed a significant decline of 21.17%. During this period, the price of AVAX showcased multiple lower lows and lower highs, establishing a bearish trend.The fall in price was in accordance with the declining CMF which fell to -0.01 at the time of writing. The negative CMF implied that the money flow wasn’t with the buyers.
In contrast to that, the RSI indicated a positive outlook for AVAX. At press time, it was at 52.7 implying that the price momentum was bullish.It remains to be seen whether AVAX’s price manages to break its bearish trend or whether it will test the $12.11 support levels before seeing any positive movement.
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