Journalist
Posted:
- Google Cloud has announced integration with Avalanche and numerous other blockchains.
- Assessing whether the development could contribute to a bullish outcome for AVAX.
What lies ahead for the Avalanche network and its native cryptocurrency AVAX? In the last few months, we have observed a surge in collaborative efforts in the blockchain world. The latest of these is Google Cloud integration and Avalanche is among the selected networks.
How many are 1,10,100 AVAXs worth today
According to the official announcement, the integration means Avalanche users can use Google Cloud for on-chain data analytics. This includes NFT data and transaction data. It also highlights the growing interconnectivity between WEB2 companies and WEB3 protocols.
NEWS: Google Cloud has added support for 11 additional blockchains into its BigQuery analytics service, including #Avalanche, #Arbitrum, #Cronos, #Fantom, #NEAR, #Optimism, #Polkadot, #Polygon, #Tron and the test networks #Polygon Mumbai and #Ethereum Goerli. pic.twitter.com/kjg46typ8b
— CoinGecko (@coingecko) September 22, 2023
Collaborative efforts in the crypto world are some of the tell-tale signs of a long-term focus. Google Cloud is coming to multiple blockchain networks and this is confirmation of the pace at which the blockchain industry is expanding and heading.
Will the development trigger more confidence for AVAX?
The announcement regarding the integration of Avalanche with Google Cloud is right up there with developments that has an impact on market sentiment. Interestingly, Avalanche’s weighted sentiment metric registered a substantial jump in the last few days and especially in the last 24 hours.
Source: Santiment
While the market demonstrated an affinity for the upside according to the weighed sentiment metric, there was also a volume spike. However, it was short-lived as the volume dropped back to its weekly lows.
The spike may indicate that some accumulation might have occurred which reflected as the volume spike. Interestingly, the volume spike occurred when AVAX entered into oversold territory according to the RSI. This is after the sharp downside that prevailed since mid-July.
Source: TradingView
AVAX exchanged hands at $8.89 at press time after what appears to be a weak bullish attempt in the last 2 days. However, it is worth noting that the previously prevailed appears to have died down. This suggests that recent bullish momentum is canceling out the sell pressure.
AVAX is already due for a bullish relief after the sell pressure that has existed since mid-July. The fact that it is now oversold at around the same time as the Google Cloud announcement further highlights the bullish potential.
Is your portfolio green? Check out the AVAX Profit Calculator
Despite the bullish expectations, the market is still showing signs of low liquidity. This is evident in AVAX’s failure to secure a larger uptick in its attempt to escape the oversold zone.
Nevertheless, the discounted price does make for an attractive entry point especially for traders looking for a long-term opportunity.