Avalanche (AVAX) is currently down 1.51% in the last 24 hours at $11.67. Shopify merchants can now mint and sell NFTs through a no-code interface thanks to Venly’s Avalanche app. Avalanche support has been expanded by Venly, a blockchain technology startup, via its Shopify NFT minting app today. Before recently, only a small number of Shopify users had access to the layer-1 blockchain platform, which is touted as a quicker and less expensive substitute for the leading NFT platform Ethereum. According to the firm, Shopify is a major eCommerce platform that supports the online shops of millions of retailers worldwide. In late 2021, Venly made their Shopify NFT minting tool available on Polygon, the Ethereum scaling network. The second network to be supported is Avalanche. In response to the anticipated rise of Web3 gaming on the platform, the leading NFT marketplace, OpenSea, extended support for Avalanche NFTs in October.
Key Levels
Resistance Levels: $17.50, $14.50, $12.50
Support Levels: $11.35, $10.50, $8.50
AVAX/USD Daily ChartAVAX/USD remains in extended sideways mode, hovering around the daily moving average (MA 50) at $12.0, with the psychological $10.50 level providing good support and holding the action for the third week in a row.
On the daily chart, technicals are mixed, as momentum continues to be negative, while the relative strength index (RSI) is rising and the moving averages are neutral. The action is supported by growing optimism for a rebound, but it lacks the momentum to break higher.
AVAX/USD 4-Hour ChartThe Avalanche (AVAX) bounced over concerns that the USD might shift away from its strong stance. The pair bounced off a 4-hour MA 50 and low of $11.34, resulting in a vertical rise above the level of $11.50, which prompted some sellers to close their positions.
At the moment, the short-term RSI has returned from the overbought situation, resulting in a temporary pause in the rally as buyers became wary of chasing higher bids. More short-covering could ensue if AVAX stays above $11.00, fuelling the recovery. Then the 4-hour moving average (MA 200) at $12.40 would be the next stop.
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