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.
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.The announcement regarding the integration of Avalanche with Google Cloud is right up there with
sentiment. Interestingly, Avalanche’s weighted sentiment metric registered a substantial jump in the last few days and especially in the last 24 hours.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.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.
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.
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