Avalanche (AVAX) is trading mostly steady early on Thursday despite the positive mood in the wider crypto sector, notching up a small daily gain of over 2% but has the potential for more upside, powered by strong fundamentals. At the time of writing, AVAX/USD is trading around $66.42.

One of the biggest developments that can trigger more bullish moves in the 11th largest cryptocurrency by market cap is the listing of its token on Coinbase’s platform for professional traders. On Wednesday, the leading crypto exchange announced that Coinbase Pro users will be able to start transferring their C-Chain AVAX tokens into their accounts and start trading them from today. This development will offer a strong boost of investor interest in the cryptocurrency and help it rise higher in the coming sessions.

Another promising fundamental development that can drive up the adoption and use of the blockchain is HLTH.network’s announcement that it will use Avalanche’s ecosystem to launch its base layer protocol for global health data. Avalanche’s technology will provide the HLTH.network speed and efficiency required to support its rapid growth and realize its goal towards becoming the global health data sharing solution.

In terms of adoption, Avalanche’s ecosystem is likely to enjoy a boost in activity from a recent strategic partnership with leading NFT aggregator MOVE Network. This development will bring about the deployment of NFT, DeFi, GameFi and metaverse functions on the blockchain network, letting MOVE Network’s users access NFTs from different industries on the blockchain.

Over the past few weeks, powered by the explosive growth in the DeFi market, blockchain networks like Avalanche and Solana have been making significant gains in adoption and usage, successfully stealing the limelight from current leader Ethereum in this space as well. With Ethereum’s network suffering from congestion issues and high gas fees, more projects are looking at alternatives. This is evident from how the TVL on the Avalanche network has risen by over 16% during the past week while Ethereum’s TVL for the corresponding period actually registered a drop by 0.06%.

Key Levels to Watch

On the H4 price chart of AVAX/USD, the smaller and larger MAs as well as leading technical indicators MACD and momentum are exhibiting a bullish bias. However, the medium timeframe MAs – the 20 EMA, 30 EMA and 50 EMA suggest some selling interest as well.

Avalanche’s price is holding just above the pivot point at $66.20 and requires more buying pressure to rise higher towards testing the first resistance at $80.34. However, in case more sellers jump in now, we could see the price tumble under the pivot point, in which case we’ll have to look out for support at $52.69.