Avalanche (AVAX) may be down, but it’s not out. Here’s why.

Avalanche (AVAX) has been hit hard since the start of the bear market. Having hit an all-time high of $146 in November 2021, digital assets are not just below $15. This has reduced trust in digital assets. However, time has shown that protocols such as Avalanche can be underestimated, and the latest announcements from the project prove this.

Avalanche Continues Construction

Usually in a bull market where participation in the space dwindles, many protocols tend to build less than usual. However, Avalanche continues to develop its product and announces the launch of Core Web.

For those new to the decentralized finance (DeFi) space, one of the major barriers to entry is how difficult this space is to navigate. Getting things done and trading in DeFi can often be a complicated process. So Avalanche launched Core Web to address this.

This is a new product suite that allows DeFi users to manage all their tokens and NFTs in one place. Core Web enables users to perform multiple actions without switching between multiple sites and apps.

AVAX trading at $14.8 | Source: AVAXUSD on TradingView.com

Users can access hundreds of decentralized applications (DApps) on the Avalanche network as well as subnets. Moreover, it works not only on Avalanche, but also on Bitcoin and Ethereum networks. Users can swap, trade, bridge, and switch between EVM-compatible networks using Core Web.

Bet on AVAX

AVAX, the native token of the Avalanche ecosystem, has lost a significant portion of its all-time high during 2022. At current prices, the cryptocurrency is more than 89% below its all-time high. There is no grace period for digital assets.

Avalanche’s TVL also follows that price trend. December 2021 will set an all-time record for his $12.21 billion. Currently, he has TVL at his $1.3 billion as of this writing, down more than 89%.

However, as development progresses, there is still a lot of value in keeping AVAX. However, it’s also important to remember how whales view digital assets. According to WhaleStats data, the avalanche whale currently has only about $27,000 worth of his AVAX. Very bearish for AVAX if this is seen as an indicator of investor sentiment towards the token. The price has fallen about 50% over the past 30 days, and if AVAX fails to hold his $14.5 level, the cryptocurrency’s future could fall below $13.

Featured image from Binance Academy, chart from TradingView.com

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