Avax is another L1 that I like to keep my eye on. I traded in and out of this a few months ago but after doing some research and using the blockchain itself personally, AVAX has been a name thats grew on me.

Im bullish on many L1s including AVAX. So what is Avalanche? Its an open-source platform for launching decentralized finance applications and enterprise blockchain deployments similar to Ethereum . Avalanche is actually Ethereum Virtual Machine ( EVM ) compatible, so there is a good feeder system of developers who are familiar with Solidity and can build DApps cross-chain.

Investors can use AVAX for:
1. Staking Rewards
2. Liquidity Provision
3. Blockchain gaming
4. NFT Purchase/Sales/Storage
5. etc, etc, etc,

I have been an ETH holder and remain bullish on the price but less so on the practical usage of the network going forward (I will post a separate idea on ETH). As I have been frustrated with the speed, congestion, and cost of the Ethereum network I started to use Avalanche as an alternative and found the experience to be orders of magnitude better than Ethereum (but not Algorand, well get to that in another idea too).

The chart shows that AVAX may be beginning a period of consolidation before potentially moving higher. If you are able to stomach potentially dropping to the mid-60s here, its decent place to take a long position. My suggestion would be to scale into the position over time, something like 30% initial allocation and then increments of 10% over time… manage your risk how you see fit. Many of my trades are longer TF than the TV community is used to. These trades are typically 3-6mo in length, if not longer.

As always, do your own research. NFA .

Ill be posting some additional analyses/thoughts as updates – so scroll down for more.