Avalanche (AVAX), one of the high-volume altcoin projects, is declining despite recent developments. On the other hand, a trending coin that has stepped among the top 10 is moving towards its psychological resistances.
Avalanche continues decline despite WAGMI news
DeFi products suite WAGMI shared that they launched the rollout of WAGMI phase 2 on Monday. This new introduction of WAGMI, commonly an acronym for “we will make it,” appears to be a rebranding of Avalanche (AVAX) developer Daniele Sestagalli’s Popsicle Finance.
WAGMI phase 2 revolves around Popsicle’s ICE tokens. Starting today, ICE investors now have the option to exchange their tokens for WAGMI using a Blockchain-powered tool. This announcement had a dramatic impact on the price of ICE. The price jumped more than 89% in just one day, trading at $1.31 at the time of writing. But AVAX price remains silent…
We’re happy to announce that WAGMI Phase 2 rolls out today!
After a long wait, we’re pleased to share that you can now swap your $ICE and $NICE tokens for $WAGMI on our migration page.
Head over to: https://t.co/97XLc7MyUP and choose the chain where you have your $ICE or $NICE… pic.twitter.com/ye3C4wmbe1
— WAGMI (@PopsicleFinance) September 18, 2023
AVAX price continues to decline
On the other hand, AVAX price has not yet responded positively to Sestagalli’s latest WAGMI announcement. According to CoinMarketCap, AVAX fell to $9.12 after its price fell 1.39% in the last 24 hours of trading. This means AVAX price is trading closer to its daily low of $9.07 rather than its 24-hour high.
Meanwhile, AVAX’s 24-hour trading volume increased by over 8% to approximately $123,260,550. The decline in AVAX’s price further worsened its weekly performance, pushing it into negative territory down to -1.09%.
Sestagalli’s previous Avalanche offerings had created a cult-like following during the previous bull run. So it will be interesting to see how the community reacts to this new development. From a technical perspective, AVAX’s price is at risk of falling to the critical support level at $8.75.
Toncoin (TON) continues its rally
TON showed a slight decrease today. Still, it’s trading at $2.47, with a 30% seven-day price increase. Additionally, TON’s price increases confirm the entry of buyers and an accumulation phase that will continue to support the rise. With this momentum, TON surpassed AVAX in the market value ranking.
TON’s price increases last week were likely a result of its integration with Telegram. This integration made TON available to approximately 800 million users on Telegram, resulting in an increase in its price.
TON is in an uptrend today. It rose to the $2.58 resistance level, extending gains since September 19. TON, which fell briefly from the price of $ 2.5 on September 16, prevented the decline by finding the support of $ 2.3. When the bulls bounced back, the asset approached the $2.58 resistance level. TON is trading near the upper band of the Donchian Channel (DC) as buyers attempt to break barriers for further upside. This indicates a strong bullish sentiment.
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