CRYPTO NEWS

Avalanche slides to $17 support but is it a buy?

  • Avalanche integrated the Layer-2 solution Boba Network on Wednesday.

  • AVAX trades the $17 support zone

  • Future recoveries depend on market sentiment

Avalanche AVAX/USD trades at $17.34, a level it has held since September 18. The price level has been the lowest since early July. At the bottom level, buyers are showing interest after days of consolidation. At press time, the token was up 2.07% in the last 24 hours. The gains were, however, not enough to erase 7.94% losses in the past week. 

Avalanche welcomes Boba Network

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Multi-chain Layer-2 chain Boba Network announced entry into Avalanche on September 21. The integration will see Boba help Avalanche meet the scalability demands. Boba lauded Avalanche for its fast and low-cost transactions and eco-friendly solutions. Following the integration, Biba will become Avalanche’s first L2.

Avalanche price and prediction

The integration of the Boba network adds a positive sentiment to AVAX when the sentiment is weak. That helped the token recover slightly amid an interest rate hike by the Federal Reserve. However, we find AVAX between a rock and a hard place as momentum is weak at the support.

Source – TradingView

A technical outlook shows that AVAX’s in a downtrend. The price has been moving in a pattern of lower highs and lower lows. A recent MACD bearish crossover speaks of the weakening momentum. The moving averages above offer resistance.

Concluding thoughts

Despite the Boba Network integration, AVAX is in a bear market and is not a recommended buy. Buyers may keep optimism of recovery at the $17 support. However, with the weak sentiment, a lower price is possible. 

If AVAX holds the support intact, a wave of consolidation may follow. That will enable the token to gather sufficient momentum to go higher. The cryptocurrency has a minor resistance at $22.

The post Avalanche slides to $17 support but is it a buy? appeared first on CoinJournal.

New York, California among US states to bring enforcement actions against Nexo

Regulators across multiple US states have announced enforcement actions against crypto lender Nexo, with cease-and-desist orders from some over Nexo’s interest-bearing crypto product. On Monday afternoon, at least eight states had variously filed actions against the leading crypto lender. A CNBC report noted that New York, California, Oklahoma, Maryland, Kentucky, South Carolina, Vermont and Washington::Listen

Regulators across multiple US states have announced enforcement actions against crypto lender Nexo, with cease-and-desist orders from some over Nexo’s interest-bearing crypto product.

On Monday afternoon, at least eight states had variously filed actions against the leading crypto lender. A CNBC report noted that New York, California, Oklahoma, Maryland, Kentucky, South Carolina, Vermont and Washington had all brought actions.

New York Attorney General Letitia James sued the crypto company for failing to register and for lying to investors.

Between at least June 2020 to the present, the Defendants, operating through their publicly accessible website and mobile smartphone app, which allow users to purchase, sell, deposit, trade, borrow against, and earn interest on virtual currency, violated New York’s Martin Act and Executive Law by acting as unregistered securities brokers or dealers and/or commodities broker-dealers,” the New York Attorney General’s complaint reads.

The other state regulators are also accusing Nexo of offering its yield account to customers within their jurisdictions without the requisite registrations needed for securities. The crypto platform’s failure to provide disclosures is an accusation across the enforcement actions.

In its press release, California’s Department of Financial Protection & Innovation (DFPI) said:

The California Department of Financial Protection and Innovation (DFPI) announced today it has joined seven state securities regulators to bring actions against the Nexo Group (Nexo) in connection with its Earn Interest Product accounts.”

The post New York, California among US states to bring enforcement actions against Nexo appeared first on CoinJournal.

Avalanche slides to $17 support but is it a buy?

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