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Avalanche (AVAX) 25% Surge Fueled By New Initiatives To Support Developers

Avalanche (AVAX) 25% Surge Fueled By New Initiatives To Support Developers
© Copyright Image: NewsBTC

As the market continues its bullish climb, Avalanche (AVAX) keeps on garnering investor interest as new developments drive growth on the platform. These developments have since placed AVAX on the crosshairs of the bulls leading to a 25% surge in price in the last two weeks, reinforcing the tokens position as a long-term asset. 

Avalanches focus on on-chain growth is made apparent by a recent announcement that will cement the platforms position in the DeFi space. As time lets these developments mature, investors and traders holding AVAX might be in for a treat.

$40 Million Allotted For Retro9000 To Encourage L1 Growth

In an official X post, Avalanche reveals its new grants program named Retro9000. The program will reward developers who build projects on the Avalanche9000 testnet and deploy the finished product on the mainnet. This move comes as a way to empower developers on the platform, ensuring that development on Avalanche wont cease. 

While the current blockchain landscape offers countless opportunities, it comes with technical roadblocks, creating economic and logistical limitations that make building and deploying projects challenging, stated Avalanche in a recent blog post

The program works by ranking submissions in a public leaderboard, allowing developers to build publicly, and allowing a community to form around their projects. However, the main focal point for the rewards system is the developers that test and ship their finished projects on the mainnet, further enhancing on-chain growth on the platform. 

Retro9000 is mainly concerned on the upcoming Avalanche9000 network upgrade. The program allows developers of all sizes to keep try the new developer environment whilst keeping the economic barrier low through funding using the $40 million allotted for the program. 

The cryptocurrency wallet and portfolio protocol, Core, said it would support its upcoming network upgrade, Avalanche9000, which will feature the Interchain Messaging Protocol (ICM). It promises much easier crosschain communication, thereby improving the user experience on this platform.

Avalanche: Investors Aim To Break Through $30.11 Is This Possible? 

With solid on-chain development occurring on Avalanche, AVAX bulls have set their eyes on the $30.11 resistance level which will open the door for a return on the $33.08 price level. If this occurs, investors and traders are in with huge gains in the medium to long-term. 

Although the market environment is inherently bullish, the relative strength index (RSI) of the token remains strained by the near-constant upward trajectory that AVAX has followed in the past two weeks, possibly putting AVAXs short term gains at risk. 

If the token does get rejected by the $30.11 resistance, the bulls can rely on AVAXs present support level at $26.79 for long-term movement. 

Featured image from Medium, chart from TradingView

Read more: https://www.newsbtc.com/news/avalanche-avax-25-surge-fueled-by-new-initiatives-to-support-developers/

Text source: NewsBTC

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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