AVAIL, the native crypto of modular blockchain infrastructure platform Avail, has recently made a significant move by securing a listing on Binance Alpha. This development was announced by Binance in a post on June 20, highlighting AVAIL’s listing on Binance Alpha, the exchange’s early-access section dedicated to showcasing trending and promising Web3 projects.
To celebrate the listing, Binance Alpha is hosting an exclusive airdrop campaign for users, with the opportunity to claim AVAIL tokens using Alpha Points, Binance’s reward system for early engagement. Additionally, a trading competition for AVAIL has been launched on the platform, offering a prize pool of 32,500,000 AVAIL tokens valued at around $1 million.
Following the listing on Binance Alpha, AVAIL experienced a slight drop of over 8% in its price. As of the latest update, the token was trading at $0.028, with the sell-off likely attributed to traders offloading their airdropped tokens.
It is important to note that a listing on Binance Alpha does not guarantee automatic inclusion on Binance’s main exchange. However, successful performance on Alpha in terms of user engagement, liquidity, and market traction can pave the way for potential spot listings on the main exchange.
Avail conducted its Token Generation Event on July 23, 2024, and has already secured listings on other prominent exchanges such as HTX, Gate, KuCoin, and Bybit.
In terms of price analysis, AVAIL is currently approaching the upper boundary of a multi-week descending wedge pattern on the daily chart, hinting at a potential bullish reversal if a confirmed breakout occurs. Despite this, the token remains below its 50-day simple moving average, indicating weak short-term momentum. Additional indicators like the MACD and RSI are also trending downward, reinforcing the current bearish sentiment.
Given these conditions, AVAIL is likely to continue its decline towards the next key support level around $0.025. A recovery towards the May high of $0.04 seems unlikely at this point unless sell pressure diminishes and overall sentiment shifts positively.
In conclusion, while AVAIL’s listing on Binance Alpha is a significant milestone, the token’s price analysis suggests a cautious outlook in the near term. Investors are advised to conduct their own research and exercise caution when trading AVAIL or any other cryptocurrencies. This article serves for educational purposes only and does not constitute investment advice.