AVAX now listed on Japan's OKCoin, gears up for Formula E championship weekend

Japan's leading cryptocurrency exchange, OKCoin, lists AVAX as the Ethereum-killer gears up for the Formula E championship.
Crypto.com announces first flash rewards campaign featuring AVAX, offering 12.5% p.a. in rewards.
Analysts identify bearish signals on the AVAX price chart and predict a decline to $15.40.

Crypto.com's reward campaign featuring Avalanche (AVAX) goes live today, offering users 12.5% p.a. on their allocations. AVAX price has failed to recover despite updates and bullish events.

AVAX gears up for upcoming events and new exchange listing

AVAX has been listed on Japan's leading cryptocurrency exchange, OKCoin. The exchange started accepting inbound transfers on June 10, 2022, and the markets for AVAX are expected to go live on or after June 16, 2022, at 8:00 UTC, across AVAX/JPY.

$AVAX is now listed on the leading exchange in Japan https://t.co/ECmRCDrrHE
— Avalanche (@avalancheavax) June 14, 2022

AVAX's listing on the leading Japanese crypto exchange is considered a driver of bullish outlook among holders in the community. Avalanche holders are now gearing up for the upcoming event scheduled for the Formula E race weekend. Avalanche House is set to be hosted at Hook Studios Dikeman ahead of the New York City ePrix, an annual race of the single-seater, electrically powered Formula E championship held in Brooklyn, New York.

The event has lined up keynotes and panels, networking, live music and more for a Web3-enabled future in AVAX.

Just saw the latest designs of Avalanche House | FE Brooklyn...Insane.

Didn't think we could top our previous events, but we have.

You'll feel like you're in a new world bringing NYC vibes, Web3, and motorsports all into one.

Tickets on sale soon. https://t.co/BpzzJ3Cs5q
— Jay Kurahashi-Sofue (@jayks) June 9, 2022

Crypto.com's flash rewards campaign featuring 12% p.a. returns on Avalanche is now live. The exchange platform is offering users these returns for 14-day term allocations. The promotional campaign ends on June 27, 2022, when the aggregate cap of 40,000 AVAX tokens is met.

This campaign is targeted at Crypto Earn, and Crypto.com users who are residents of the United States, United Kingdom, Canada, Japan and Korea are not eligible.

Analysts reveal bearish outlook on AVAX price

Analysts have evaluated the Avalanche price trend and predicted a further decline in the token. Editah Patrick, a leading crypto analyst, argues bears have taken control of AVAX price on the 1-day chart.

The Moving Average Convergence Divergence (MACD) indicator is currently in bearish territory. The indicator is among the most reliable predictors of an asset's momentum trend. The Relative Strength Index (RSI) on the AVAX price chart is oversold, and a rebound is likely in the short term.

AVAX-USD price chart

Analysts argue that a drop below the $16 level could push the price to support at $15.40, a key psychological level for the market.

AVAX competitor Solana could have destroyed its bullish potential

FXStreet analysts have evaluated the Solana price chart, the competitor of Avalanche, and identified that the recent outage could have destroyed the Ethereum-killer's bullish potential. For more information, watch this video:

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.