Avalanche is further growing its physical blockchain presence in Kenya following the implementation of the chain by the Kenya National Examinations Council (KNEC) for verifying certificates. The integration provides a new government application for the Avalanche blockchain as the price of AVAX consolidates from its strong run in September.
Activity on derivatives markets is also high, with eyes on what happens next with the coin. Considering that AVAX is trading near the lower end of its recent price range, analysts are interested to see whether consolidation leads to a breakout or renewed selling pressure.
KNEC Uses Avalanche for Digital Academic Certificate Verification
KNEC has been utilizing the Avalanche blockchain for providing its online digital academic certificates. This helps in securing the credentials and allows for their independent verification. Avalanche claims that the project is built to fight against any forgery of the certificate and ease the process of verification.
The implementation of this project is a real-life example of the blockchain infrastructure being used by a national examination body. The process of verifying the certificates will not be dependent only on paper and manual processes anymore.
This move by the firm also complements the wider efforts of the company in exploring its real-life applications, with the blockchain technology being employed for purposes other than finance.
The implementation in Kenya sets the basic premise for the company of Avalanche when considering whether further real-world applications could translate to increased network usage.
Also Read: AVAX Price Eyes Recovery as Ecosystem Activity Grows
AVAX Bullish Pennant Signals $16 Target
On October 2, AVAX was trading in the range of about $10.45 to $11.32, based on market history, maintaining the token in the consolidation phase after its September rally.
The support level is at about 10.50-11, while the resistance level is at about $12. Maintaining the support level will maintain the existing consolidation pattern, while a breach below it will be bearish for the setup.
Breaking out at $12 will technically confirm the intention of buyers to sustain the previous advance, but until then, the technical picture is bound within the range and not confirmed as an uptrend
Crypto analyst Crypto With Gopal found a bullish pennant pattern on the 4-hour AVAX chart. The technical setup targets the $16 level in case of a breakout.
Source: Analyst Crypto With Gopal X post
But it is necessary for a breakout to be confirmed, and also support below the pattern must continue. It hence becomes technical information rather than a price certainty.
What Happens Next?
The other catalyst is increased use of Avalanche for institutional and governmental purposes. The case with the KNEC project shows how the platform is used as a national system for verifying credentials.
As for the AVAX price, the main thing that traders should pay attention to is a breakout from the range. It is because the breakout to the upside will confirm the bull setup, whereas the breakdown will direct the attention to the lower levels.
In addition, the activity in the spot market and general market momentum will be taken into consideration. The breakout with additional buying pressure would be one more signal indicating the end of the consolidation period.
This recent deployment of Avalanche by Kenya solidifies the blockchain technology use case in real life, as AVAX consolidates technically. The coin is getting close to the time when the choice will have to be made on either support or resistance, and network adoption becomes the key event to watch out for.
Also Read: AVAX Price Eyes $12 as Technical Setup and Avalanche Growth Align
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Be the first to comment