Some cryptocurrencies are seemingly positioned for seasonal booms. One of such digital assets is Travala AVA. The network behind it is a travel solution company leveraging blockchain technology to facilitate seamless operations.
The crypto community is currently surprised at the recent spike in Travala’s native token, AVA. The coin price skyrocketed on August 24th following the increase in the demand for Travala services, including flights, hotels, and accommodation bookings.
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As a platform where travelers can handle their bookings with fiat and cryptocurrency, the demand for Travala services increases when traveling activities skyrockets. That’s why the AVA token jumped to $1.24, pushing its market cap above $50 million.
According to data, this current price is the highest AVA has climbed since the beginning of August. It also represents an 81% gain from its lowest price in July.
The crypto token price spiked following the rebound in traveling. The company website shared an increase in bookings, showing that users made 2,057 flights and 8,433 room bookings in July. Also, the company recorded a 47% increase in revenue and 6,568 new Smart members.
Another factor that pushed AVA’s price is the increase in staking activities. According to current data, Smart users have locked more than 16.7% of AVA circulating supply to earn rewards. Also, Travelers made more crypto payments for their bookings than fiat currency.
Analysts Predict Bearish AVA Price Trend
AVA’s four-hour price chart shows that the token has maintained its bullish trend for some days. The period studied shows that AVA has grown from a $0.4570 low price in June to $1.2490 on August 24.
The movement indicates that AVA has crossed its 20-day and 50-day moving averages. In addition, the ascending trendline is now proven in black, while the Relative Strength Index (RSI) has moved beyond the overbought level. These movements indicate an imminent downwards trend for AVA price as sellers expect a new support zone at $0.8487.
This forecast might surprise Travala users, given the recent AVA price movement. However, investors expect more growth as the travel industry rebounds.
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