AVA price went parabolic on Monday as investors bought the dip in the coin. The Travala.com coin rose to a high of $1.50, which was the highest level since May 1st. The price was about 227% above the lowest level this year.
Travala rebounds
Travala is a startup that seeks to transform the travel industry using blockchain technology. It enables people to book and pay for their flights using cryptocurrencies.Â
The platform is disrupting one of the biggest industries that is currently dominated by the likes of Airbnb, Booking, Expedia, Trip.com, and TripAdvisor among others.
Travala is powered by AVA, its native cryptocurrency that is accepted in over 2.2 million hotels and accommodations around the world. It is both an ERC and BEP coin, meaning that it is based on the BNB Chain and Ethereum’s blockchains.
AVA token holders can get discounts, subscribe to a loyalty program, and use the Proof of Travel techology that will be launched in the coming months. It is also used in Travala’s NFT platform.
Still, the biggest challenge for Travala is that the AVA token fluctuates all the time. Indeed, the coin has crashed by about 86% from its highest point this year. As such, many hotels and airlines are likely to decline to accept the coin.
The next key catalyst for the AVA price is the upcoming earnings by leading companies in the travel industry. For example, firms like Airbnb, TripAdvisor, and Booking will publish their earnings in the coming weeks. Other well-known brands in the sector like Marriott and Hilton have all published strong results.Â
Analysts believe that the industry is doing well as the travel sector recovers. For example, Travala’s revenue in June was over $5 million, representing a year-on-year growth rate of 44%. The revenue came from 9k room nights booked and 2,399 flights booked.
AVA price prediction
The daily chart shows that the AVA price found a strong support at $0.4475 this year. It briefly moved slightly above the important resistance level at $1.0. At the same time, the MACD moved slightly above the neutral point. It also rose above the 25-day and 50-day moving averages.
Therefore, there is a likelihood that the Travala token will continue rising as buyers target the next key resistance level at $1.50. A drop below the support at $0.50 will invalidate the bullish view.