AVA price has bounced back in the past few weeks as the travel industry rebounded and demand for its services rise. The Travala.com crypto price rose to a high of $1.3388 in August, which was about 192% above the lowest level this year. Its total market cap has jumped to over $45 million.
Travel industry rebounding
Travala.com is a small and fast-growing company in the travel industry. Its product is similar to that of popular travel booking companies like Priceline and Expedia. The firm also competes with the likes of Airbnb and TripAdvisor.
Travala’s key difference is that it is incorporating the concept of blockchain in the travel industry. In its travel booking site, customers can use both fiat currencies like the US dollar and cryptocurrencies like Bitcoin, Ethereum, and USD Coin.
Travala has also created its own cryptocurrency known as AVA that powers its ecosystem. Holders of the coin can use it to book their hotel rooms, accommodations, and even flights. In most cases, these holders usually get discounts and royalty points.
AVA is also used to power the other part of its blockchain projects like non-fungible tokens (NFTs) that are related to the travel industry.
The AVA price has done well in the past few weeks as demand for travel has bounced back around the world. Recent reports by some of the biggest companies in the travel sector have shown that the industry did well.
For example, Airbnb’s revenue jumped sharply in the second quarter and analysts believe that this trend will go on. The same is true for hotel companies like Hilton, Marriott, and Intercontinental Hotels. Similarly, airlines like IAG, Delta, and United reported strong results.
Travala.com usually publishes its monthly reports. In July, the company’s revenue jumped by 48% on a year-on-year basis. This happened as the number of rooms booked in the platform rose to 8,433 while the number of flights booked jumped to 2,057. At the same time, the number of monthly active users rose to 96,000.
Therefore, the AVA price has jumped sharply recently as investors anticipate more demand for its website as the travel sector bounces back.
AVA price prediction
Turning to the daily chart, we see that the AVA price has made a spectacular rebound in the past few weeks. As a result, the coin has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly above the neutral point. The coin is also slightly below the 23.6% Fibonacci Retracement level.
Therefore, the Travala.com Coin will keep rising as bulls target the next key resistance level at $1.50, which is about 70% above the current level. A drop below the support at $0.75 will invalidate the bearish view.