AVAX, the native cryptocurrency of the Avalanche ecosystem, has been performing well as the altcoin market picks up steam once more. With a market valuation of $8.03 billion, AVAX is currently trading at $22.68, up 8% over the previous day.
With a 145% increase in price over the past month, AVAX is now the 13th largest cryptocurrency by market capitalization.
Avalanche Forms Important Collaborations
AVAX saw a notable intraday price increase last week. This increase came after JP Morgan, the massive investment bank, revealed that its blockchain division Onyx and Apollo Global were working together to present a proof-of-concept using the Avalanche blockchain.
Citi, a well-known international bank, uses AvaCloud, a managed blockchain solution from Avalanches that speeds up the creation, implementation, and scalability of unique decentralized networks for a range of applications. Citi will use the technology to develop a cutting-edge app that prices and executes bilateral spot foreign exchange (FX) trades using blockchain infrastructure.
Technology company Republic announced that it is working with Avalanche (AVAX) to launch the Republic Note (R/Note), a digital asset intended for profit-sharing with the intention of democratizing Private Marketing Investnment.
The benefits of the blockchain are what led to Avalanche being chosen as Republic Note’s launch platform. Republic Note holders can expect a seamless and economical transaction experience thanks to Avalanche’s scalability and quick transaction speeds. Furthermore, Avalanche’s technical strength and dependability are demonstrated by its strategic partnerships with prominent industry players like Mastercard and Amazon Web Services.
Price Action of AVAX
As of right now, the price of AVAX is above $22.00 and the 100 simple moving average (4 hours). An important bullish trend line is developing on the 4-hour chart of the AVAX/USD pair, with support located at $20.50. The immediate resistance is in the vicinity of $24.50, and a major obstacle is at $25.00.
The benefits of the blockchain are what led to Avalanche being chosen as Republic Note’s launch platform. Republic Note holders can expect a seamless and economical transaction experience thanks to Avalanche’s scalability and quick transaction speeds. Furthermore, Avalanche’s technical strength and dependability are demonstrated by its strategic partnerships with prominent industry players like Mastercard and Amazon Web Services.
Should the price break higher than $24.50 and $25.00, it might rise significantly, maybe by more than 20%. Under such circumstances, the price may rise gradually to around $30.
However, a decline could occur if AVAX is unable to break above the $24.50 or $25.00 marks. On the downside, there is immediate support at $22.50, with primary support at $20.50. A break below $20.50 might start a new downturn towards $18, with $15.50 serving as the next significant support.
