The AVAX price is currently encountering a challenge as it approaches the $24.50 zone, and there’s a substantial obstacle ahead at the $25.00 mark. These levels act as resistance points, making it a bit tougher for the AVAX price to rise further.
As the altcoin market picks up speed, AVAX, the main cryptocurrency of the Avalanche ecosystem, is showing significant growth. In the past 24 hours, the AVAX price has surged by 8%, reaching $22.68, and its market cap stands at $8.03 billion.
Looking at the past month, AVAX has experienced an impressive 145% increase in its price, securing its position as the 13th largest cryptocurrency based on market cap. These strong moves indicate a positive trend for AVAX in the current market conditions.
AVAX’s Surge and Noteworthy Collaborations
In a notable development last week, AVAX experienced a significant surge in its intraday price, attributed to an announcement by JP Morgan. The investment banking giant unveiled a collaborative venture between its blockchain division, Onyx, and Apollo Global, aiming to introduce a proof-of-concept utilizing the Avalanche blockchain.
Citi, a prominent global bank, has adopted Avalanche’s AvaCloud, a managed blockchain service that facilitates the rapid development, deployment, and scalability of customized decentralized networks for various use cases. Citi plans to utilize this technology to create an innovative application leveraging blockchain infrastructure for pricing and executing bilateral spot foreign exchange (FX) trades.
Republic, a technology firm, has also joined forces with Avalanche (AVAX) to launch the Republic Note (R/Note), a digital asset designed for profit-sharing with the objective of democratizing private market investing.
The decision to utilize Avalanche as the launch platform for Republic Note is driven by the blockchain’s inherent strengths. Avalanche’s scalability and swift transaction speeds ensure a seamless and cost-effective experience for Republic Note holders. Furthermore, Avalanche’s strategic partnerships with industry leaders like Amazon Web Services and Mastercard underscore its technical robustness and reliability in the blockchain space.
AVAX Price Analysis and Potential Scenarios
As of the latest assessment, the AVAX price is holding above $22.00 and the 100 simple moving average (4 hours), indicating a positive position. Notably, a crucial bullish trend line is forming with support around $20.50 on the 4-hour chart of the AVAX/USD pair.
Looking ahead, immediate resistance is anticipated near the $24.50 zone, followed by a more significant obstacle at $25.00. If the price successfully breaks through these levels, a substantial surge of over 20% is possible, with the potential to reach towards the $30 level.
Source: TradingView
However, if AVAX faces challenges surpassing the $24.50 or $25.00 levels, a downside correction might occur. Initial support on the downside is expected around $22.50, followed by primary support near $20.50. A breach below $20.50 could initiate a new decline towards $18, and the subsequent major support is positioned around $15.50.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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