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With the resurgence of the altcoin market, AVAX, the native cryptocurrency of the Avalanche ecosystem, is displaying significant momentum. Over the past 24 hours, the AVAX price has surged by 8%, reaching $22.68, and boasting a market cap of $8.03 billion.
Impressively, in the last month alone, the AVAX price has experienced a remarkable 145% increase, elevating it to the position of the 13th largest cryptocurrency by market cap.
Avalanche Forges Key Partnerships
Last week, AVAX experienced a significant intraday price surge. This uptick followed the announcement by JP Morgan, the investment banking giant, revealing a collaborative effort between its blockchain arm Onyx and Apollo Global to introduce a proof-of-concept utilizing the Avalanche blockchain.
Citi, a prominent global bank, has employed Avalanches’s AvaCloud, a managed blockchain service facilitating the swift development, deployment, and scalability of customized decentralized networks for various use cases. Citi will leverage the technology to create an innovative application that utilizes blockchain infrastructure for pricing and executing bilateral spot foreign exchange (FX) trades.
Republic, a technology firm, has revealed its collaboration with Avalanche (AVAX) to introduce the Republic Note (R/Note), a digital asset designed for profit-sharing with the goal of democratizing private market investing.
The selection of Avalanche as the launch platform for Republic Note is driven by the blockchain’s inherent advantages. Avalanche’s scalability and swift transaction speeds ensure a smooth and cost-effective experience for Republic Note holders. Additionally, Avalanche’s strategic partnerships with major industry players such as Amazon Web Services and Mastercard highlight its technical strength and dependability.
AVAX Price Action
The AVAX price is currently positioned above $22.00 and the 100 simple moving average (4 hours). A crucial bullish trend line is taking shape with support around $20.50 on the 4-hour chart of the AVAX/USD pair. The immediate resistance is located near the $24.50 zone, followed by a significant hurdle near $25.00.
In case of an upward breakthrough above $24.50 and $25.00, the price may experience a substantial surge, potentially exceeding 20%. In such a scenario, the price might steadily advance towards the $30 level.
However, if AVAX struggles to surpass the $24.50 or $25.00 levels, a downside correction could ensue. Immediate support on the downside is around the $22.50 level, with primary support near $20.50. A breach below $20.50 may initiate a fresh decline towards $18, and the subsequent major support lies around $15.50.
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