Avalanche Price Prediction: AVAX Rally Aims For $127 Range High After Circle Deal

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Avalanche (AVAX) turns bullish as USDC launches on the Avalanche blockchain network. Avalanche price is up 12% on the day currently trades in a third straight bullish session today as seen on the four-hour chart. AVAX current price rally appears unstoppable as bulls aim for the December 01 range high above $127.

Circle Launches Its USDC On Avalanche

Circle has launched its stablecoin USD Coin (USDC) on Avalanche to push more dApps to launch on the blockchain as the firm seeks to take root in the DeFi ecosystem. The launch of USDC on the Avalanche ecosystem makes it attractive for other dApps to the launch their projects on the blockchain network.

The arrival of Circle’s USDC on Avalanche affirms the network’s push for diversity following the launch of Tether’s stablecoin USDT on the network in November. The announcement was made in a Tweet by Emin Gün Sirer, Founder and CEO of Ava Labs.

USDC has emerged as a key competitor to Tether (USDT) and accounts for approximately a third of total stablecoin supply in the crypto space.

USD-backed stablecoins could increase on-chain activity on the Avalanche network and could drive developers to build their projects on the ecosystem.

USDC’s launch on Avalanche has triggered a bull run in the token and analysts are bullish on Avalanche price at it targets areas above $127.

Avalanche price rally aims for the $127 range high

At the time of writing, AVAX price is hovering around $113.56 and appears to be battling immediate resistance from the $113.85 level. A rise beyond this level could see the Avalanche token price rise to ta the $118 major resistance level after which the next logical move would be the December 01 range high above $127. If this happens, AVAX would have risen $12.06% from the current price.

AVAX/USD Four-Hour Chart

Note that Avalanche’s bullish outlook is accentuated by the upsloping moving averages as well as the upward movement of the Movign Average Convergence Divergence (MACD) indicator above the zero line.

Moreover, the upward movement of the RSI and its position at 75 in the overbought region suggests that Avalanche price comfortable in the hands of the bulls, adding credence to the bullish outlook.

Looking Over The Fence

It is worth noting that the RSI shows that Avalanche is overbought pointing to a possible price correction in the near-term. Therefore, if the bullish momentum gets overheated and AVAX price drops below the immediate support around $110, the token will drop to tag the support at 108.

A drop further could see Avalanche price drop to tag the $108 support or the moving averages below it: 200 SMA at $103.98, 100 SMA at 96.57, and the 50 SMA at 89.

Nancy Lubale

Nancy is a successful finance, crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends, Forexcrunch, InsideBitcoins and Economywatch. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. Her interests are in cryptoasset research and technical analysis, Fintech, Blockchain, DeFi, NFTs and Personal Finance. Follow her on Twitter @NancyOmanga for more insights

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