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Highlights
- Avalanche price escaped a 5-month correction pattern amid a major resistance breakout on Thursday.
- Franklin Templeton integrated its $420M FOBXX fund with the Avalanche network, enabling USDC conversion and peer-to-peer share transfers via the Benji wallet.
- A bearish crossover state between the 100-and-200-day EMA could stall recovery momentum and push AVAX below $25.
Avalanche price surged 3.5% during Saturday’s trading session, buoyed by a broader market uptick. This recovery helped AVAX overcome a key resistance level that had persisted for five months, signaling a major trend reversal. Most major altcoins also saw significant gains this week as Bitcoin price climbed from $57,800 to $64,000, marking a 10% increase. Will the bullish trajectory be sustained?
Avalanche Price Rebounds as Franklin Templeton Integrates $420M FOBXX Fund
On August 22, Franklin Templeton, a global investment firm, expanded the reach of its Franklin OnChain U.S. Government Money Fund (FOBXX) with Integration on the Avalanche network. Launched in 2021, FOBXX is the first U.S.-registered mutual fund to utilize a public blockchain for transaction processing and share ownership recording.
One share of the $420 million Fund is represented by one BENJI token. Token holders can gain exposure to the Fund through the Benji Investments app. The integration with the Avalanche network aims to enhance accessibility while tapping into the increasing number of institutional participants utilizing Avalanche’s technology.
Alongside this announcement and Grayscale’s Avalanche Trust Fund, the Avalanche price gained additional bullish momentum, pushing it past the $25 psychological level.
In addition, Franklin Templeton has introduced new features for FOBXX. It now allows Benji wallet holders to convert USDC stablecoin to invest in the fund’s shares and transfer them peer-to-peer on the public blockchain. The blog post highlighted–
“Bringing the Benji platform to the Avalanche network further expands access to our first-of-its-kind tokenized money market fund,” said Roger Bayston, Head of Digital Assets at Franklin Templeton. “We look forward to working with Avalanche’s vibrant developer community to bring new blockchain-enabled innovations into the market.”
AVAX Coin Hints Breakout From Major Reversal Pattern
Since mid-August, the Avalanche price prediction has projected a high momentum recovery with nine consecutive green candles in the daily chart. This bullish recovery uplifted the asset from $19.78 to $27.7, registering a 40% growth while the market cap boosted $11.4 Billion.
Last Thursday, the rising AVAX price gave a decisive breakout from the resistance trendline of a falling wedge pattern, signaling an early signal of trend recovery. This chart pattern consisting of two converging trend lines has led to a steady correction in Avalanche coins since March 2024.
Amid the breakout, the buyers managed to reclaim fast-moving 20-and-50-day Exponential Moving Averages, projecting a positive shift in the near-term trend. If the bullish momentum persists, the AVAX price could rally 20% to challenge the $33 resistance, followed by a $41.8 peak.
On the contrary note, the Avalanche price trades below the 100- and 200-day EMAs, suggesting a broader trend remains bearish. If sellers push the asset back within the wedge pattern, the previous bullish breakout could be invalidated, potentially leading to a correction to $17.4 support.
Frequently Asked Questions (FAQs)
1. What caused the recent surge in Avalanche (AVAX) price?
2. What are the key technical levels for Avalanche's price?.
3. What does the breakout from the falling wedge pattern mean for AVAX?
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