AVAX Price Soars 8% Due to Avalanche’s Critical Partnership with Republic

Near the $24.50 zone, the AVAX price encounters quick resistance; then, close to $25.00, it encounters a substantial obstacle.

The native cryptocurrency of the Avalanche ecosystem, AVAX, has been making dramatic swings as the altcoin market finds pace once again. With a market valuation of $8.03 billion, the AVAX price is presently trading at $22.68, an 8% increase from the last 24 hours.

With a price increase of 145% in the past month, AVAX is now the thirteenth biggest cryptocurrency by market cap.

Avalanche Establishes Crucial Alliances

A substantial intraday price increase occurred for AVAX last week. This surge occurred when investment banking behemoth JP Morgan stated that its blockchain subsidiary Onyx was working with Apollo Global to launch a proof-of-concept on the Avalanche blockchain.

Citi, a well-known international bank, has used Avalanches‘s AvaCloud, a managed blockchain solution that allows users to quickly create, launch, and scale decentralised networks tailored to specific use cases. In order to price and execute bilateral spot foreign exchange (FX) trades, Citi will use the technology to develop a new app that uses blockchain technology.

In an effort to make private market trading accessible to more people, the IT company Republic has announced a partnership with the cryptocurrency exchange Avalanche (AVAX) to launch a new digital asset called the Republic Note (R/Note).

The inherent advantages of the blockchain are the driving force behind Republic Note’s selection of Avalanche as the launch platform. Republic Note holders may rest assured that their transactions will be fast, cheap, and scalable using Avalanche. Further evidence of Avalanche’s technical prowess and reliability are its strategic alliances with prominent industry participants like Mastercard and Amazon Web Services.

Price Movements of AVAX

Over $22.00 and the 100-simple-moving-average (4-hours), the AVAX price is presently situated. Support near $20.50 on the 4-hour chart of the AVAX/USD pair indicates the formation of a critical bullish trend line. Near the $24.50 area, you can find the nearest opposition, and then, close to $25.00, you’ll find a substantial obstacle.

If prices manage to break out over $24.50 and $25.00, we could see a significant spike of more than 20%. If this happens, we might see the price creeping up towards $30.

Nevertheless, a decline in value can occur if AVAX fails to break through the $24.50 or $25.00 levels. Downside support is located at or near the $22.50 level, with $20.50 serving as primary support. The next big support is located around $15.50, and a break below $20.50 would start a new fall towards $18.

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Why Trade Crypto Futures on BTCC

To trade Crypto futures, you can choose BTCC crypto exchange.BTCC, a cryptocurrency exchange situated in Europe, was founded in June 2011 with the goal of making crypto trading reliable and accessible to everyone. Over 11 years of providing crypto futures trading services. 0 security incidents. Market-leading liquidity.

Traders may opt to trade on BTCC for a variety of reasons:

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Since its inception in 2011, BTCC has made it a priority to create a secure space for all of its visitors. Measures consist of things like a robust verification process, two-factor authentication, etc. It is considered one of the most secure markets to buy and sell cryptocurrencies and other digital assets.

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