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Avalanche (AVAX) Continues to Soar in Altcoin Market
If you’ve been keeping an eye on the altcoin market, you may have noticed that AVAX, the native cryptocurrency of the Avalanche ecosystem, has been making significant gains. Over the last 24 hours, the AVAX price has surged by 8%, reaching $22.68, with a market cap of $8.03 billion. In the past month, the price has skyrocketed by 145%, solidifying its position as the 13th largest cryptocurrency by market cap.
Partnerships Drive AVAX Surge
Last week, AVAX experienced a substantial price increase following partnerships with major institutions. JP Morgan and its blockchain arm Onyx announced a collaboration with Avalanche to introduce a proof-of-concept leveraging the Avalanche blockchain. Citi, a global bank, has also employed Avalanches’s AvaCloud to create an innovative application for bilateral spot foreign exchange (FX) trades. Additionally, Republic, a technology firm, is working with Avalanche to launch the Republic Note (R/Note), a digital asset designed for profit-sharing, taking advantage of Avalanche’s scalability and transaction speed.
Price Analysis and Future Outlook
The AVAX price is currently trading above $22.00 with a crucial bullish trend line forming at around $20.50. The immediate resistance stands at $24.50, and a breakthrough could lead to a substantial surge, possibly exceeding 20%. However, if AVAX struggles to surpass $24.50 or $25.00, a downside correction may occur, with major support levels at $20.50 and $15.50.
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Hot Take: Market Enthusiast Advises Caution
While the recent surge in AVAX’s price is promising, it’s essential to exercise caution when investing in cryptocurrencies. Before diving in, it’s crucial to conduct thorough market research to make informed decisions. While partnerships and advancements in technology are positive indicators, the cryptocurrency market is subject to volatility and market conditions. Always be aware of potential risks and seek professional advice when necessary.
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