Avalanche Price Jumps As AVAX Network Partners With Institutional Players
If you’ve been following the cryptocurrency market, you’ve likely already heard that Avalanche price is up 5% in the last 24 hours, reaching $22.46 at 1:20 AM EST. In fact, the token has doubled its value in November, surging from the monthly low of $11.44. This spike comes following a breakout from a falling wedge pattern, providing 130% gains for traders who bought AVAX during the $8.61 dip.
In response to a series of positive announcements in the Avalanche ecosystem, the price surge is also linked to gaming and non-fungible tokens (NFTs). There have been collaborations with major institutions that have accelerated the movement of the AVAX network. For example,
JP Morgan Partnership with Avalanche
A notable partnership is the collaboration between investment banking giant, JP Morgan, and the Avalanche blockchain. This partnership focuses on the introduction of a proof-of-concept to use the Avalanche blockchain. JP Morgan teaming up with Avalanche bodes well for the future of both private and permissioned blockchains being interoperable with public blockchains.
Avalanche and Citi Partnership
Another example of Avalanche’s successful partnerships is with renowned global bank, Citi. They have adopted Avalanche’s managed blockchain service, AvaCloud, in an effort to facilitate rapid development, deployment, and scalability of customized decentralized networks for various applications. Citi is utilizing the technology to develop an innovative blockchain-based application for pricing and executing bilateral spot foreign exchange trades.
Republic’s Collaboration with Avalanche
Also, technology company Republic has joined forces with Avalanche to launch a digital asset called Republic Note (R/Note). This collaboration aims to democratize investing in the private market and offers investors access to private equity portfolios of 750 Million. Republic Note will use Avalanche’s strengths, including scalability and fast transactions.
Avalanche Price Prognosis
The Avalanche price is expected to continue climbing after breaking the falling wedge pattern and signaling a bullish momentum. Increased buying pressure above current levels could lead to a break past the lower boundary of the supply barrier. An even more bullish scenario could see the price climb as high as 77% above current levels.
However, investors should be wary of a possible pullback as AVAX is currently overbought. But for those with long positions, there may still be potential for further gains as indicators show a positive market. On the other hand, it’s important to acknowledge the possibility of a downward trend if profit-booking occurs, leading to a drop in price and a shift in market dynamics.
Promising Alternative to Avalanche: TG.Casino
Looking for another investment opportunity? TG.Casino is a promising option. This casino project advertises as the world’s leading Telegram casino, offering community members an exclusive space for online, anonymous crypto gambling. Recent approval of their know-your-customer (KYC) process and a substantial increase in presale collections solidify TG.Casino as a significant player in the crypto market.
The TG.Casino project is gaining substantial attention in the market, reflected by a high amount of presale funding and the popularity of their TGC token. This provides a compelling investment opportunity for those interested in the current trends in the cryptocurrency market.
Hot Take
Considering Avalanche’s recent partnerships with major institutions and the bullish momentum in the crypto market, this could be a prime opportunity for investors. The AVAX price surge and its diverse use cases indicate a strong potential for growth in the near future. Additionally, the increasing popularity and success of alternative projects such as TG.Casino further demonstrate the evolving landscape of the cryptocurrency market. It’s worth keeping a close eye on these developments and considering opportunities for investment in both Avalanche and alternative projects.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.