As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I can confidently say that the recent surge in Avalanche (AVAX) price has piqued my interest. After closely observing its trajectory and analyzing key developments, I believe we are witnessing a significant trend reversal for AVAX.
During Saturday’s trading period, the value of Avalanche increased by 3.5%, boosted by an overall market rally. This rise enabled AVAX to surpass a significant resistance barrier that had stood firm for five months, suggesting a notable shift in trend. Similarly, many leading altcoins experienced considerable growth this week, as Bitcoin‘s price rose from $57,800 to $64,000 – representing a 10% jump. The question remains whether this bullish momentum will continue.
Avalanche Price Rebounds as Franklin Templeton Integrates $420M FOBXX Fund
On August 22, Franklin Templeton, a worldwide investment company, broadened the availability of its Franklin OnChain U.S. Government Money Fund (FOBXX) by integrating with the Avalanche network. First introduced in 2021, FOBXX is unique as it marks the debut of a U.S.-registered mutual fund that employs a public blockchain for processing transactions and recording ownership.
One BENJI token equates to one share of the $420 million Fund, and users can connect to this investment opportunity via the Benji Investments app. The link-up with the Avalanche network is intended to boost accessibility and capitalize on the growing number of institutional investors leveraging Avalanche’s technology.
In addition to the recent announcement and Grayscale’s Avalanche Trust Fund, the Avalanche coin saw an increase in positive market pressure, propelling its value beyond the $25 significant milestone.
As a researcher, I’m excited to share that Franklin Templeton has recently upgraded FOBXX with innovative features. Now, holders of Benji wallet can seamlessly convert their USDC stablecoin into shares of the fund and subsequently transfer these shares peer-to-peer on the public blockchain. This groundbreaking update was emphasized in a recent blog post.
As a digital assets analyst, I am thrilled to announce that we are taking our groundbreaking tokenized money market fund, Benji, to the Avalanche network. This move significantly increases the reach of our unique offering. I am eagerly anticipating collaborating with Avalanche’s dynamic developer community to innovate and introduce novel blockchain solutions into the marketplace.
AVAX Coin Hints Breakout From Major Reversal Pattern
Starting from mid-August, the forecast for Avalanche’s price has consistently indicated a robust recovery, with nine straight days of upward movement in the daily chart. This bullish trend propelled the asset’s value from around $19.78 to $27.70, representing a 40% increase. Additionally, this surge significantly boosted its market capitalization by approximately $11.4 billion.
On Thursdays past, the surge in AVAX price managed to shatter the resistance line of a contracting wedge pattern (formed by two lines converging), which is typically a strong indication of an impending uptrend or recovery in trends. This chart formation, persisting since March 2024, has been instrumental in causing a gradual correction in Avalanche coins.
During the outbreak, the buyers were successful in regaining control over the swiftly moving 20-day and 50-day Exponential Moving Averages, indicating a potential change toward a more favorable trend in the immediate future. If the bullish momentum continues, the price of AVAX might surge by 20% to test the resistance at $33, with a possible peak at $41.8 thereafter.
Contrarily, instead of rising above, the Avalanche price is currently below both its 100-day and 200-day moving averages, indicating that the overall trend continues to lean bearish. Should sellers manage to drive the asset back within the wedge formation, the earlier bullish breakout might be reversed, possibly triggering a drop towards the $17.4 support level.
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2024-08-25 00:40