Key Insights
- Avalanche price wandering in the September support zone.
- Avalanche has launched its crypto card which can be used to spend crypto.
Avalanche (AVAX) price has remained bullish in November and reached the $55 mark. In December, Avalanche price has attempted twice to exceed the $55 mark but couldn’t. Furthermore, buyers lost momentum in this territory and displayed strong selling pressure.
Amid this bearish trend, AVAX price lost key moving averages and lost 58% since mid-December. The price has reached the support zone of $20 which has been followed since September.
Avalanche Introduces Card: See its Benefits
In an attempt to gain broader acceptance, the Avalanche blockchain has renewed its efforts. According to reports, the network has partnered with Rain to introduce a new cryptocurrency card.
The card will be implemented as part of Avalanche blockchain’s new mass adoption initiative, enabling cryptocurrency holders to make payments with their holdings.
According to sources, the card will specifically target underbanked areas that have traditionally had little to no access to banking services.
The card will be offered in both digital and physical formats, according to early sources. Specifically, the latter could greatly facilitate access.
Furthermore, it has been reported that the card will support several stablecoins like USDT and USDC as well as cryptocurrencies like AVAX that are based on Avalanche.
This action has been hailed by some respondents as a step in the right direction toward incorporating cryptocurrency into daily spending. It might be a fascinating link between traditional finance and cryptocurrency.
Does AVAX Price Keep Potential to Defend the $20 Mark?
When writing, Avalanche crypto was trading at $23.04 which has increased by 3.90% over the past 24 hours. The market capitalization was $9.53 Billion and the 24-hour trading volume was $574.72 Million.
Based on the technical chart, the price has slipped below an immediate support level of $23.20. However, buyers have bounced back and have exceeded this level.
If theAvalanche price forms any bullish candlestick, buyers might show interest. Suppose the price exceeds the 20-day EMA, it could be a bullish signal.
According to the technical chart, the $30 level is a crucial level. Once the price dominates this zone, a reversal can be observed.
On the other hand, buyers might lose confidence if the AVAX coin price loses the $20 mark. Once the price starts trading below this level, sellers may lead the trend further. Another support level for the AVAX price could be $10.
Avalanche Price Prediction Amid Sell-off
Avalanche is actively pursuing mass adoption through the introduction of its new cryptocurrency card, aimed at enhancing accessibility for underbanked populations.
Despite a challenging market, where AVAX has seen significant price declines, the recent price movement shows some signs of recovery, with a trading level around $23.04.
The bullish potential hinges on maintaining the $20 support mark, as falling below this could lead to increased selling pressure.
If AVAX can regain momentum and push above the $30 level, it may signal a reversal and instill confidence among buyers.
Overall, the developments surrounding the Avalanche card could play a critical role in bridging the gap between traditional finance and the cryptocurrency space, potentially boosting adoption and influencing price dynamics moving forward.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
