Amidst the crypto market volatility and bearish trend lately, Avalanche (AVAX), the widely acclaimed layer-one blockchain, has been making moves to harden its position in the Web3 space.
According to the latest market data, AVAX’s price has stabilized above the $30 mark after experiencing a heavy crash. The bearish crash has had AVAX drop significantly, but in the last 24 hours, it has found stability and has gained 5.64% as of writing, easing the overall AVAX market drop. The token currently holds a 7.07% drop over the last seven days and a 30% drop over the last 30 days. With a market cap of $12.4 billion, AVAX ranks as the 12th largest crypto, reflecting its growing supremacy in the digital asset space.
AVAX Price Chart (CoinMarketCap)
Avalanche’s recent integration with the financial technology giant Stripe has been celebrated as an influential step towards promoting wider adoption and bridging the gap between traditional finance and the decentralized finance (DeFi) world. This strategic partnership enables Stripe’s U.S. business users to easily purchase AVAX directly on the platform, opening up new avenues for transacting with the native token, decentralized applications (dApps) and non-fungible tokens (NFTs) within the Avalanche ecosystem.
Stripe’s expansion into crypto continues, today integrating Avalanche & Core to provide easier access to Web3
🔺US users can purchase $AVAX directly thru Stripe without using an exchange
🔺Avalanche apps can embed Stripe’s onramp via customizable widget https://t.co/NIBEfQUWuP
— Avalanche 🔺 (@avax) April 29, 2024
The move follows Stripe’s announcement to resume crypto transactions on its platform by allowing users to transact with the USDC stablecoin. By integrating Avalanche’s native ecosystem wallet, Core, Stripe has further expanded its crypto offerings, catering to the growing demand for Web3 solutions.
AVAX Technical Analysis
Over the past six weeks, AVAX has closed bearish after hitting a high of $65.38 on March 18th. However, the token has found support at the $30 zone, which has acted as a powerful point of interest. The current week’s candlestick is bearish so far, leaving market participants curious about the potential for a breakdown below this key 3-month support level or a comeback.
AVAXUSD Weekly Chart: TradingView
On the daily timeframe, AVAX broke down from an ascending channel on April 12th impulsively, dropping further to test support at the $30 zone on April 13th, where it faced a rejection. Since then, the price has been trapped, trading within a range between $30 and $39. Today, AVAX opened at $33.29 and has recorded a high of $33.70 and a low of $32.27 so far, currently trading slightly above the $30 support zone.
AVAXUSD Daily Chart: TradingView
If AVAX faces rejection at this critical support level, it could recover and rally to test the recent high of $39, potentially breaching the imbalance above it and reaching the ascending channel resistance around $46, which it previously broke down from. However, if the price breaks down past the $30 support, it could drop to test the lower level around $21.
AVAXUSD 4-Hour Chart: TradingView
On the 4-hour chart, AVAX has been consolidating within a ranging channel from $30 to $39, a clear indication of the bears’ indecision at this crucial support level with the current price action hovering near the channel’s support. This is much looking like a reversal and targets to $39 zone and the $46 zone is most probable to be witnessed at this crucial support level putting all the technical and fundamental Stripe integration conflunce in check.
