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Avalanche (AVAX) Makes Gradual Gains: $100 Next Target?

Avalanche (AVAX) Makes Gradual Gains: $100 Next Target?

Posted Friday, November 12, 2021 by
Aiswarya Gopan • 2 min read

Avalanche (AVAX) is gradually climbing higher on Friday, powered by optimism among investors following the announcement that leading stablecoin Tether (USDT) will be going live on its platform soon. At the time of writing, AVAX/USD is trading around $84.90.

During the previous session. Tether Operations Limited confirmed its plans to launch the USDT token on Avalanche, a move which will give a solid boost to the blockchain’s DeFi capabilities. The addition of Tether to its growing ecosystem is yet another factor which will drive up interest in its ecosystem among developers and users, contributing to an uptick in its on-chain activity and drive up the value of the AVAX token, which could bring in more investors in turn.

Another promising development that will hike investor interest in the token is its listing on leading trading app Public. Shortly after beginning crypto trading on its platform, the Robinhood competitor recently announced the inclusion of Avalanche’s AVAX and 20 other cryptocurrencies on its platform, driving up trading activity in the token.

Last week, Avalanche received another push higher after leading digital asset management firm Grayscale hinted that it was looking at its potential to include it among its investment offerings. This development could spur interest in AVAX among institutional investors, giving the DeFi crypto more acceptance in the market and keeping its price supported.

Meanwhile, the potential Ethereum killer recently announced a partnership with DIA Association to bring its oracle infrastructure into the Avalanche ecosystem. The development will integrate DIA’s oracle suite into dApps on the blockchain, giving them access to industry-grade financial data in a reliable, transparent and decentralized manner.

AVAX/USD Technical Analysis

Popular crypto influencer and trader who goes by the pseudonym Smart Contracter forecasts a strong rally in AVAX coming up soon. He expects the Avalanche price to touch a new ATH past the $120 mark in the coming sessions.

Technical analysis of the 4-hour chart of AVAX/USD reveals a bearish bias among smaller moving averages along with the MACD. Howver, the larger timeframe MAs and the momentum indicator point to some interest among buyers as well.

Avalanche’s price is holding above the pivot point at $79.60 but is some way below the immediate resistance at $96.97. Keep an eye on this level as a break above this can take AVAX past the key $100 mark until buyers encounter resistance at $106.30.

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