Most major altcoins have also made significant gains this week, with the price of Bitcoin (BTC) rising 10 percent on a weekly basis from $57,800 to $64,000. AvalancheThe price of (AVAX) has increased by over 30% in the last 7 days due to the rise in the cryptocurrency market in general. This recovery in price allowed AVAX to break through a critical resistance level that has been going on for five months and marked a significant trend reversal. Whether this uptrend will continue is a matter of curiosity.
Franklin Templeton’s Avalanche Move Pushes Price Up
On August 22, the global investment company Franklin TempletonFranklin OnChain has expanded the reach of the U.S. Government Monetary Fund (FOBXX) with its integration into the Avalanche network. Launched in 2021, FOBXX is the first U.S.-registered investment fund to use public blockchain for transaction processing and share ownership recording. Each share of the $420 million fund is represented by a BENJI token, and token holders can access the fund’s shares through the Benji Investments app. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The integration into the Avalanche network aims to increase the fund’s accessibility and benefit from the growing number of institutional participants using Avalanche technology. This development follows Grayscale’s announcement of the Avalanche Trust Fund AVAXIt provided additional bullish momentum to the price of and pushed the price above the psychological level of $25.
In addition, Franklin Templeton, FOBXX introduced new features for . Benji wallet holders can now convert their USDC stablecoin to invest in shares of the fund and transfer these shares from peer to peer on the public blockchain. Franklin Templeton Head of Digital Assets Roger Bayston“Bringing the Benji platform to the Avalanche network further expands access to our first-of-its-kind tokenized money market fund,” he said.
If $33 is Exceeded, $40 Will Enter the Pot
From a technical analysis perspective, the price of AVAX continues to have upside potential. Since mid-August altcoinThe price of has staged a high-momentum recovery with nine consecutive green candles on the daily chart. This rally took AVAX from $19.78 to $27.7, registering a 40% growth and reaching a market cap of $11.4 billion.
Finally, the price of AVAX signaled a significant reversal by breaking a key resistance line in a downtrend that has been ongoing since March 2024. This breakout carries the potential for an additional 20% upside as the price of AVAX challenges the $33 resistance. Once this threshold is crossed, the next target level would be $41.82.
On the other hand, AVAX is still trading below the 100- and 200-day EMAs, suggesting that the long-term trend is still down. If selling pressure increases, the altcoin’s price could re-enter a downtrend and pull back to $17.4.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
