Avalanche (AVAX) switches t bullishness as USD Coin (USDC) launches on Avalanche network. AVAX price rose by 12% since yesterday, with a 3rd consecutive bullish session on Thursday as depicted on the 4hr chart. AVAX upswings seem unstoppable, and Avalanche bulls target 1 December range high beyond $127.
USDC Launches on Avalanche
Circle has introduced USDC, its stablecoin, on Avalanche blockchain to target more Daaps launches as Circle wants to establish its name in the decentralized finance (DeFi) marketplace. Keep in mind that launching USD Coin on Avalanche blockchain makes it appealing for different Dapps to introduce their projects on the platform.
Circle’s USDC arrival on Avalanche ecosystem shows the firm’s push for increased diversity after launching USDT in November. Ava Labs CEO and Founder Emin Gun Sirer announced via a tweet.
USDC has risen as a vital USDT competitor and accounts for nearly a 3rd of the overall stablecoin supply within the cryptocurrency space. USD-supported stablecoin might increase Avalanche’s on-chain activity and attract developers to create more projects on the network.
USDC launch on the AVAX ecosystem has catalyzed a bullish run in the altcoin, and experts expect a higher push on Avalanche price, targeting levels past $127.
AVX Upward Rally Aims Range High Past $127
While publishing this content, AVAX price wavers near $113.56 as the alt battled the closest resistance around the $113.85 mark. A rise past this area might see the AVAX token surging to tag the massive resistance at $118. After that, the next sound price move by AVAX would be the 10 December range high beyond $127. With that, Avalanche would record a 12.07% upsurge from the support level.
AVAX/USD 4Hr Chart
The upsloping MAs and the upward actions by the Moving Average Convergence Divergence accentuated the bullish outlook by Avalanche network. Furthermore, the RSI stands inside the overbought area, confirming bulls’ dominance. That also bolsters the bullish narrative.
Meanwhile, RSI in the overbought can mean a potential price retracement in the short term. If bulls’ momentum fades and Avalanche drops beneath the immediate footing at $110, AVAX will dip towards the $108 support. Further price declines might see the token tagging 200 SMA ($103.97), 100 SMA ($96.57), and 50 SMA ($89).
