Avalanche Price Explodes Hitting $20 As Citi Taps AvaCloud For Blockchain FX Solution

16.11.2023

Avalanche (AVAX) towered above the crypto market horizon on Wednesday with gains exceeding 20% in 24 hours amid news that Citi had collaborated with AvaCloud to test the execution of forex trades.

The network’s native token AVAX, which has been rallying since October, climbed higher, with gains surpassing the $20 level. Although profit-booking resulted in a sudden dip to $15.5, Avalanche had already recovered and trading at $19.87 at the time of writing.

Traders are most likely betting on Avalanche price continuing with the uptrend above $20. Therefore, a daily close above this level would imply a higher probability of AVAX closing the distance to $30.

Citi Taps AvaCloud For Project Guardian

According to an article that appeared on the Business Wire and shared by Avalanche on Twitter (now X), Citi, a leading global bank, has tapped Avalanches’s AvaCloud, “a managed blockchain service enabling teams to rapidly build, deploy, and scale decentralized networks–customized for any use case,” to build an innovative application that utilizes “blockchain infrastructure to price and execute bilateral spot foreign-exchange (FX) trades.”

The application was developed in collaboration with the Monetary Authority of Singapore (MAS) and the country’s financial industry. Citi and MAS tested the applicator for Spot FX on the USD/SGD pair but it can be adapted to suit any fiat currency pair.

.@AvaCloud was used by @Citi to test an app to price & execute simulated FX trades.

Citi’s on-chain solution tracks real-time streaming of price quotes while recording trade executions on @AVAX, supporting the secure record-keeping of trade data.https://t.co/uF0ZmpsGdO

— AvaCloud (@AvaCloud) November 15, 2023

The application used a private permissioned blockchain instance from the Avalanche protocol in the completed phase to record price quotes and trade confirmations for all parties involved.

“While blockchains have demonstrated promise for streamlining post-trade processes, our objective is to drive improvement at all stages of the trade life cycle, including pre-trade and execution,” Shobhit Maini, Co-Head of Digital Assets for Markets at Citi said.

Avalanche Price Prediction: Can AVAX Surge To $30k This Week?

Avalanche is trading above key levels and hinting at the uptrend progressing toward $30. A buy signal from the Moving Average Convergence Divergence (MACD) indicator is compelling investors and traders to keep booking positions in AVAX.

On top of the MACD buy signal, a bullish cross recently confirmed by the 50-day Exponential Moving Average (EMA) (red) flipping above the 100-day EMA (blue), reinforces the bullish thesis.

Avalanche price prediction chart | Tradingview

A golden cross pattern validated an ongoing uptrend. In other words, it shows that Avalanche is poised to keep climbing towards $30 as opposed to plunging uncontrollably.

However, failure to uphold support at $30 may mean that AVAX sweeps lower support levels at $15 and $13 to collect liquidity for the next breakout. Investors must realize that bull markets also have corrections. They can use these dips to DCA and increase their gains as Avalanche price rebounds.