Will AVAX Price Rise to $60 by 2023 End?

Key Takeaways:

• AVAX’s Remarkable Surge: Since mid-October, AVAX price has skyrocketed by an impressive 365%, experiencing a consistent bullish trend with no red days in December until recently.
• Bullish Technical Indicators: The bullish momentum is reinforced by a golden crossover in the 50-day and 200-day EMAs, signaling sustained buying pressure and a secure upward trajectory.
• Price Targets and Support Levels: Anticipated price targets for AVAX range from $60 to $65 in the near term, potentially yielding a gain of 50-55%. On the downside, support is expected around the $32 region.
• J.P. Morgan & Avalanche Collaboration: J.P. Morgan and Apollo Global partnered with Avalanche for a revolutionary proof-of-concept, aiming to transform asset management using blockchain, smart contracts, and tokenization. This collaboration explores portfolio management enhancements and tokenized fund accessibility through blockchain infrastructure, empowering the digitization of global assets.

Avalanche Price Technical Analysis

AVAX/USD | Source: TradingView

• Since mid-October, AVAX price has surged remarkably, boasting a consistent 365% gain. Notably, December hasn’t seen a single red day for AVAX until yesterday and has rallied nearly 70% since the beginning of December until as of writing this article.
• AVAX price is at the highest point since May 2022 – like many of the top altcoins in the market, and this is a trend that is being observed all across – thus, this indication also supports the view that the bullish momentum in AVAX price is here to stay!
• The 50-day and 200-day exponential moving averages have experienced a bullish golden crossover, reinforcing the Avalanche price’s bullish position as it trades above these EMAs, ensuring a secure upward trajectory. These factors are well-known technical triggers that hint at sustained buying pressure in the altcoin.
• If we see AVAX price breaking out of the $40 range, then the anticipated targets for AVAX price range from $60 to $65 in the coming month if the current momentum persists, potentially yielding a substantial gain of 50-55% from present levels.
• On the downside, AVAX price will find support around the $27 region, which aligns with the Fibonacci pivot points’ R2 level, offering crucial backing for its price movement on the upside.

Read More: Avalanche Price Prediction

JPMorgan x Avalanche

This rally in AVAX price has primarily been in response to a special development last month. Through their blockchain platform Onyx, J.P. Morgan and Apollo Global revealed an innovative proof-of-concept in collaboration with Avalanche as part of the Monetary Authority of Singapore’s Project Guardian. This pioneering initiative aims to revolutionize asset and wealth management by harnessing blockchain, smart contracts, and tokenization to streamline portfolio management, particularly for complex alternative assets.

This groundbreaking proof-of-concept connects Onyx Digital Assets with an Avalanche Evergreen subnet via the LayerZero protocol. This specialized blockchain subnet addresses institutional needs, prioritizing network privacy, gas features, and permissioning.

The developed infrastructure empowers Onyx Digital Asset portfolios to access tokenized funds provided by WisdomTree, a New York-based asset manager with a valuation of $94 billion. WisdomTree is also among the frontrunners seeking to introduce a Bitcoin ETF.

Tyrone Lobban, Head of Onyx Digital Assets, said,

“By leveraging the power of blockchain technology we have shown how the construction and management of discretionary portfolios could be revolutionized.”

John Wu, President of Ava Labs, emphasized that this initiative resonates with Ava Labs’ objective to digitize and tokenize global assets, capitalizing on Avalanche’s speed, scalability, and adaptability.

Project Guardian, initiated by the Monetary Authority of Singapore in May 2022, explores various applications for asset tokenization within the financial sector. This collaboration between J.P. Morgan, Apollo Global, and Avalanche stands as a milestone in exploring the potential of blockchain technology in asset and wealth management.

Source: CoinMarketCap