Avalanche price has dropped despite the announcement of a new payments card for users
The atmosphere surrounding Avalanche AVAX $18.68 24h volatility: 3.2% Market cap: $7.97 B Vol. 24h: $273.76 M is quite unsettled, even with the cryptocurrency registering positive ecosystem momentum. AVAX’s trading volume is currently at $291.90 million after bagging a surge of 29.17%. This suggests that traders and investors engage with the coin and its ecosystem.
Avalanche Price Shows Mixed Signals
Despite this positive ecosystem around the digital currency, AVAX is pairing off its gains. At the time of this writing, AVAX traded at $27.40, bleeding off 3.83% of the gains from the last 24 hours. The coin’s performance has hovered around a low of $27.41 to a high of $29.03 within the last 24 hours. Its market capitalization has also registered a plunge and is now resting at $11.15 billion.
Noteworthy, this fluctuating sentiment coincides with the launch of the Avalanche Card, which the Avalanche Foundation announced recently. The new offering allows users to make cryptocurrency payments with WAVAX, USDC USDC $1.00 24h volatility: 0.0% Market cap: $75.85 B Vol. 24h: $3.72 B , sAVAX sAVAX $23.02 24h volatility: 3.2% Market cap: $436.65 M Vol. 24h: $1.24 M , and other digital assets at any location where Visa is accepted. This news could influence altcoin’s market performance in the coming weeks when it is fully priced in.
This marks a major step towards integrating the traditional financial system with blockchain technology. At the same time, it presents more use cases for cryptocurrencies in everyday life. Notably, Avalanche Foundation has made the card available in both physical and virtual form, making it more flexible for users.
Introducing the Avalanche Card! 🔺
Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted.
Enjoy both physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.
The future starts now! Join the waitlist and check out the full… pic.twitter.com/NUmW93sX5P
— Avalanche Foundation 🔺 (@AvalancheFDN) October 21, 2024
The team behind the offering is rolling it out in Latin America and the Caribbean.
Avalanche Foundation is particular about this region because it offers the protocol a platform to promote financial inclusion. Residents of these regions are expected to enjoy accessibility through Avalanche Foundation’s newly launched payment solution.
Crypto Market Sees Broad Price Correction
Generally, the crypto market has seen some correction in the prices of different assets within the past 24 hours. Flagship digital asset Bitcoin BTC $109 998 24h volatility: 0.4% Market cap: $2.19 T Vol. 24h: $25.33 B lost over 1% of its price gain during this period. At press time, BTC was trading at $67,090.11 after losing 1.89%. Like AVAX, its trading volume has seen almost a 50% surge in the last 24 hours while its market cap fluctuates.
Ethereum ETH $3 868 24h volatility: 0.8% Market cap: $466.56 B Vol. 24h: $12.84 B is included in the broad price decline in the ecosystem. Markedly, ETH’s price is now at $2,632.29, with a 2.72% dip. This negative sentiment has caused the altcoin to retrace below its crucial resistance level.
From a technical standpoint, the coin’s price is currently retesting a crucial neckline resistance around $2,800 of a potential inverted head and shoulders (H&S) pattern. This is coupled with a rising daily Relative Strength Index (RSI) divergence. Should Ethereum’s price continue to close above $2,800 in the coming days, a rally toward $5000 might officially be confirmed.
However, on a regular weekly scale, the Ethereum price did not retest the rising trendline, thus increasing the chances of further correction before the anticipated parabolic rally.
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