Avalanche (AVAX) Daily Forecast: AVAX Eyes 41% Surge After Visa Card Launch

Avalanche (AVAX) has been making waves with the latest news—a crypto payment card.The Avalanche Foundation just announced the launch of the Avalanche Card, where you can pay with various cryptocurrencies at any Visa-accepting merchant.

This is a big step towards integrating digital assets into everyday transactions and could have long term effects on AVAX’s price.

The card is available in physical and virtual form and is first being rolled out in Latin America and the Caribbean to promote financial inclusion.

The Avalanche Card supports WAVAX, USDC, AVAX and other cryptocurrencies. Avalanche is targeting regions with limited banking access to offer an innovative way to access financials through digital currencies.

As crypto adoption grows this puts Avalanche at the front of the pack in the blockchain space, real world use cases for cryptocurrencies. The Avalanche Card will impact retail and institutional interest in the platform.

Avalanche is set to launch a Visa card, initially available to residents of Latin America & the Caribbean. Residents of “sanctioned socialist” countries -Venezuela, Cuba, and Nicaragua are excluded.

It seems that the promise of financial freedom doesn’t extend to everyone 🤐. pic.twitter.com/Of8LJCTePB

— edward mercado 🤖 (@0xwaya) October 22, 2024

AVAX Price Analysis: Levels to Watch

Avalanche (AVAX) is currently at $27.86, up 1.38% in the last 24 hours. It has ranged from $27.91 to $27.35 in the last 24 hours. Despite the overall market uncertainty Avalanche is holding around $28, a key support level.

Looking forward resistance is at $30, a level that has held AVAX back from moving higher. If it breaks above this level we could see a bullish run to $29.84. If AVAX gets past this level we could see prices reach $40, a 41% increase.

But the overall market is volatile. Bitcoin (BTC) just dipped to $67K and Ethereum (ETH) is at $2,600. This overall market decline could impact AVAX in the short term. The Average Directional Index (ADX) is at 11.92, a weak trend momentum, meaning prices may not move much without a breakout.

"🚀 Big news for $AVAX holders! Avalanche partners with Visa to launch a crypto-powered Visa card for seamless payments 🌍💳. Use your AVAX for everyday purchases with ease. The future of payments is here! 🔥 #AVAX #Visa #CryptoPayments #DeFi #Blockchain" pic.twitter.com/dIh6RNbxGG

— Crypto Worldwide 🌍 (@CW360_) October 22, 2024

AVAX Technical Analysis: Rebound?

Avalanche is going through market fluctuations and its short term is unclear. The Relative Strength Index (RSI) is at 45.41, neither overbought nor oversold. This neutral reading means AVAX can move up or down depending on the overall market.

The 50-day Exponential Moving Average (EMA) is at $28.05, the 200-day EMA is at $29.18. A breakout above $30 could lead to stronger bullish momentum. On the downside support is at $27.26, then $26.66 and $25.96.

For now investors are waiting. The Avalanche Card launch and adoption could be the catalyst for AVAX to go up but external market conditions will impact the token in the short term.

Key Points:

• AVAX Price: $27.86, resistance at $30, support at $27.26.

• RSI: 45.41, neutral.

• EMA: 50-day EMA at $28.05, 200-day EMA at $29.18.

AVAX is neutral on the technicals but the Avalanche Card could be the trigger. Watch $30 as the level to break.