AVAX trading at $19.91, down 2.90% on the day

The price of native cryptocurrency of Avalanche, AVAX, is trading at $19.91, which is 2.90% lower on the day and has seen its seven-day loss increase to 6.97%.

Trading volume has risen 6.32% in the previous 24 hours to reach $180.78 million, showing increasing action as everyone waits for direction.

Technical Analysis Shows Signs Of Bottom In Avalanche Price

Technical analysis indicates that Avalanche might’ve ended its five-wave decline from the November highs and is poised to initiate an ABC corrective sequence. The altcoin is currently in the process of consolidating below the resistance level of $23.31 and the 100-day exponential moving average.

Momentum indicators, particularly the Relative Strength Index (RSI), are rising steadily and approaching 60, often seen as a pivotal breakout threshold. A push above 60 could validate a bullish breakout, whereas failure may signal exhaustion.

Traders are monitoring the tightly compressed $20.89-$20.91 zone of support closely. A daily close below the band could have implications for affirming the bearish continuation to $19.80.

On the flip side, a sustained breakout above $23.31 with volume can drive AVAX towards $26.49 and higher to $28. A breakout above $23.30 is important for the bulls, but the bears can take charge if the token falls below $21 and RSI starts to turn downwards.

Nonco Brings FX On-Chain To Avalanche With Stablecoin Liquidity

In a move that could have huge implications for the stablecoin market, Nonco, an institutional trading firm, has launched its FX On-Chain protocol on Avalanche’s C-Chain to introduce deep FX liquidity into the stablecoin ecosystem.

This initiative aims to simplify cross-border stablecoin transfers, which are performed as automated exchanges between USD-denominated assets like USDC and local currency stablecoins such as MXN or BRL.

Focusing on institutional-grade use cases, the FX On-Chain protocol offers atomic on-chain settlement, real-time pricing via a Request-for-Quote (RFQ) system, and direct integration with stablecoin issuers and banks. It sets out to solve persistent inefficiencies in non-USD stablecoin markets, which are typically characterized by fragmented liquidity and slow conversion procedures.

“Nonco’s FX On-Chain reimagines how institutions engage with stablecoin FX markets,” added Morgan Krupetsky from Ava Labs.

“Combining Nonco’s institutional expertise with Avalanche’s scalable technology has the potential to fundamentally alter how global payments and remittances are conducted.”

Nonco’s initiative has secured strong institutional interest, with leading asset manager VanEck confirming its investment in the project.

Highlighting Nonco’s increasing role as a frontrunner in stablecoin-enabled FX, Jan van Eck, chief of VanEck, noted the firm’s proficiency in providing liquidity and offering optimal corporate service.

The protocol will be operating on Avalanche due to its rapid transmission rates, cost-effectiveness, and compatibility with the Ethereum Virtual Machine (EVM) toolset.

Having raised funds from investors including Valor Capital and Hack VC, and providing service to over 350 institutional clients, Nonco is well-positioned to expand its operation and impact.

The FX On-Chain protocol is launching with the USD/MXN pair, with plans to quickly add other major currency pairs such as USD/BRL and EUR/USD, marking a significant step in revolutionizing institutional FX trading within the blockchain domain.