Avalanche (AVAX) Coin Price Prediction: AVAX Corrects a Major Reversal Trend as the Franklin Templeton Tokenized Fund Integrates with the Avalanche Network

Avalanche, a decentralized, open-source proof-of-stake blockchain with smart contract functionality, has been making significant strides in recent months.

Avalanche, a proof-of-stake blockchain known for its smart contract capabilities, has seen a surge in its native cryptocurrency, AVAX, with experts predicting it could reach $40. This follows the integration of Franklin Templeton's $420M FOBXX fund with the Avalanche network.

After breaking a 5-month correction trend with a resistance breakout, Avalanche's price surged 3.5% amid a broader market uptick and institutional interest in the network's technology.

After nine consecutive green candles on the daily chart, indicating a 40% surge from $19.78 to $27.7, AVAX breached the falling wedge pattern's resistance trendline last Thursday. This pattern, with two converging trend lines, has been driving Avalanche's correction since March 2024.

AVAX / USD price chart. (Source: TradingView)

As buyers pushed AVAX above the 20- and 50-day Exponential Moving Averages (EMAs), the near-term trend is expected to shift positive. If the bullish momentum continues, AVAX could rally 20% to challenge the $33 resistance and potentially reach $41.8. However, trading below the 100- and 200-day EMAs suggests a broader bearish trend. If sellers sell AVAX back into the wedge pattern, the recent breakout could be invalidated, leading to a potential correction to $17.4 support.

According to our technical analysis, Avalanche Coin's 200-day SMA is projected to ascend over the next month, with a simultaneous short-term 50-day SMA expected to eye $24.93 by the same date.

The Relative Strength Index (RSI) currently stands at 65.20, indicating a Neutral market sentiment for Avalanche.

Franklin Templeton, a global investment firm, expanded the reach of its Franklin OnChain U.S. Government Money Fund (FOBXX) with integration on the Avalanche network. Launched in 2021, FOBXX is the first U.S.-registered mutual fund to utilize a public blockchain for transaction processing and share ownership recording. This innovative approach to mutual funds represents a significant step forward in the fusion of traditional finance and blockchain technology.

One share of the $420 million Fund is represented by one BENJI token. Token holders can gain exposure to the Fund through the Benji Investments app. The integration with the Avalanche network aims to enhance accessibility while tapping into the increasing number of institutional participants utilizing Avalanche's technology.

The integration of Franklin Templeton's tokenized fund with the Avalanche network has significantly impacted the price of AVAX. Alongside this announcement and Grayscale's Avalanche Trust Fund, the Avalanche price gained additional bullish momentum, pushing it past the $25 psychological level. This shows the power of strategic partnerships and integrations in influencing the price of cryptocurrencies.

Source: Coinfomania

Meanwhile, as of writing, AVAX, per Coinfomania expert price prediction, is currently trading at $23.48 with a forecasted decrease of 0.60% to $22.47 by 27 August. Technical indicators suggest a ‘Sell’ market sentiment. Over the last 30 days, AVAX has seen 13/30 green days, reflecting a 43% positive trading trend.

Source: Coinfomania

With a price volatility of -3.35%, AVAX exhibits moderate fluctuations. In the past 24 hours, avax has experienced a positive trend of 2.29% since yesterday. The live market cap stands at $9.50 billion, with a circulating supply of 404771353.19288 coins out of a maximum supply of 720000000 AVAX.

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