- Circle has launched its stablecoin USD Coin (USDC) on Avalanche.
- AVAX’s recent price surge looks to be unstoppable.
Avalanche (AVAX) surges as the Avalanche blockchain network introduces USDC. As can be seen on the four-hour chart, the Avalanche price is up 11% for the day and is presently trading in its third consecutive positive session. AVAX’s recent price surge looks to be unstoppable as bulls seek for the December 01 range high over $127.
Second Stablecoin After USDT
To get a foothold in the DeFi ecosystem, Circle has launched its stablecoin USD Coin (USDC) on Avalanche to encourage additional Dapps to be created on the blockchain. The introduction of USDC on the Avalanche ecosystem encourages more Dapps to debut on the blockchain network. Circle’s USDC has joined Avalanche as a second stablecoin after Tether’s USDT on the network earlier this year. Emin Gün Sirer, CEO and Founder of Ava Labs, tweeted the news.
At $113.56, AVAX looks to be fighting immediate resistance from the $113.85 level. The Avalanche token price might advance over this level to reach the $118 significant resistance level, following which the next logical move would be the December 01 range high above $127. As a result, AVAX would have gained 12.06 percent from its present price.
In addition to the upward advance of the Moving Average Convergence Divergence (MACD) indicator above the zero line, Avalanche’s bullish outlook is strengthened by incremental moving averages. RSI’s upward rise and its current position at 75 in the overbought zone indicate that Avalanche price is comfortably in the hands of bulls, further bolstering the optimistic forecast.
