The Avalanche team intends to build on the recent momentum of the AVAX/USDT pair and the crypto market in general by taking its partnerships further. To this end, it has recently entered into a coalition with crypto lending project Nexo to offer tax-efficient credit lines and instant swaps, and these transactions will receive backing on the AVAX platform.
Nexo is a platform that provides crypto-backed credit, allowing users to borrow the AVAX token or swap and trade their AVAX holdings. This is a two-way street. Holders of AVAX can lend their tokens for interest, and those intending to secure credit via Nexo now have the chance of borrowing cryptos in AVAX tokens, paying a moderate interest in return.
This partnership further enhances the crypto-lending decentralized finance space. The importance of the Nexo-AVAX partnership is that it allows for a unique cross-chain linkage that leverages the supremely fast DeFi ecosystem that Avalanche offers. The development of a Solidity-compatible Ethereum bridge also enables seamless cross-chain transactions between both networks. The Avalanche price prediction for a bullish break could be on the cards with this development.
Avalanche Price Prediction
The AVAX/USDT pair is up for the 4th day in a row and is aiming to touch off recent highs at 72.92/ A break of this level opens the door for the bulls to rush towards the current all-time high at 79.80. A breakout sends the price into new record territory.
On the other hand, a retreat from the current resistance at 72.92 targets 63.03 (23.6% Fibonacci retracement level) and 60.00 (psychological support). A breakdown of the ascending support trendline connecting the lows of 12/17/27/31 October clears the path for a corrective decline towards 52.63 (38.2% Fibonacci retracement).
AVAX/USDT: Daily Chart
Follow Eno on Twitter.