- AVAX hovers near the key resistance at $23.31 amid mixed technical signals.
- Nonco launches FX On-Chain on Avalanche to streamline institutional stablecoin FX.
- Avalanche strengthens its position as a hub for regulated digital finance infrastructure.
The native cryptocurrency of Avalanche, AVAX, is trading at $19.91, which is 2.90% lower on the day and has increased its seven-day loss 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 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 has the potential to affirm 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 debuts FX On-Chain on Avalanche
In an industry first, institutional trading firm Nonco has released its FX On-Chain protocol on Avalanche’s C-Chain to introduce deep FX liquidity into the stablecoin economy.
This effort simplifies cross-border stablecoin transfers, which take the form of automated exchanges between USD-denominated assets such as USDC and local currency stablecoins like MXN or BRL.
The FX On-Chain protocol targets institutional-grade use cases by offering features like atomic on-chain settlement, real-time pricing via a Request-for-Quote (RFQ) system, and direct integration with stablecoin issuers and banks. Its goal is to address persistent inefficiencies in non-USD stablecoin markets caused by fragmented liquidity and slow conversion processes.
“Nonco’s FX On-Chain transforms how institutions access stablecoin FX markets,” noted Morgan Krupetsky of Ava Labs. “By combining institutional know-how with Avalanche’s scalable tech, the initiative has the potential to redefine how global payments and remittances operate.”
AVAX chosen for Nonco’s FX protocol
Nonco’s project has received strong institutional support, with leading asset manager VanEck having confirmed its investment in the project. VanEck chief Jan van Eck noted Nonco’s increasing reputation as the leader in stablecoin-enabled FX, pointing to the firm’s expertise in liquidity provisioning and corporate service.
The protocol will have Avalanche as the network-of-choice through which it operates, opting for its fast transmission rates, cost-effectiveness, and Ethereum Virtual Machine (EVM) toolset compatibility.
Backed by companies such as Valor Capital and Hack VC, and with the service provided to more than 350 institutional clients, Nonco is well-positioned to grow its operation and impact.
The FX On-Chain protocol is to launch with the USD/MXN pair, quickly adding other major currency pairs such as USD/BRL and EUR/USD, and having the potential to revolutionize institutional FX trading in the blockchain space.
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