Avalanche’s AVAX Rallies Higher Following BitGo Integration

The cryptocurrency space has recorded massive adoption since the start of the year. The adoption continues to increase despite the current bearish trend within the broader crypto market.

BitGo Now Supports AVAX

Cryptocurrency custody firm BitGo announced that it had added support for AVAX, the native token of the Avalanche ecosystem. This latest development comes on the back of increased adoption of AVAX by institutional investors.

John Wu, president of Ava Labs, stated that “Not only is BitGo trusted and allows us to provide more access to our native tokens on Avalanche. But given the enterprise push and the institutional support of Avalanche, this really is a very powerful company to partner with.”

Avalanche remains one of the leading blockchains in the world and has been performing excellently since the start of the year. BitGo reportedly holds over $64 billion in assets under management, and the adoption of AVAX would make the token more available to institutional investors.

Avalanche has been in the news for positive reasons in recent weeks. Last week, Bank of America analysts praised Avalanche, calling it a viable alternative to Ethereum. The analysts said Avalanche’s subnet had seen more adoption and currently houses more than 380 projects.

Despite the broader crypto market underperforming in recent weeks, AVAX has been able to maintain its price above the $100 mark, with bulls taking charge of the coin’s performance.

AVAX Rallies Following BitGo’s Integration

The AVAX/USD daily chart is one of the most bullish amongst the top 20 cryptocurrencies by market cap. AVAX is up by more than 14% over the past 24 hours, topping the $115 psychological level earlier today.

The AVAX MACD line is above the neutral zone, indicating the bullish nature of the cryptocurrency at the moment. The 14-day relative strength index currently stands at 61, showing that the coin is heading towards the oversold region. At press time, AVAX is trading above its 50-day SMA of $100.42.

If the current momentum is maintained, AVAX could rally towards the $130 level over the coming hours. An extended bullish performance would allow AVAX to recover towards the $135 region before the end of the day.