Bitcoin Transforms into Store of Value, Stablecoins Fill Payment Gaps
- Evolution of Bitcoin's Role: According to Roger Bayston, Head of Digital Assets at Franklin Templeton, Bitcoin has shifted from its original function as a payment tool to a store of value, with users now more inclined to hold rather than spend, thereby influencing its positioning in investment portfolios.
- Utility of Stablecoins: Stablecoins are designed to maintain stable value, making them suitable for payments, trading, and cross-border settlements, thus filling the gaps left by Bitcoin's price volatility and highlighting their significance in the digital financial system.
- Expansion of Lending Markets: Bayston noted that the rise of borrowing against Bitcoin as collateral is gaining traction, allowing investors to access liquidity without selling their assets, indicating a maturation and diversification of the cryptocurrency landscape.
- Complementary Assets: In the future digital financial ecosystem, Bitcoin and stablecoins may no longer be rivals but rather complementary tools serving distinct roles, further driving the development of the entire crypto market.
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Technical Analysis for AVAX
Technical Sentiment Analysis for Avalanche (AVAX) As of , Avalanche (AVAX) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for AVAX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, AVAX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Avalanche (AVAX) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 4.242 | 5.896 | 7.782 | 9.436 | 11.322 | 12.976 | 14.862 |
| Fibonacci | 5.896 | 7.248 | 8.084 | 9.436 | 10.788 | 11.624 | 12.976 |
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