Avalanche, the rapidly growing blockchain platform, has recently taken a major step towards simplifying crypto adoption by integrating with the payment processing giant Stripe. According to an announcement from Ava Labs, the developer behind Avalanche, this integration will allow verified Stripe users to easily purchase Avalanche's native AVAX token and deposit it directly into their wallets. 

The move aims to solve the "cold start problem" that has plagued many Web3 applications, where users struggle to fund their wallets with cryptocurrencies to begin using the platform's services. By partnering with Stripe, which handles KYC, payments, fraud prevention and compliance, Avalanche developers can now embed a user-friendly widget into their applications, enabling customers to convert fiat currency into AVAX with just a few clicks.

The news comes as the AVAX token, currently ranked 12th by market cap, experiences a revival of stability in interest and price action. As of this writing, AVAX is trading at $37, up 4.04% over the last 24 hours, with a market cap of $14 billion and a daily trading volume of over $443 million.

AVAX Price Chart: CoinMarketCap

AVAX Technical Analysis

Over the past six weeks, AVAX has seen a bearish close after hitting a high of $65.38. However, the token found support in the $30 zone, suggesting accumulation by buyers. This week's candlestick is currently bullish, but confirmation is needed to see if the $30 level will act as solid support or if a breakdown is imminent.

AVAXUSD Weekly Chart: TradingView

AVAX Daily Technical Analysis

AVAX broke down from an ascending channel on April 12th, dropping to test the $30 support on April 13th, where it faced rejection. Since then, the price has been trapped in a consolidation range between $30 and $39. Today, AVAX opened at $37.37 and has traded between $36.79 and $38.01 as traders await a breakout or a breakdown from this range.

AVAXUSD Daily Chart: TradingView

Trade Set Up

If AVAX faces rejection at this $30 support level, it can recover and rally to test the $39 high, the imbalance above it, and the ascending channel resistance at around $46, or the $50.21 resistance level. If the price breaks down past this $30 support level, it can drop to test low at the $21 zone, and recovery soon could not be on the cards.

AVAXUSD 4-Hour Chart: TradingView

Those who are not patient enough to wait for a breakout or breakdown can "trade the range" until a break is realized. However, for proper risk management, a confirmation of the trend is crucial first.

As the integration with Stripe rolls out across eight Avalanche Web3 applications, the platform is well-positioned to capitalize on the growing demand for user-friendly crypto onboarding solutions. With a focus on scalability, low transaction fees, and eco-friendly consensus, Avalanche continues to gain traction as a formidable competitor in the blockchain space.