AVAX is testing the upper edge of a multi-year downward wedge, around $11.
More than $2 billion worth of grain from over 12,000 warehouses in India is being connected to Avalanche.
The continuously rising demand may make the resistance levels of $15 and $22 become the focus of attention.
AVAX's price is testing a level that bearsists have been waiting for for many years. Looking at the weekly chart, Avalanche is retesting the upper edge of a multi-year descending wedge around $11, which has made demand a focal point for market attention.
If the buying pressure continues to rise, the next major resistance level is at $15. It's not complicated to say. However, AVAX still needs to prove that demand can push prices above this wedge pattern.
AVAX Prices face resistance at $15 and $22
As the downward wedge approaches a potential breakout point, the technical pattern is becoming more interesting. If prices continue to remain above the upper edge of the wedge, market attention may shift towards $15 first.
On top of that, $22 will become the next major resistance level indicated by this pattern. However, neither of these prices is set in stone. The chart still requires stronger demand to confirm this trend.
And today, another reason that could drive the formation of demand has emerged.
Avalanche Introduces Billions of Dollars in Grains onto the Blockchain
More than $2 billion worth of grains from over 12,000 warehouses in India are being connected to Avalanche, linking millions of farmers with storage, markets, and credit.
A portion of the agricultural financing infrastructure is being uploaded to the blockchain through Avalanche. This represents a real-world application scenario that is directly related to stored agricultural products and has considerable scale.
With the assistance of Finternet, Arya.ag is collaborating with major lending institutions such as Singularity Credit and Aryadhan to promote the use of stored agricultural commodities as verifiable collateral for credit.
Agricultural collateral may enhance the demand for Avalanche.
This approach is very straightforward. By moving the underlying records and lending processes onto the blockchain, lending institutions can more easily verify collateral and track the financing process with greater transparency.
For farmers, this arrangement is aimed at creating a more efficient credit system, with the collateral based on the crops they already possess.
This also adds another narrative of demand when the price of AVAX approaches key technical levels on the weekly chart. If demand continues to rise, $15 and subsequently $22 will become levels worth watching; if not, the downward wedge pattern has not yet been completed.
