The price of Avalanche (AVAX) has been on the rise recently, driven by rumors of an AVAX ETF launch by 2025. Let’s explore how high it can go with this new hype.
Recent Avalanche Price Performance
For over a month, Avalanche (AVAX) was in a downtrend, dropping from $41.16 to $28.83 on June 25. However, the price began to recover, gaining almost 22% over the week. Notably, AVAX surged 6% in the last 24 hours, bringing its value to $30.02. With a 55% increase in trading volume to $283,581,731, network activity is high as investors focus on this altcoin.
Reasons for the Avalanche Price Rise
Avalanche’s price charts showed signs of an uptrend on June 25 after a brief decline, with whales increasing selling pressure a day earlier. These whales transferred 1.96 million AVAX coins on popular crypto exchanges. The main driver of AVAX’s price rise is the ongoing ETF discussion in the market. Similar to the Solana ETF hype, AVAX is expected to receive ETF approval by 2025.
Market Insights
Quinten, a market expert, believes Avalanche is among the few cryptocurrencies to receive ETF approval. Dr. Martin Hiesboeck highlighted that AVAX, one of the fastest-growing altcoins, has maintained its total volume above $18 billion. Additionally, popular companies like Konami have launched their NFTs on the Avalanche network, increasing demand.
Future Price Potential
Technical indicators suggest increased buying pressure for AVAX as the price rises after weeks of decline. Indicators such as STOCH (9,6), Bull/Bear Power (13), and moving averages of 5, 10, and 20 days favor buying. However, longer-term data (50, 100, and 200 weeks) still show a decline, as does the MACD (12,26) level at -1.25, indicating selling pressure.
The STOCHRSI (14) and Williams %R indicate overbuying, which could change the trend if the price drops below $28.78. Currently, the key resistance level is $30.13. If AVAX crosses this, an uptrend could push its value to $34. If the ETF hype continues, the price could jump beyond March’s high of $60.69.
Conclusion
Avalanche’s price is surging due to ETF rumors and increased market activity. Technical indicators suggest potential for further growth, but investors should watch for key resistance levels. The ongoing ETF discussion could significantly impact AVAX’s future price.
