- Avalanche (AVAX) price was in the green on Tuesday morning, with bulls keeping the token above the critical $30 level.
- Most cryptocurrencies traded around key levels as markets awaited the Federal Reserve meeting and its interest rate decision.
- Institutional interest continued to grow, with Bitwise filing for a spot Avalanche exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
Avalanche Price Breaks Above $30
While smaller tokens such as Avantis surged to become the day’s top performers, Avalanche (AVAX) also climbed, trading among the best performers within the top 20 cryptocurrencies.
At the time of writing on September 16, AVAX traded near $30.50, up roughly 7% over the past 24 hours and an impressive 18% over the past seven days.
That outpaced the broader cryptocurrency market’s 1% gain and pushed bullish momentum toward a potential channel breakout.
Trading volume jumped to $1.18 billion, rising more than 27% in the last day and signaling renewed buying pressure.
Price chart
From a technical perspective, the chart suggests AVAX is attempting a meaningful breakout from a long-standing price channel.
Although the token has largely consolidated within a descending parallel channel, the recent lift has bulls targeting a re-accumulation pattern that could allow a retest of $44.
Avalanche clearly cleared a significant horizontal resistance at $27. Holding above that level and pushing past the $30 barrier could give bulls the momentum needed to breach the channel’s upper boundary.
The relative strength index (RSI) sits around 64, indicating room for further gains before overbought conditions appear. The daily moving average convergence/divergence (MACD) also supports the upward trend.
Overall, the chart structure positions AVAX well for moves above $30, potentially supported by ecosystem expansion and growth in decentralized finance (DeFi).
Bitwise AVAX ETF Filing and the Fed Decision
Technical optimism is reinforced by recent regulatory and macroeconomic developments.
One notable development is Bitwise Asset Management’s S-1 registration statement filed with the U.S. Securities and Exchange Commission for a spot Avalanche ETF.
The filing follows the establishment of a legal trust in Delaware, which proposes direct exposure to AVAX through held tokens, enabling investors to gain regulated access without managing wallets or private keys.
Asset managers such as VanEck and Grayscale are among the prominent issuers seeking approval for AVAX-tracking ETFs. Confidence is growing amid expectations that the SEC could greenlight such products in the coming months.
Additionally, AVAX’s price has been buoyed by anticipation around the Federal Reserve’s upcoming interest rate decision.
The Fed meets this week, and a 25 basis point cut could inject fresh liquidity into risk assets, including cryptocurrencies, potentially lifting AVAX alongside other altcoins.