Key Takeaways
- Avalanche’s AVAX trades above $12 after gaining about 2%.
- The rally follows Grayscale updating its filing for an Avalanche ETF.
AVAX Tops $12 as Grayscale Updates Avalanche ETF Filing
The cryptocurrency market has shown bullish momentum over the last 24 hours, with Bitcoin and other major coins trading higher. AVAX, the native token of the Avalanche network, has been among the stronger performers in the top 30, rising more than 2% in the past day.
That bullish move pushed AVAX above the $12 level and could support further upside in the short term. The rally followed Grayscale’s update to sponsor information on Grayscale Investments Sponsors LLC in the S-1 filing related to converting the Avalanche Trust into an ETF.
So far, the crypto asset manager has not disclosed any management or staking fee changes or exemptions. A Nasdaq listing for this ETF could bolster institutional interest and demand for AVAX.
AVAX also registered increased capital flows: the open interest (OI) in futures rose 1.66% over the past 24 hours to $499.87 million, indicating traders are opening new positions on both sides of the market.
Nevertheless, the negative funding rate of -0.0113% suggests some traders are willing to pay a premium to hold short positions.
AVAX Faces Resistance Near $13.50
The AVAX/USD 4-hour chart still shows a cautious structure despite the 2% gain in the last day. The rally is happening amid renewed retail interest after AVAX bounced and retested support near $11.18.
Technical indicators have improved, signaling a modest bullish tilt. The RSI sits at 52, above the neutral 50 level, indicating buyers have regained some control. The MACD lines have also moved into bullish territory, reinforcing the positive bias.
If the rally continues and the daily candle closes above the $12.78 resistance, AVAX could target the $13.50 area next.
On the other hand, if bulls fail to capitalize on the growing momentum, AVAX may retest the $11.18 support level again.