Key takeaways
- Avalanche’s AVAX trades above $12 after gaining about 2%.
- The rise follows Grayscale’s updated filing for an Avalanche ETF.
AVAX climbs above $12 after Grayscale updates AVAX ETF filing
The cryptocurrency market has shown broadly positive movement over the past 24 hours, with Bitcoin and many major altcoins trading higher. AVAX, Avalanche’s native token, is among the top performers within the top 30 cryptocurrencies, rising more than 2% in the last day.
That momentum pushed AVAX above $12 and could support further near-term gains. Traders attributed the move in part to Grayscale updating the sponsor details for Grayscale Investments Sponsors LLC in its S-1 filing related to converting the Avalanche Trust into an ETF.
Grayscale has not yet disclosed management or staking fees, nor any final disclaimers. A successful Nasdaq listing for the ETF would likely bolster institutional interest in AVAX.
In addition, AVAX saw an uptick in fresh capital as futures open interest (OI) rose by 1.66% over the past 24 hours to reach $499.87 million, indicating that traders are establishing new positions—both long and short.
Despite higher open interest, the negative funding rate of -0.0113% suggests traders are willing to pay a premium to hold short positions.
AVAX targets resistance near $13.50
The AVAX/USD 4-hour chart remains mixed-to-bearish in structure, even though the token has gained around 2% over the last day. The short-term rally comes amid renewed retail demand after AVAX recovered from a pullback that tested support near $11.18.
Technical indicators have improved, signaling a growing bullish bias. The RSI sits at about 52, above the neutral 50 level, suggesting buyers have regained some control. The MACD lines have crossed into bullish territory as well, supporting a positive near-term outlook.
If the rally continues and a daily close above resistance at $12.78 is achieved, AVAX could move toward the next resistance area near $13.50.
Conversely, if bulls fail to capitalize on the improving momentum, AVAX could retest support at $11.18.