Is It Time for Avalanche (AVAX) Price to Turn Bullish?
Avalanche (AVAX) has seen a strong price recovery, gaining over 45% in the past two weeks after a prolonged downtrend, including a recent low of $17.29 on Aug. 5. The recent surge brought the price up to $25.25, fueled by positive media headlines and strategic developments.
Key Drivers Behind the Rally:
Token Unlock Schedule: AVAX investors have focused on the reduced number of token unlock events after 2024, which may ease sell pressure and support long-term growth.
Grayscale Avalanche Trust: The launch of this new investment fund by Grayscale Investments offers exposure to AVAX, contributing to bullish sentiment.
Franklin Templeton's Expansion: The asset management giant expanded its blockchain-integrated fund to the Avalanche network, boosting confidence in the ecosystem.
What to Watch:
Spot Buying Volumes: Sustained increases in buying volumes could push AVAX past the $25 to $27 resistance and towards the $28 to $33 range.
Market Sentiment: The rally might continue if investors maintain positive sentiment, especially given the influence of news-driven price movements in the crypto market.
Key Drivers Behind the Rally:
Token Unlock Schedule: AVAX investors have focused on the reduced number of token unlock events after 2024, which may ease sell pressure and support long-term growth.
Grayscale Avalanche Trust: The launch of this new investment fund by Grayscale Investments offers exposure to AVAX, contributing to bullish sentiment.
Franklin Templeton's Expansion: The asset management giant expanded its blockchain-integrated fund to the Avalanche network, boosting confidence in the ecosystem.
What to Watch:
Spot Buying Volumes: Sustained increases in buying volumes could push AVAX past the $25 to $27 resistance and towards the $28 to $33 range.
Market Sentiment: The rally might continue if investors maintain positive sentiment, especially given the influence of news-driven price movements in the crypto market.
Overall, while the recent rally shows promise, the continuation of bullish momentum depends on whether the market sustains higher buying volumes and overcomes key resistance levels.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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