Avalanche Price Pumps 13% As Grayscale Launches AVAX Fund, While Experts Say This New Meme Coin Might 10X
The Avalanche price jumped 13% in the last 24 hours to trade at $26.20 as of 00:44 a.m. EST, with trading volume surging 43% to $464 million.
This comes as one of the largest asset managers in the industry, Grayscale, expands its crypto offering by launching an Avalanche (AVAX) trust.
The fund will allow accredited investors to gain exposure to the cryptocurrency.
Avalanche Price To Continue Soaring
The Avalanche bears capitalized on the death cross at $27.45 to exert pressure on the price at the beginning of August, according to data from GeckoTerminal .
However, the bulls later found support at $19.94, which then allowed the price to soar back to the $26.61 resistance, forming a rounding bottom pattern.
The AVAX price bulls are looking to capitalize on the pattern to propel the price up it now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs).
Moreover, the Relative Strength Index (RSI) is climbing above the 70-overbought region, currently at 78, showing that AVAX is under intense buying pressure. The soaring RSI also shows that the asset is currently overvalued, a cautious factor for investors who want to invest.
The Moving Average Convergence Divergence (MACD) also crosses above the neutral line, a signal that AVAX is on an upward trend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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