For over a month, Avalanche(AVAX) was in a complete downtrend, driving its price from a high of $41.16 to as low as $28.83 on June 25. However, the Avalanche price began to move after that, bagging almost 22% gains over the weak. More importantly, a 6% surge has happened in the last 24 hours, bringing the value to the current $30.02. With a 55% surge in its trading volume of $283,581,731, the network activity is high as the investors are focusing on this altcoin.
Why Is Avalanche Price Rising Today?
Avalanche price charts showed signs of an uptrend on June 25 after a momentary decline, with the whales bringing the selling pressure up a day earlier. These whales were responsible for transferring 1.96 million AVAX coins on the popular crypto exchanges.
The main shift around the AVAX price was the ongoing ETF discussion in the market. Similar to the Solana ETF hype, AVAX is also in the line for the same. Quinten, a market expert, believes Avalanche is among the few cryptocurrencies to receive ETF approval by 2025.
It also does make sense for the AVAX ETF as it is one of the highest-grown altcoins this year, maintaining its total volume above $18 billion, as highlighted by Dr. Martin Hiesboeck in an X post. Not only this, many popular companies like Konami, the famous Gaming giant, have launched their NTFs on the Avalanche, increasing the demand for the network.
This is huge. The price of $Avax going downhill like an avalanche makes no sense. Total volume on avalanche is over $18 billion since the start of the year. Nobody comparable has this growth momentum. And now a major game developer Avalanche must be the most underestimated… https://t.co/jNqrKsovHC
— Dr Martin Hiesboeck (@MHiesboeck) June 22, 2024
How High Avalanche Price Can Surge?
As the Avalanche price is on the rise after weeks of decline, the technical indicators hint at the increased buying pressure for the altcoin. The STOCH(9,6), Bull/Bear Power(13), and many other favors the buying. Moreover, the moving averages of 5, 10, and 20 also indicate the same, but the 50,100, and 200 weeks data puts AVAX still in the declining behavior. The same is true with the MACD (12,26) level, which is at -1.25, indicating the selling of the altcoin.
As the STOCHRSI(14) and Williams %R have highlighted the overbuying of the altcoin, the trend might change if the token goes down the 28.78 mark. For now, the key resistance is at 30.13, and if the Avalanche price could cross that, an uptrend might begin, pushing the value to as high as $34. Regardless, if the trend continues with the progression on the AVAX ETF, the price can jump beyond March’s high of $60.69.
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