Avalanche to $26? Key Indicators to Watch as Bull Mulls More AVAX Price Rally

Key Notes

• Avalanche (AVAX) recently recorded some price gains to trade above $21 amid broader crypto rally.
• Optimistic bulls are already looking forward to the altcoin reaching $26, supported by specific catalysts.
• AVAX has joined Grayscale's Top 20 list of diversified sets of assets across Crypto Sectors.

Avalanche AVAX $22.02 24h volatility: 4.3% Market cap: $9.29 B Vol. 24h: $659.47 M has suddenly woken from a multi-month downtrend.

The coin recently recorded some price gains to trade above $21, and as it stands, bulls are already looking forward to a local high of $26.

This comes on the cusp of Bitcoin BTC $121 325 24h volatility: 2.9% Market cap: $2.41 T Vol. 24h: $39.72 B price rally to an all-time high above $122,000.

Grayscale and MapleStory’s Contribution to AVAX Price Rally

AVAX price turned bullish and went from forming a higher low to hitting a higher high. This movement suggests a key bullish shift in market structure.

The coin is gradually coming out of a 5-month descending channel. The altcoin is currently trading at $21.85, corresponding with a 3.11% price spike within the last 24 hours.

The price of AVAX is on its way to entering a key horizontal resistance zone between $22 and $23. In the past, these price levels were subtly rejected multiple times, including a prior lower high during the channel formation. Once the AVAX price can break out above these resistance levels, its rally may continue towards $26.

There are several catalysts that could propel the altcoin towards this $26 level. One of these is the Grayscale Avalanche Exchange Traded Fund (ETF) decision, which is expected to come on July 15.

For more context, Grayscale Investments LLC lodged a filing to bring a spot Avalanche ETF into the market in March.

At the time, VanEck had also submitted a filing for the AVAX ETF with the US Securities and Exchange Commission (SEC).

This proposed ETF is developed to track the value of AVAX, offering institutional investors the opportunity to indirectly gain exposure to the native cryptocurrency of the Avalanche network.

Another important development is that AVAX is now part of Grayscale’s Top 20 list of diversified sets of assets across Crypto Sectors.

Grayscale is very optimistic about the prospect of the digital assets on this list over the coming quarter.

With rising transaction volume and user activity, thanks in part to new gaming integrations like MapleStory, AVAX is emerging as a top crypto to buy for those watching the market closely this quarter.

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Current Presale Stats

Current Price: $0.01225

Amount Raised So Far: $2.7 million

Ticker: HYPER

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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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